Wall St. says fiscal deal must come by mid-Jan.

12/28/2012 | National Journal

Wall Street's top financiers say they're disappointed but unsurprised by federal politicians' failure to push through a fiscal deal, and that the gridlock likely won't take a serious toll on market performance until mid-January. That's when investors and analysts will begin to conclude that lawmakers simply don't understand what it takes to run a major economy, writes Nancy Cook. "It will also signal that the fiscal cliff will just be the beginning of a year's worth of unresolved budget and tax battles," she writes.

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