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Here Is What Is On Today's Critical Docket In Washington
It is D-Day in Washington. While all of this week we have witnessed numerous red herrings by both parties on a final debt ceiling solution, today the gloves will finally have to come off as July 22 is broadly seen as the final day by which a law will have to be proposed and agreed upon in order to be implemented by the August 2 deadline. Should there be no debt deal today, even if one is ultimately reached at some point next week it may be too late for that critical period between August 2 and when money actually starts running out (more on that shortly). Expect the cadence of news headlines out of DC to hit a fever pitch, hopefully with at least one of them sticking. In the meantime, here is Goldman's summary of what is formally on the docket.
House Republicans get briefed on a plan, the Senate considers next steps after likely voting down the House bill, and the President takes his case to the public…
9:00 am – House Republican leadership briefs House Republican Conference on fiscal talks and a the possibility of a $3 trillion deal. Speaker Boehner was already explicit in public statements yesterday that he would urge House Republicans to accept the need to compromise.
10:00 am – House Republican leadership press conference. Discussion of the “new plan” is likely. The biggest question at this point is whether a potential deal would envision any revenue increases, which may be necessary to pass the Senate, and how the inclusion or exclusion of possible revenue increases would be enforced (there was previously discussion of decoupling the upper income portions of the 2001/2003 tax cuts from the rest, or creating a trigger that would have them expire absent reform). Getting an answer to these questions today seems unlikely, however.
~10:00-11:00 am -- Senate votes on “Cut, Cap, and Balance Act.” This vote on the House-passed debt ceiling/spending cut legislation has been moved up from Saturday, in order to create more time on the Senate calendar for the Senate’s debt ceiling legislation. The House bill is expected to be defeated today, with the only real question whether any Republicans will vote against it. Once the vote occurs, the schedule will be open for the start of consideration of the Senate’s approach. What that approach will be remains in flux. The Senate may essentially start the procedural clock ticking on shell legislation that will be modified as the floor debate progresses. While two days ago the McConnell-Reid compromise (raise the debt limit by $2.5 trillion in increments, establish a special committee to come up with savings, and enact some up front spending cuts—perhaps as much as $1.5 trillion) looked like the preferred Senate approach, it has been increasingly crowded out by competing alternatives. In the House, Republican opposition is building to the approach that Senate leaders had been considering, and talk has turned to either a debt limit increase in the mid-hundreds of billions (some have mentioned numbers as high as $1 trillion, which would carry the Treasury to next spring) with commensurate spending cuts, or the possibility of a larger package that could reduce spending by $3 trillion over the next ten years and overhaul the tax code (this would essentially be the gang of six proposal minus the revenue). Even under the more ambitious plan, most of the savings still looks likely to be framed as instructions to committees to develop legislation over coming months to meet those savings targets, since they are too complex to wrap into any law that could enacted in the next two weeks. Over the next day or two in the Senate, leaders must decide whether to move forward with a modified version of their previous plan—perhaps taking on a few procedural elements of the Gang of Six plan—which still appears to be the favored approach of many Senate Democrats wary of reports of a spending-only deal between the House and White House, or whether to develop a new alternative that could more easily pass the House. For now, they may simply start the procedural clock ticking, since Senate consideration typically takes 4-5 days, and a delay of a few days while sorting out which proposal to move forward could threaten their ability to meet the August 2 deadline.
11:00 am – Fiscal town hall. President Obama participates in town hall meeting on “efforts to find a balanced approach to deficit reduction.” At the University of Maryland.
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Tiptoe through the window
By the window, that is where I'll be
Come tiptoe through the tulips with me
http://en.wikipedia.org/wiki/Tiny_Tim_(musician)
http://www.youtube.com/watch?v=skU-jBFzXl0
I think that they'll get the markets down today and announce something after the bell today or tomorrow forcing yet another short covering on sunday opening
I think having "musician" in paragraphs after tiny tim.......is that to tell us what he is..or to remind us...its lying
There are several Tiny Tim's. But I do get your joke. :)
http://en.wikipedia.org/wiki/Tiny_Tim_(A_Christmas_Carol)
http://en.wikipedia.org/wiki/Tiny_Tim_(rocket)
Apparently Wiki hasn't recognized yet that there is also Tiny Tim Geithner.
