Tom McClellan is one my most admired technical analysts and his McClellan Market Report is very insightful and predicts the market trend quite accurately.
Tom's note on President Obama's intention to send his own proposal of tax rate changes to Senate Majority Leader Harry Reid for a "simple up or down vote" if the House and Senate leaders do not come to an
agreement on avoiding the "fiscal cliff" before Saturday was very interesting and I would like to share below.
According to Article I, Section 7, of the U.S. Constitution,
"All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills."
So, what is President Obama trying to do here?
I was surprised to learn the situation. Thanks Tom for brining this up!
Things just don't look right...