Debt Ceiling Tragicomedy Resumes: On Today's Symbolic, And Doomed, $2.4 Trillion Debt Ceiling Vote

Tyler Durden's picture

Today at 7:00 pm the House will hold a very symbolic vote on a $2.4 trillion debt ceiling increase. Symbolic because it is doomed from the beginning as every single republican will vote no. So why is it held? Supposedly it is to rekindle popular interest in the debt ceiling drama following several weeks of commercial interruptions (i.e., heavy lobbying), and to remind the public that America is still a "democracy." Below is Goldman's Alec Phillips with more:

7:00 pm - House votes on raising debt limit by $2.4 trillion. This will be a purely symbolic vote, intended to fail. It is meant to demonstrate to the administration and the public that a "clean" increase lacking any accompanying fiscal restraint lacks the votes to pass, and to give members of Congress a chance to vote against it before many of them are eventually obliged to vote for it. To reduce the likelihood of passage even further, House leadership will bring the bill up for a vote under a process requiring a 2/3 vote to pass (known as "suspension of the rules"). The expected outcome is that every Republican will vote against the increase, and that some Democrats will vote against it as well. The vote is being held tonight to set the stage for talks tomorrow, when President Obama meets with the entire House Republican caucus. With the Senate out this week, there will be no fiscal talks led by Vice President Biden until next week, so this vote along with tomorrow's meeting with the president will be the key fiscal events for the week.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
trav7777's picture

Some kind of a joke, bitchez?

slaughterer's picture

Please raise the debt ceiling: it is good for gold and silver. 

Harlequin001's picture

So what's the odds then?

will they, won't they...


I think they'll say 'no fuck it, let's lop $ 2 trill off the lot, just to show the world that we're real good eggs.'


Libertarian777's picture

let me correct that.


They will propose $2.4 trillion increase.

Cut off $400 billion, and then proclaim

"we're saving $40 trillion over the next 100 years!"

glenlloyd's picture

I tell you what, here's the deal, they can raise the debt ceiling but these two conditions have to be met:

1. Jeethner's loses his job - fired, gone, kaput. No severance and cannot go to work for lobbying firm etc (specifics to be worked out later)

2. On his way out he signs a letter saying that he and Berspank knew that AIG was in reality not under threat from the machinations of AIGFP.

Oh and when he leaves the building he has to kiss Napoleon Dynamite (aka Mishkin) on the lips, with some tongue.

GetZeeGold's picture


More like a really big game of chicken.....I can't look.



razorthin's picture

more like a greek tragedy.  pun intended.

Cthonic's picture

Aye, and a stale one at that.

TooBearish's picture

Why continue the charade?  Like the War Powers Act that was just abrogated by the enablers in congress - where the President now can wage war unchallenged by the legislature against anyone in the world- just have not debt ceiling - problem solved!

SWRichmond's picture

$2.4T, just about exactly enough to get us past the Congress' event horizon: the next election, November 2012.  Punt!

mayhem_korner's picture

Strike up the's time for the tango.

WhOracle's picture

La commedia dell'arte

alexwest's picture

can I say ' La commedia dell'MORTE'?
I know MORTE is death in Italian language..


johnnymustardseed's picture


But while the four Republicans in Congressional leadership positions are attempting to hold the increase hostage now, they combined to vote for a debt limit increase 19 times during the presidency of George W. Bush. In doing so, they increased the debt limit by nearly $4 trillion.

dcb's picture

of course they are, so what. if the dems had had a spine they could have tortured Bush on the very same issue and made the republicans look bad. If you haven't figured the game out yet, Obama and the dems can do no right. that's they way it works. Also the dems can't really adopt positions that would help tham at the ballot box, because then the lobby money, eas jobs would end.

the sad thing is that so many on the right don't see it. But, I am also sick of those on the left who clearly haven't figured out Obama isn't on their side either. Lets face it, the system is american's Vs. Both parties. Keep it at two parties and we only get a choice to vote for frick or frack.

fuu's picture

There are no parties. There is no spoon.

