The Risk of a Last Minute Deal Facing the Market

The market is assuming that there will be a last minute deal, and therefore they refuse to change pricing in the market in panic. The political parties have a desire to dig their heels in because it doesn't look like the cost of actually going over the cliff for that big a deal. I worry about with this is that we might even get a situation where the bill goes down to the floor and it looks like it's going to pass but then all of a sudden it just doesn't. It would be a really difficult situation for the markets and especially the Treasury market.