While we don't expect a fundamental change in the way Washington functions, many expect the markets to rally following either a Romney or Obama victory. Why will either outcome be good news? We will at least have one thing that has been lacking for over the last year - certainty.
Markets hate uncertainty, but come Tuesday night (or perhaps Wednesday morning) we should have a pretty clear picture about what the government's path forward is on a wide array of fiscal issues. None of those issues looms larger than the fiscal cliff, the combination of spending cuts and tax increases scheduled to take effect at the end of the year.
And few people have been as crucial to the way this debate has been framed is the hyper-partisan president of Americans for Tax Reform, Grover Norquist, who has signed up a large majority of Republicans to pledge to oppose any form of tax increases. How will this pledge play impact the debate over the fiscal cliff given the various potential outcomes of tomorrow's election?