Tax Legislation passed cloture in Senate by 83 to 15 vote

The Senate voted 83 to 15 for cloture on the bill containing the proposed tax legislation. Here is the roll call. (This means further debate will be limited to 30 hours). The actual vote will probably be on Wednesday. The House is expected to vote later in the week.

And the economic schedule for tomorrow:

7:30 AM: NFIB Small Business Optimism Index for November. This index has been showing that small businesses remain pessimistic.

8:30 AM: Retail Sales for November. The consensus is for a 0.6% increase from October. (0.6% increases ex-auto).

8:30 AM: Producer Price Index for November. The consensus is for a 0.6% increase in producer prices.

10:00 AM: Monthly Wholesale Trade: Sales and Inventories for October. The consensus is for a 0.9% increase in inventories.

2:15 PM: FOMC Meeting Announcement. Here is a preview - no changes are expected to either interest rates or QE2.