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As Treasury Is Set To Issue $32 Billion In Bonds Tomorrow, Boehner Says No Debt Ceiling Raise Without Trillions In Cuts

Tyler Durden's picture




 

While DC may continue playing its debt ceiling soap opera, crunch time for the Treasury is approaching as the first of three auctions is on deck: the first one for $32 billion in 3 Year Notes. The total raised will be $72 billion without any offsets from maturities. Elsewhere, the Treasury will catch a $16 billion break after it settles $100 billion in Bill maturities offset by $84 billion in new issuance, yet still the net total of $56 billion in new debt seems to be a slight problem since as of Friday, there was just $23 billion in total capacity under the debt ceiling. Granted, the Treasury has already announced it is commencing the tapering off of other debt programs such as the State and Local Government (SLGs) which however will have at most $5-10 billion in favorable impact per month. It is also cutting its debt issuance forecast in half, likely due to an expectation of maturing old Bills without rolling these, a feat which will consume all if not more of the $108.9 billion in total cash available at the Treasury. So that's the math, and now back to the theater, where Politico reports speaker John Boehner "will call on Congress to offset a debt ceiling hike with spending cuts of a greater amount, an ambitious proposal that puts House Republicans on a collision course with Democrats who want much more modest spending restrictions attached to the vote."

“Without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase,” Boehner plans to tell the Economic Club of New York here this evening, according to remarks obtained by POLITICO. “And the cuts should be greater than the accompanying increase in debt authority the president is given. We should be talking about cuts of trillions, not just billions.”

Under Boehner’s vision, for example, Republicans would have to find more than $2 trillion in cuts if they wanted to raise the debt ceiling by that amount through 2012 — which is in line with Treasury’s estimates on the debt limit. But Republicans could also go for a more incremental increase in the debt ceiling, coupling that with a smaller offsetting cut in spending.

But by mentioning “trillions” in long term cuts, Boehner is clearly putting entitlement reform in play — including Medicare — since it would be near impossible to cut trillions without affecting entitlement spending.

Boehner will say that “everything is on the table … that includes honest conversations about how best to preserve Medicare, because we all know, with millions of Baby Boomers beginning to retire, the status quo is unsustainable. If we don’t act boldly now, the markets will act for us very soon.”

That fact that Boehner is taking his case directly to Wall Street is significant — the Republican leader clearly wants to send a message to the markets that he’s got a strong plan for a debt limit package.

The funny thing is that the market has an odd tendency of getting the upper hand in these DC-Wall Street confrontations, whether it be a flash crash, or a sudden and "unpredictable" surge in rates, which will remind Congress just how broke this country is, and just how unsustainable the budget deficit would be if interest rates were to rise by several percent (not to mention the hundreds of billions in losses that the Fed would have to disclose courtesy of its $1.5 billion DV01.)

And while we do not expect much fireworks in the primary bond issuance market yet, it may be time to start getting concerned at 12:59pm for the next three days: if the market wishes to send a message back to Boehner, that's the time it would choose to do so.

 

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Mon, 05/09/2011 - 16:56 | 1256886 Thorlyx
Thorlyx's picture

Yeah, why not. Go on.....

Mon, 05/09/2011 - 16:57 | 1256887 Sudden Debt
Sudden Debt's picture

If they would empty all THE wishing wells in THE world...
They might have Enough to cover it...

Mon, 05/09/2011 - 16:58 | 1256889 monopoly
monopoly's picture

It is slowly all coming together. We all know the ending of this movie. Watch that volume control. Going to get loud around lunch timel

Mon, 05/09/2011 - 17:01 | 1256895 monopoly
monopoly's picture

sudden debt, you have got to be the coolest Canadian I have met. lol

Mon, 05/09/2011 - 18:54 | 1257264 Cdad
Cdad's picture

Candian?  I thought sudden was Euro trash.

Tue, 05/10/2011 - 01:51 | 1258222 Bringin It
Bringin It's picture

Belgian

Mon, 05/09/2011 - 17:03 | 1256896 buzlightening
buzlightening's picture

boner a dead head fed cluster flocker traitor. We'll be cutting trillions over the next century.  Buy our century bonds now. LOLOLOLOLOL

JPM and the CME did not count on the SLA. This was their fatal error. Our numbers are too great. Each pullback radicalizes more to join the SLA. Those who don’t believe JPM and the Fed can be taken down with a global silver run are wrong. http://www.maxkeiser.com
......................................................
jpig will begin puking even as QEIII being priced in & mkts up. http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=jpm&insttype=&freq=&show=
.......................................................
I can hear demon now. We are well capitalized. The silver shortage has been contained. All the while the US Citizen will get stuck with this bailout as well!!  ROTFL!!!!!!