White.Star.Line's picture

A hardcore opiate addict, when given the keys to the pharmacy, will not worry about silly "ceilings" either.

It is so easy to see how this is going to end.

scatterbrains's picture

Is it possible that the repubs.. and even the dems for that matter know the situation is so fucked that the repubs strategy now is to simple force the debt bomb blow up now rather then into the next election cycle ?  Or at least they feel, if it's a game of chicken that oblamo has more to lose.

Even though the pigmen run both parties, if they are forced to choose, who's party do they pass the time bomb  off to ?  The pro labor/union guys or the pigmen pawns ?


Ancona's picture

This is all just a fucking show. These numbskulls will vote to increase the debt because there simply is no other palatable choice for them. Either they bow to their masters and keep on spending, or tehy actually do the right thing and make substantial and significant cuts to spending.

Really now, which do you think they will choose?

bigdumbnugly's picture

Even the WWF was less staged and predictable.

Harlequin001's picture

I reckon they'll cut, massively!

but then I have been known to be wrong, now and again...

Either that or it will go dark tonight...

swanpoint's picture

Why not vote a 2x or 4x increase instead of a puny, less than 10% increase? Do they really want to increase the limit in Q1 2012 when it's breached, again? On second thought, why don't they just remove the Effin' limit altogether and get it over with?

Note: It's a short week in DC (4 day week) and NOBODY is in town. Everyone's at the beach, they left Thursday of last week.

slaughterer's picture

Many holidays in Europe this week.  It is the start of the silly summer for traders, and the horrible summer for periphery rebels.

silvertrain's picture

I guess they are voting on into the evening {7pm} as to not spook the markets?

overmedicatedundersexed's picture

ben advises a prudent increase in the debt will be required..or haircuts will be issued..and plum jobs with wall street banks will dry up for those young congressmen and do the right thing.

alexwest's picture

wow, fucking wow , 2.5 trln..

it will last by end of 2012 year..
DEBT WILL BE 16.7 TRLN$ WHAT NEXT ?? another 2 trln..

future is here .. and its ugly.. and s&p500 is just 2% off 3 year hi..


swissinv's picture

you forgt to add the "off-balance sheet debt" such as Fannie Mae and Freddy Mac... 16.7 is nothing...

FriedEggs's picture

Thats what im wondering - when does it end?

I mean, at what point...what is the br/eaking point - where other countries or whomever say, 'this is enough.' And stop this.

16 T? 20T? I mean, we could go through this to infinite? What is the fucking breaking point - 25,000,000,000,000?

This state of limbo is the WORST!



Founders Keeper's picture

[This state of limbo is the WORST!]---FriedEggs

Hi FriedEggs. Thanks for posting.

Agreed. it's a very unnerving time for those of us who know(more or less) what's coming. Like watching a train wreck in alternating speeds, slow motion, fast motion, slow motion, fast motion. Made worse, as no one around me sees it happening.

I try to stay focused on preparing for the wreck and aftermath. Really, I am far better prepared today than I was last year, and better yet than the year before.

My point. You're not alone. Many of us on ZH are a bit anxious. Who among us does not wish to see truth rise up over the horizon like a sunrise pushing back the darkness of deception.

"I tremble for my country when I reflect that God is just; that his justice cannot sleep forever..." ---Thomas Jefferson (1782)


fuu's picture

2% off nominal high. Still 34% down from the infaltion adjusted peak in 2000.

sunnydays's picture

All the politicians and votes are all B.S.  they are all on the same page there is no difference between them.  Yeah, it is so all of them can say "I voted against it", but then had to vote for it.  They will pass it after making a game and show of arguing back and forth and making a big deal of divisions. 


People will fall for thinking there is a division, though they are simply playing their own parts they are suppose to play.  As always, everything gets passed that is best for the bnaks and corps of the world. 

topcallingtroll's picture

Come on tea party.
Kill big government once and for all.

Ben Fleeced's picture

When one falls another will take their place. Will you stand?

Long-John-Silver's picture

The TEA Party needs to progress to it's next stage of development. That next stage is The Guillotine Party. The only fix to our problems is the complete elimination of all politicians in Washington D.C. with replacements made up from random drawing of Drivers License holders as done when picking a jury.

