The new year is finally here, which means the new composition of Congress and the Senate is now in play and tickets to another year of political theater are rapdily selling out. In the meantime, republicans are not wasting a single minute. Michigan Rep Fred Upton, who will lead the House Energy and Commerce committee, said today that he expects "significant" bipartisan support for a proposed repeal of the health care overhaul -- a vote he said would be held before President Obama's State of the Union address, reports Fox News. Politico chimes in: "We have 242 Republicans. There will be a significant number of Democrats, I think, that will join us. You will remember when that vote passed in the House last March, it only passed by seven votes." Of course, this is just more of the same theatrical BS that has made all of America sick and tired with the charade that is "democratic" governance. "Republicans reason that the voters who gave them the House majority in November expect them to at least go on record against the health law in the next session, though congressional rules make it highly unlikely that they'll be able to overturn it while a Democratic president is in office." So more theater. But in the meantime, both parties will conveniently ignore the one thing that Americans really voted against: fiscal stupidity and endless printing of money. After all, without excess spending and ridiculous debt issuance now that the securitization spigot is (luckily still) slammed shut, just how will Wall Street award it corrupt servants in Congress and the Senate? In other words, look for a lot of pomp and circumstance ahead of the only vote that matters: the raising of the debt ceiling, which will stunningly end up passing with a near unanimous vote.
More from Fox News:
Though it would be a steep climb for Congress to override a presidential veto in any climate, House Republicans bent on unraveling the bill face a more immediate challenge in getting the repeal to the president's desk in the first place. To get the ball rolling, they would have to convince the Senate, where Democrats hold a narrow majority, to follow their lead.
Upton said on "Fox News Sunday" that he expects those Democrats who voted against the bill last year -- those who are still in office, anyway -- to help build a strong majority in favor of the repeal, which could help on the Senate side.
"If we pass this bill with a sizable vote, and I think that we will, it'll put enormous pressure on the Senate to do perhaps the same thing," he said.
But Upton seemed to acknowledge the obvious roadblocks and explained the Republican game plan should the repeal fall through. As other GOP lawmakers have promised, he said Congress will comb through the law "piece by piece" to try to challenge provisions with questionable merit -- such as the individual mandate that's already being challenged in the courts and a controversial provision that would require businesses to issue 1099 tax forms for purchases that exceed $600. Obama has said he's willing to give the latter provision a second look as well, though his administration is vigorously defending the requirement that Americans buy health insurance
Somehow the feedback loops will interpret this development as positive for stocks. We also expect Cramer to come out with a note that diamterically contradicts his previous one, when he said a bear market would commence as soon as Obamacare passed.
And just to confirm that America's banana republic status will be cemented in under three months, when Congress passes the debt ceiling to well over $15.5 trillion, Austan Goolsbee was heard advising America not to play chicken with the debt ceiling (i.e., to pass it to an arbitrary number with preferably one hundred zeroes). The alternative to not increasing the ceiling is per Goolsbee, in true kleptocrat fashion, untold misery and destruction. From the AP:
The top White House economic adviser is warning against what he calls "playing chicken" with the need to raise the nation's debt ceiling.
For some conservatives, refusing to raise the limit on the federal debt would be a tactic to force the government into cutting spending.
Last February, Congress raised the debt ceiling to $14.3 trillion. The debt is now at nearly $13.9 trillion and growing each day. A move to raise the ceiling again is expected this spring.
The chairman of the White House Council of Economic Advisers, Austan Goolsbee, says that refusing to raise the debt ceiling would push the country into default - and a far greater economic crisis than Americans saw in 2008.
There is no news as to whether America is also not supposed to play chicken with the same bond vigilantes that have made a mockery out of the European sovereign debt market.