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Stocks tumbled at the open on Wall Street Friday after the collapse of the Republicans' "Plan B" vote in the House of Representatives, aimed at averting the "fiscal cliff," undermined hopes a deal would be reached quickly.
With time running short to find a solution before Christmas, the White House said it would work with Congress to avoid the series of tax increases and spending cuts set to kick in at the start of next year. President Barack Obama said he was hopeful a deal can be reached quickly.
House Speaker John Boehner has scheduled a 10 a.m. news conference to talk about the next step.
Source: http://www.nbcnews.com/business/stocks-tumble-after-fiscal-cliff-setback-1C7660245
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