What if there's no deal on fiscal cliff

Failure by Congress to avert the tax increases and spending cuts will cause continued uncertainty and headaches for consumers and businesses about paychecks, tax returns, investments and more. NEW YORK (CNNMoney) Practically speaking, they likely...

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Manufacturing expansion accelerates in China

HONG KONG (CNNMoney) HSBC said its Chinese purchasing managers' index, or PMI, rose to a 19-month high of 51.5 in December from 50.5 last month. The reading was above 50, meaning that manufacturing is now in a state of accelerated expansion. A...

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Debt ceiling is the next fiscal cliff

Congress has about two months before it must act to raise the debt ceiling, but lawmakers are showing few signs they are ready to act on it soon. NEW YORK (CNNMoney) Congress will have to raise the debt ceiling soon, probably by late February or...

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Fiscal cliff could put your tax refund on hold

Tax refunds could be delayed. NEW YORK (CNNMoney) Congressional dithering over a fiscal cliff fix could force the Internal Revenue Service to delay the start of the filing season. So those expecting to file their returns in mid-January, when the...

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S&P says fiscal cliff impasse won't spark downgrade

President Obama and congressional leaders met Friday at the White House in the latest round of fiscal cliff negotiations. NEW YORK (CNNMoney) S&P made headlines in August of 2011 by knocking the U.S. down from AAA status to to AA+ following...

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Stocks brace for fiscal cliff reckoning

The deadline to avert a looming fiscal crisis is fast approaching. Investors are hoping for the best, but bracing for the worst. NEW YORK (CNNMoney) For weeks, many have worried that no resolution to the fiscal cliff would lead to the kind of brutal...

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Snapchat's 'disappearing' videos don't actually vanish

Snapchat messages are designed to vanish seconds after they're opened, but a security probe revealed that some videos are being stored on recipients' iPhones. NEW YORK (CNNMoney) Snapchat's twist is a messaging trail that self-destructs. When a...

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Fiscal cliff could put your tax refund on hold

Tax refunds could be delayed. NEW YORK (CNNMoney) Congressional dithering over a fiscal cliff fix could force the Internal Revenue Service to delay the start of the filing season. So those expecting to file their returns in mid-January, when the...

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S&P says fiscal cliff impasse won't spark downgrade

President Obama and congressional leaders met Friday at the White House in the latest round of fiscal cliff negotiations. NEW YORK (CNNMoney) S&P made headlines in August of 2011 by knocking the U.S. down from AAA status to to AA+ following...

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New-home sales strongest in more than 2 years

New home sales in November rose to their highest level since 2010. NEW YORK (CNNMoney) The Census Bureau reported Thursday that sales of new homes rose to an annual rate of 377,000 in the month, up 4.4% from October, and up 15% from year-earlier...

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Shares in Spain's Bankia plunge as bailout looms

A rescue recapitalisation backed by EU funds will dilute small shareholders LONDON (CNNMoney) The European Commission agreed last month to inject nearly 37 billion euros from the eurozone's bailout fund into Bankia and three more Spanish banks,...

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Dinosaur smuggler faces 17 years in prison

The U.S. attorneys office said that skeletons of Tyrannosaurus bataar dinosaurs were looted from Mongolia as part of a smuggling scheme. NEW YORK (CNNMoney) Florida native Erik Prokopi illegally bought and sold whole and partial dinosaur skeletons...

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'Marriage penalty' could make costly return

NEW YORK (CNNMoney) As a result of the Bush tax cuts, married couples get a standard deduction that's exactly twice that of individuals. And the income ranges for the 10% and 15% tax brackets are also doubled. Prior to 2001, many married couples had...

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Geithner: U.S. to hit debt ceiling on Monday

Treasury Secretary Tim Geithner warned Congress in a letter that U.S. borrowing will hit the debt ceiling on Monday, and that Treasury will begin using 'extraordinary measures' to keep under the cap. NEW YORK (CNNMoney) As a result, the Treasury...

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Toyota to pay $1.1 billion in recall case

In one of the largest of its kind, Toyota agreed to pay $1.1 billion to settle claims of acceleration issues in 2009-2010. NEW YORK (CNNMoney) This is one of the largest lawsuits of its kind, according to Steve Berman, one of the lead plaintiff...

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Italy's Monti may lead again, reforms key

Monti says he may be a candidate for prime minister if asked by reformist parties LONDON (CNNMoney) Monti stood down, and parliament was dissolved Friday, after former Prime Minister Silvio Berlusconi withdrew his support for Monti's unelected...

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Last minute shoppers bring hope to stores

Shopping has ramped up as consumers rush to get last minute gifts, but experts say the late push may not be enough to save holiday retail sales. NEW YORK (CNNMoney) Estimates for the final shopping weekend aren't out yet, but there's evidence that...

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Stocks tumble as fiscal cliff deadline nears

Click for more market data. NEW YORK (CNNMoney) The Dow Jones industrial average fell 0.4%. The S&P 500 and the Nasdaq both lost about 0.3%. U.S. markets closed at 1 p.m. ET and will remain dark Tuesday for the Christmas holiday. With...

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Italy's Monti may lead again, reforms key

Monti says he may be a candidate for prime minister if asked by reformist parties LONDON (CNNMoney) Monti stood down, and parliament was dissolved Friday, after former Prime Minister Silvio Berlusconi withdrew his support for Monti's unelected...

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Last minute shoppers bring hope to stores

Shopping has ramped up as consumers rush to get last minute gifts, but experts say the late push may not be enough to save holiday retail sales. NEW YORK (CNNMoney) Estimates for the final shopping weekend aren't out yet, but there's evidence that...

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Stocks tumble as fiscal cliff deadline nears

Click for more market data. NEW YORK (CNNMoney) The Dow Jones industrial average fell 0.4%. The S&P 500 and the Nasdaq both lost about 0.3%. U.S. markets closed at 1 p.m. ET and will remain dark Tuesday for the Christmas holiday. With...

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Financial planners: How to survive fiscal cliff

Financial planners are "doing a lot of hand holding" as they help clients prepare for the fiscal cliff. NEW YORK (CNNMoney) Their advice: Prepare for the worst but don't panic. "We're doing a lot of hand holding," said Lynn Ballou, Certified...

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Stocks: Investors hope for a 'Cliff-mas' miracle

Click the chart for more stock market data NEW YORK (CNNMoney) Lawmakers in Washington have only one week left to strike a fiscal cliff deal that will avert automatic tax increases and spending cuts due January 1. Many fear that the fiscal cliff...

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New deal to give MF Global customers more money

Trustees reached a deal that will likely return an estimated $500 million to $600 to MF Global's U.S. brokerage estate. NEW YORK (CNNMoney) The trustee trying to recover funds for MF Global customers announced that a settlement was reached on Friday....

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EPA study supports more natural gas

NEW YORK (CNNMoney) "As the administration and EPA has made clear, natural gas has a central role to play in our energy future," the agency said in a press release. "The administration continues to work to expand production of this important domestic...

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Going over the cliff: What changes, what doesn't

Senate Majority Leader Harry Reid may need to do some heavy lifting to pass a fiscal cliff deal in the Senate, after House Speaker John Boehner's so-called Plan B did not garner enough support in the House. NEW YORK (CNNMoney) The good news: It...

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'Dairy cliff': Milk prices may double in New Year

If Congress doesn't act on an expiring protection for dairy farmers before Jan 1, milk prices could double. NEW YORK (CNNMoney) With Congress spending all its time trying to avert the fiscal cliff, a slew of other legislative matters are going...

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