The breaking news is that there are no new breakthroughs in the last minute negotiations to avoid the fiscal precipice. This fiscal escarpment was created by Congress when it failed to reach a compromise in the debt ceiling debacle last year. The fiscal bluff was designed to be objectionable to both parties, to force them to find a better solution. Of course, we know how well that worked.
Stay tuned for further late breaking reports about the lack of news about late breakthroughs in the fiscal crag crisis.