Gold Bitchez.
Silver, Bitchezzzzzzzz.
Does this mean that I should pull the trigger on some ZSL right after the announcement, and hold to end of day? What's the trade?
Of course the debt ceiling is going to be raised in a package with some phased-in spending cuts and tax increases. That was never in question. The only question has been whether there would be a "plan" such as this or whether O'bottom would simply raise the ceiling by executive order. It's quite clear now what will happen. As partially discussed back on Monday, here's how this will play out:
1) The House cast a vote Wednesday on a "Tea Party" package. It passes overwhelmingly but has zero chance of passing the Senate or receiving O'bottom's signature. No matter. It's all about "political cover". More on that later in point #4.
2) A "plan" emerges, brokered by The Regime and the Republican "leadership". 50 or so "safe seat" Repubs will vote for the plan in the House. Those 40-50 votes plus all of the Dem votes will be enough to pass the plan. All of the Senate Dems plus one or two Repubs will approve the plan in the Senate and O'bottom will sign it.
3) Problem solved.
4) "Tea Party" Repubs are able to claim that they did their best. They'll be "on the record" as having voted against O'bottom but voting for their own plan. This is known as "having your cake and eating it, too". On balance, they will be safely re-elected next year and Boehner will keep his job as SOTH.
5) Every politician wins! You lose. Again.
No, you don't understand House conference rules.
The Speaker is not empowered to bring a bill to the floor over the majority of his own caucus. He would be removed from the Speakership before the bill gets a vote.
This was done about 15 years ago by Dennis Hastert and that's when the conferences instituted it. So the 50 safe seats + all Dems method will not happen. It requires a majority of GOP members to be in favor of a bill for it to reach the floor.
Very interesting. Is there no way around this?
Thank you. The Turd did not know that.
I just spoke with a Washington staffer of my own DINO House Representative and he assured me that there are a couple ways for bills to still reach the floor without a Republican conference majority supporting them, as long as the guys in leadership agree. I didn't ask for the specifics.
+100. You are probably correct. And, with that, they have all just legislated their own term limits.
You nailed it. The real question is if having a "Guaranteed piece of shit" is sitll going to be good enough for the S&P and Moody ratings.
Somebody needs to develope a chart for government.
TA for GOV
If that is so, Mr. Turd, then I hope you are for once shorting gold and silver.
Of course not. The debt ceiling will be raised by at least $2T. How is that long-term bearish?
With the passage of this "deal", all that will have happened is a kicking of the can down the road until early 2013. Hmmm. Early 2013. Why would that be significant?? Let's see, what happens in late 2012? I know it's something but I can't put my finger on it. Let me get back to you on that.
At any rate, the question you need to ask yourself right now is: "From where will this $2T be coming?".
I know! China! (Nope.)
Russia? (Nope.)
Japan? (Sorry.)
The EU and ECB! That's it! The owe us a few favors! (Negative.)
We'll raid pension plans and IRAs! (Someday soon but not yet.)
QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3QE3!!!!!!!
Not that there's anything wrong with ingesting a little colloidal Gold and Silver. When they come to confiscate your PMs it might be the only 'safe' place to store it. :)
wrong turd no qe3 this year. there will be plenty of demand for treasuries by the entire world. and has everybody noticed how quiet its gotten in washington? seems both sides will be making some actual concessions that they know constituents wont be happy about.
Morning CD,
had been wanting to thank you for your contributions, so I'll do it publicly.
Please keep going. My generation needs voices like yours.
We are so lost, so confused, so misguided by the manifestations of TPTB, and many can feel what they can not yet comprehend.
In solidarity,
CP
My private email conversations confirm what you are saying. People are feeling a change, but they don't know what it is they are feeling and are at a loss for words. I'm just filling the gap, not creating anything unique or special. I am simply voicing what they are already experiencing. I will say that once they begin to internalize it, then it just explodes within because suddenly it has been validated and made 'real'.
Thank you for your encouragement.
I'm thinking they can push a bill through in a matter of hours if both party leaders endorse it.
At what point in this debt ceiling talk did the word taxes get replaced by revenues? Couple weeks at least..
And heres the biggest thing going on BEHIND Washingtons curtain, 'white terrorism' is sweeping the nation...did you know that?
