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November 8th, 2012
07:10 AM ET

What does the fiscal cliff mean for your money? Christine Romans explains

This morning, CNN's Christine Romans looks at flat U.S. stock futures and the factors in Washington influencing them. The Dow dropped over 300 points yesterday, partly in reaction to President Obama winning the bid for a second term in office. But it’s also due to the looming fiscal cliff haunting Wall Street and the country. On "Early Start," Romans explains what Republicans in the House are saying to confront the fiscal cliff, and of course, what it could mean for your money.

“The stage has been set for some real progress on this,” Romans says. Republican House Speaker John Boehner has said House republicans are “willing to accept some additional revenues via tax revenue” in order to find “common ground,” but only if the president reduces spending to garner republican support. John Berman interprets this as “reason for optimism and hope for compromise, at least for today.”

The fiscal cliff means “huge tax increases and spending cuts” go in effect automatically in 54 days unless it’s fixed, Romans explains. “Nobody wants it to happen, it’s just how they’re gonna fix it, and who’s gonna give up more.”

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