Congressional debates over healthcare and budget reform are likely to force equity markets into extreme volatility for the rest of the year, but advisors can take specific steps to protect their clients’ portfolios from the fallout, according to Andy Friedman, a principal of The Washington Update and a political commentator.

The economy could face a "fiscal cliff", or three-percentage point slowdown in GDP if taxes increases increase dramatically, Freidman told a general session at the Raymond James National Conference for Professional Development in Orlando on Tuesday.

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