Yes in this DHS/FEMA film, watch as white guys plant clownish bombs all over the place as black and hispanics observe these devils activities and report them immediately to their Walmart manager and other Gubment 'white terrorism experts'.
?FEMA Partners with Homeland Security on Psyops Campaign? - YouTube
But it tells you whats REALLY next, terrorism and false flags, blamed on you, white devil! But hey, you got gold, so you're ok.
They should put a DHS telescreen over the men's hooded sweatshirt section at walmart
If you decide to go on a terror spree watch out for that black guy with the mustache....he reports about 99% of the failed plots!
On another note;
Dear America,
Call it taxes, call it "revenue", I ain't paying. Fuck you!
Love,
Dog
Did they get rid of Cramer on cnbc at 6AM? Thank God.
It's just more bullshit.
Keep buying your gold as more people starve to death.
I thank God I ain't rich.
Who needs the fucking money, anyway?
I'm just fucking tired of seeing malnourished children when there's plenty of food in the world.
Paper bugs! Enjoy your fiat bullshit.
Gold bugs! Enjoy your unedible metal.
But fuck you both.
Anyway, so long.
And Gold bless all
Yes gold and silver, the magical elixir...nevermind we're plunging into total communism that will make the USSR look like nothing....polish them coins.
"...we're plunging into total communism " -Sheepdog-One
I believe that should be fascist totalitarianism (wherein the government partners with big business)
and NOT communism wherein the government expropriates big business.
Though either course may become totalitarian, knowing the difference may help avoid a totalitarian outcome.
Yes, they're exactly the same..., only opposite!
Self responsibility...but you wouldn't understand.
Don't have kids you can't feed...problem solved...problem is, "they" don't know what a logical decision is.
I didn't create the problem...but I have to adapt to it...what are YOU going to do? Do we need the deer in the headlights picture again?
Furthermore, I would love to hear you delve deeper into the analysis of the phsychological mindstate before the awakening, specifically people who accept that the world still has many (organized) evils, but refuse to link them to the operations and policies of governments and organizations that claim to be serving the welfare of all mankind.
What I am referring to is essentially the baby boomer experience that impairs the abilty to accept the level of corruption within our own institutions.
Gotta love your bank.
Oy Vey
edit: P.S. sorry to be O/T
"Question Authority," and "Don't trust anyone over 30!"
has become: "Social Security, because I'm 'entitled' to it!" and "Keep your hands off my MediCare!"
any deal that keeps debt ceiling going every few months does not benefit the Obuma.
his need is to get this off page one.
GOP, needs this to stay page one.
stop gap deals until 12 /12. if any.. default is not a nasty word for John Q. yet. so my hope we get no deal and then the Dems go ape shit
but nothing severe happens..and the DC crowd looks even more insane.
Good points. While a "default" isn't good for anybody...Stricly politically speaking, The GOP would probably benefit most from a default and the Dems lose. The GOP will look spineless if they compromise and take some crappy deal to bail Obambi out of this. Let him lie in his own shit until Nov 2012. Now if the GOP can grow some balls and bring the Dems to a showdown and NOT back down that would be cool. Let's see who blinks first. Do the Dems really think they can win in the court of public opinion in this game of chicken? The GOP are the ones trying to cut gov't spending, not the Dems. Those pigs want to tax us more.
Other than their respective labels, there is no difference between the Demos and the GOP. All part of the left-right control paradigm to give the corporate slave the illusion of choice. All political parties of the US Federal Corp work for the same masters; the true creditor also known as the Federal Reserve/IMF.
http://barefootsworld.net
It's easy to say that, trust me I know, but there ARE significant differences. And while the GOP isn't close to ideal, it is FAR superior to the party of the ass in this two party scam.
Iteresting the chose "Gang of Six". Perhaps they looked to the "Gang of Four" for inspiration:
The Gang of Four was the name given to a political faction composed of four Chinese Communist Party officials. They came to prominence during the Cultural Revolution and were subsequently charged with a series of treasonous crimes. The members consisted of Jiang Qing, Mao Zedong's last wife as the leading figure of the group, and her close associates Zhang Chunqiao, Yao Wenyuan, and Wang Hongwen.