 

 

 

Mon, 05/09/2011 - 17:03 | 1256903 Re-Discovery
Re-Discovery's picture

(Bevis laugh)

He said boehner

(Bevis laugh)

Mon, 05/09/2011 - 17:08 | 1256911 Franken_Stein
Franken_Stein's picture

Brilliant !

Mon, 05/09/2011 - 17:18 | 1256950 Re-Discovery
Re-Discovery's picture

I just wanted to get people used to what their likely to read in the Congressional Record of the debt ceiling debate.

Mon, 05/09/2011 - 17:40 | 1257062 MachoMan
MachoMan's picture

It will say a whole bunch, but in the end it should read "our spending policies have been wholly unsustainable for a very long time, but we're finally near the end of being able to hide it, except for the fact that these nice guys in TBTF financial institutions/FED help kick the can down the road that much longer so that our transgressions cannot be fully realized until we have better insulated ourselves."

Mon, 05/09/2011 - 17:22 | 1256976 goldfish1
goldfish1's picture

Boner was all about tarp 1&2.

Mon, 05/09/2011 - 17:03 | 1256898 Cleanclog
Cleanclog's picture

Newt Gingrich will announce his "debt ceiling" plan on Wednesday, Boehner be damned.

Mon, 05/09/2011 - 17:12 | 1256922 BetTheHouse
BetTheHouse's picture

Newt and Boehner are not exactly pals.  Boehner was a leader of the failed coup against Newt when he was Speaker. And was cast into the wildnerness for years because of it.  Lesson: If you are going to try to knock someone off, better make sure you actually kill him, not just wound him. 

Mon, 05/09/2011 - 17:44 | 1257087 Cleanclog
Cleanclog's picture

Yup, just another reason that Newt will try to undermine Boehner.  Mostly, it will be his early posturing for White House run.  Watch Wednesday.

Mon, 05/09/2011 - 19:23 | 1257341 masterinchancery
masterinchancery's picture

Boehner has been doing a good job of undermining himself, doesn't seem to need much help from Newt, the ethanol lobbyist.

Mon, 05/09/2011 - 18:43 | 1257227 cossack55
cossack55's picture

I am down with that, baby. I've been yelling for years that we need to bring back duelling.  Solve many problems, quickly.

And none of this new shit either. No S&W 500 with Crimson Trace grips and a 30 power scope. No, no. We are talkin 18th century cap and ball or swords/sabres. 

Mon, 05/09/2011 - 21:00 | 1257590 ColonelCooper
ColonelCooper's picture

If the person dueling me had a firearm with a thirty power scope, I would choose a sword.

Mon, 05/09/2011 - 17:06 | 1256899 rokakoma
rokakoma's picture

I'm wondering where will the Treasury find $33B till 16th May, to fill the gap above the debt limit ... Worst case, they have to buy back some treasurys by cash.

 

That will burn their cash balance pretty fast ... faster than early august, I'm sure ...

Mon, 05/09/2011 - 17:02 | 1256901 buzzsaw99
buzzsaw99's picture

The Boehner is turgid.

Mon, 05/09/2011 - 17:07 | 1256915 Dr. Porkchop
Dr. Porkchop's picture

I guess the reason Boner is so brown is because of his complete shit-full-ness.

Mon, 05/09/2011 - 18:28 | 1257197 Alex Kintner
Alex Kintner's picture

Boner has a bad habit of smearing his Dirty Sanchez. I got a dog who likes to roll in horse maneur -- so it's a known condition.

Mon, 05/09/2011 - 17:11 | 1256916 Hephasteus
Hephasteus's picture

So they have to soften this boner guy?

Is this the same bohner that passed out checks from big tobacco on the voting room floor. That is responsible for billions being poisoned with big tobacco additives.

Mon, 05/09/2011 - 17:38 | 1257009 topcallingtroll
topcallingtroll's picture

.