RobotTrader's picture

Nobody cares about the debt ceiling, when stocks are about to make yet another big leg to the upside, this time led by FXI and other emerging markets.

Another huge money making opportunity in front of us.

razorthin's picture

all my retirement funds in nat resourses and em.  should be a party until the gov't confiscates the account.

lizzy36's picture

Market rewards extend and pretend. Just do it 4ever.

SheepDog-One's picture

We voted against it, before we voted for us, peasants.

sasebo's picture

Who gives a rat's ass besides the rat? These stupid assholes have all had it, they just don't know it yet. All their delusional bullshit is about to bite them in the ass.

Caviar Emptor's picture

This is just theater for you lil guys. Pre-election year, ya know.

Can you imagine that during one pre-election not too long ago the entire country was consumed with rage, passion, and tirades about.......flag burning. I think there had been 1 case. Or maybe it was staged. And another time it was......broccoli. And another time it much beef is in a McD sandwich. 

That's the level they're playing to. Is it any wonder that they're getting away with trillions of the people's cash? 

Libertarian777's picture

it's like when you're trying to take something (like a wedding ring) from a dangle a candy in front of their face to distract them.

The only 'funny' thing is if the baby actually owned the ring in the first place.

So keep dangling American Idol, Jersey Shore, Britney Spears, Lady Gaga in front of the sheeple while you raid their 401(k)s.

Caviar Emptor's picture

Oh and by the way they're going to raise the debt ceiling after they thump their chests

Shell Game's picture

Just keep the Big Lies and the entertainment streaming to the masses..

JW n FL's picture

so to be clear...

Food Shortages.. around the Globe.

Food Prices are going, going and gone to the Moon.

We have a real fuel emergency that is the worst kept secret in the World.


So we are all sitting on a powder keg just waiting for any spark, any idiot with a match.. to set the whole thing off. the person would need a big match or lighter to be sure.. but still, any kind of spark and *POOF!*


all of you should watch this.. bitch or down play the fact that it is a game all you want, but maybe the idea of what you could very well be looking at sooner than later.. no... everything is rainbows and unicorns shitting skittles.


or I will ask this question a different way.. why are programing this next generation with this?


so, why is this the best selling game.. in history? 7m copies in a day! a multi-billion dollar franchise. if you buy the stock you will lose money.. short it if any thing.. look back at the last 2 releases.. counsult your investment advisers / monkey's before taking my advice on the internet. eminem to cater to the kiddies.. the saturation of this into the little brains playing the games 12 hours a days for years, YEARS! at a time!


whats up, or wahts next or what are we preparing our children for? maybe I need a tin foil hat?


***** "The department has several criteria that scripts must meet before the services can approve them. Most importantly, they must be accurate, including not allowing military members to play "extras" in roles that they do not occupy in real life, Price said.

Inaccuracy caused the Navy to refuse to help with the 1997 movie, "G.I. Jane" in which actress Demi Moore played a sailor in SEAL training, Price said. Navy policy prevents women from becoming SEALs.

The services also reject any "'Rambo'-type movies with super heroes" and argue against scenes that go against military safety standards, Price said. "If they wanted to have our military trucks speeding and fishtailing and coming to a screeching stop, our answer would be no," he said. "Our people are taught to be safety-conscious."

The military also won't support movies that officials see as a threat to security or a script that goes against DoD principles, such as the 1964 film "Seven Days in May," in which the Joint Chiefs of Staff stage a coup to overthrow the president." *****


you can add and add to the list of stories about the millitary buying hollywood..


JW n FL's picture

it strikes me that very few here are as prepared as the Kids for what could be next.. most here would shut down or jump off a bridge becuase the world would look so very strange that they could not cope.


how prepared are you for what the kids are being stuffed full of? 

JW n FL's picture

I might add our kidds are programed to have an eye for good guys verse what a bad guy looks like in black uniforms.. not just colors any more. I could go on and on.. lets see if anyone who has a clue can add some good information to this before the idiots jump on board.