The Gang of Four effectively controlled the power organs of the Communist Party of China through the latter stages of the Cultural Revolution, although it remains unclear which major decisions were made through Mao Zedong and carried out by the Gang, and which were the result of the Gang of Four's own planning.
The Gang of Four, together with disgraced Communist general Lin Biao, were labeled the two major "counter-revolutionary forces" of the Cultural Revolution and officially blamed by the Chinese government for the worst excesses of the societal chaos that ensued during the ten years of turmoil. Their downfall in a coup d'tat on October 6, 1976, a mere month after Mao's death, brought about major celebrations on the streets of Beijing and marked the end of a turbulent
today the gloves will finally have to come off
bare knuckles, BiCheZ!
Yeah the white gloves come off so those bastards can kiss each others rings...mafia bitchez!
here they call that "paying a few points upfront" on a difficult loan; and having the principal increase just a tad, there, too, to cover it...
hey! financing freaking zombies ain't eZ, BiCheZ!
Amen Slewie! And if they ever think about the default Sonny and Guido will be around to break their legs or put their heads in a vice...
http://www.youtube.com/watch?v=QrrkPHPwVfo&feature=related
3 trillion isn't enough to add a QE3 to it. It's just enough to clean Timmy's pension and budget mess up a bit and plug the deficit 2011 and 2012.
After that, the new non Obama president will have to beg for a new raise or a default.
The republicans know this (and they might well win the elections) and will want Obama to increase cuts even more to make their 2012 plan more viable.
On the other hand, they'll be able to blame Obama for all his mess untill 2016. Doing it... Obama vs. Bush style.
It might well become a trend where all current presidents always blame the former once for their own failure.
How will the GOP blame Obama in 2016 if they win the white house in 2012? The pendulum keeps swinging and the wars (no one on either side of the isle is talking about) keep draining valuable resources. Not sustainable for much longer.
"Will Ben Dover please report to Proctology Exam 1?" Here it comes. Taxes, revenues, Congressional Monopoly money, etc. Your 'tax dollars' increasing just so you can get less and less out of a government gone beserk in it's attempts to feed it's own ravenous maw. Frankly I can't wait for the GovBalloon collapse, whatever form it takes has got to be better than waking up everyday to this horseshit. I think someone should issue Bitcoin Bounties on Congress Critter's head's and let's wind up the Washington Whack-A-Mole machine and start crackin' noggins...next we can take it to the State level.
"next we can take it to the State level." Yep, that would be great, after all these B.S. policies have to be dealt with at the state level and this is where the rubber finally meets the road. This is the phase of the theft where things finally get interesting. It always does, but hey, the good news is that local politicians have a considerably harder time hiding from their constiuents at the state level. For example, think about this; there are certain states (in the sourth east in particular) that contribute a lot more people to America's volunteer army. How long before desparate states start reclaiming these populations to help "fix" their own problems. I don't see states like Texas or Georgia being too far away from this already. For example, there are riots in California and Arizona and the Feds call upon the volunteers to deal with this, states like Georgia and Texas tell the Feds to piss off. Interesting times indeed, not to mention the water wars that are already escalating around the country. My point is simply that this battle has always been about controlling resources (like oil, natural gas, even water) and states will be forced to fend for themselves very shortly, and no I don't see everyone immigrating to Canada, global warming just isn't quite there yet.
Maybe we should default. Fuck 'em all. LOL. What are they going to do? Have bill collectors call the whitehouse 500x a day?
Fuck it all...take her down, no debt limit increase and then eventually, the default. If any of our foreign masters have a problem with it let them come here in waves and say so with their armies and let the turkey shoot begin. I guarantee you there are a lot of 2nd amendment remedies to repudiate the debt bitchez!
DEFAULT NOW !!!
As Ron Paul said, better to take our medicine now and undergo the cure, rather than have it incurable later.
Bu the default should be "selective" ...and that means a decision on who we pay, and who we don't.
And what no one is considering that if we defaulted on the Treasury holdings of the Fed, we'd be ok for at least another 13-14 months..and if we defaulted to China, and at the same time imposed an emergency 3-400% TARIFF on all Chinese imports, we'd be just fine.
Only the Financial /MNC elite would be harmed. And it's way past time that they were.
STIFF THE BERNANK AND THE CHINK !!!