Markets Turn Lower as House Dems Kill Tax Deal

After a nice opening pop on better-than-expected jobless claims, markets have turned lower.  As of this noon-ish posting, we’re down 30 points or so on the Dow and many of the momentum faves are in the red.

The proximate cause looks to be a combo of some profit-taking and the fact that Democratic congress member are in a snit over the Chief’s compromise.

Here’s a quick idea of what’s happening in Washington (CNN):

Defying President Obama, House Democrats voted Thursday not to bring up the tax package that he negotiated with Republicans in its current form.

“This message today is very simple: That in the form that it was negotiated, it is not acceptable to the House Democratic caucus. It’s as simple as that,” said Democratic Congressman Chris Van Hollen.

“We will continue to try and work with the White House and our Republican colleagues to try and make sure we do something right for the economy and right for jobs, and a balanced package as we go forward,” he said.

Source:

http://politicalticker.blogs.cnn.com/2010/12/09/house-democrats-defy-obama-on-tax-cut-bill/

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