BMO'S Ian Lyngen noted that on.....>

US TSYS/RESEARCH: BMO'S Ian Lyngen noted that on Tues, "the Senate passed the

long-awaited tax reforms in a 51-48 vote and the bill appears destined to be

signed into law by the end of the week (if not day). The House needs to vote on

the bill again this morning due to a procedural 'hiccup' (minor provisions that

didn't comply with budgetary rules), but this is expected to be a nonissue."

- He adds that "the spirit of holiday collaboration is apparently running high

in Washington this week, and there is reportedly another stopgap bill in the

works that will keep the government funded until Jan. 19th, thereby allowing

more time for Congress to debate the budget. Such a can-kicking move would be in

line with expectations and bring the timing of budget negotiations closer to the

debt-ceiling issue. This is a well-traveled path and the market has thus far

been fairly sanguine on the topic."