Mon, 05/09/2011 - 17:29 | 1257015 topcallingtroll
topcallingtroll's picture

PEOPLE have a choice about smoking.
I am not coercing them.

The real threat to liberty is the extraction of
excessive taxes by force to support this bloated inefficient productivity killing monster.

Cut the budget like you mean it this time, tea party.

Mon, 05/09/2011 - 18:34 | 1257216 Hephasteus
Hephasteus's picture

Do they have a choice about cancer additives and addictiveness additives and line breeding for addictiveness. Do alchaholics have a choice about their body to choosing to keep alchahol in their system for twice as long as non alchaholics.

When you were born did were you in complete control of your body or did you spend years just learning to use your hands.

Mon, 05/09/2011 - 21:20 | 1257638 downwiththebanks
downwiththebanks's picture

No - the real threat to liberty is the banker-gangsters robbing your wealth.  That they own the politicians simply makes their job easier.

As usual, Top Caller, you're all for killing grandma but you CONDEMN the very idea of taxing the banker-gangsters when they lever up using government money at their nerdy little Quant Casino.

I wonder why.  

"AUSTERITY FOR EVERYONE!!!"*

 

* except me and my fellow banker-gangsters.  We have needs - like man-purses.

Mon, 05/09/2011 - 17:12 | 1256919 plocequ1
plocequ1's picture

$32 X-large? But i thought the math wont allow us to do that. I guess John Nash and his equilibrium theory is full of shit. Fuck it im buying more Pcln. 

Mon, 05/09/2011 - 17:12 | 1256924 Jim B
Jim B's picture

SSDD!  Chance of "real" large cuts.................. ZERO!

Mon, 05/09/2011 - 17:14 | 1256927 cxl9
cxl9's picture

If Congress refuses to raise the debt ceiling, they should simply be rounded up, arrested, and thrown into Guantánamo as enemies of the State. The American Congress is useless and corrupt, and long ago abdicated any legitimate claim they have to govern the country. Just get rid of them already. Think of the money it would save.

Mon, 05/09/2011 - 17:17 | 1256947 topcallingtroll
topcallingtroll's picture

Yes always the solution of authoritarians and advocates of big government.

FREE US FROM THIS MONSTROSITY, TEA PARTY!

Mon, 05/09/2011 - 21:23 | 1257655 downwiththebanks
downwiththebanks's picture

"Anyone who doesn't hand over cash to insolvent banker-gangsters should be rounded up and taken to a stolen island."

Impressive logic.  The banker-gangsters love you.

Mon, 05/09/2011 - 17:16 | 1256932 atomicwasted
atomicwasted's picture

The executive branch will simply ignore the debt ceiling, most likely on the grounds of national security/defense.  Because no one has standing to challenge a breach of the debt ceiling in court, the precedent of the executive having the right to ignore law and the accompanying power of the executive will grow as well, giving the White House two reasons to just blow through the debt ceiling. 

Mon, 05/09/2011 - 17:54 | 1257102 cosmictrainwreck
cosmictrainwreck's picture

Excellent strategy. New Exec. Orders comin' (bitchez). Why didn't I think of that <slaps forehead>

Mon, 05/09/2011 - 17:17 | 1256938 topcallingtroll
topcallingtroll's picture

Please stand your ground tea party.

Give them only extensions in 500 million dollar allotments.

Take an axe to government spending each time the debt limit is reached.

Hand the combined bill over to the president for his signature thirty minutes before doomsday.

Let the president veto it and default. Tea party ends big government either way.

Mon, 05/09/2011 - 21:23 | 1257663 downwiththebanks
downwiththebanks's picture

The banker-gangster mantra is so fucking pathetic:  "austerity for the Greatest Generation, just as long as I keep my free money for gambling, hookers, and drugs."

Mon, 05/09/2011 - 17:17 | 1256939 Rhone_Ranger
Rhone_Ranger's picture

LOL @ Boehner!!

When they're done hashing it out, a couple trillion will really mean a couple billion spread out over the next ten years.  By then, it will be someone else's problem?

Mon, 05/09/2011 - 17:19 | 1256952 Jim B
Jim B's picture

+ a Trillion or two....

Mon, 05/09/2011 - 17:31 | 1257025 ColonelCooper
ColonelCooper's picture

"will really mean a couple billion spread out over the next ten years. "

Until the CBO scores it, after the fact, and it turns out to $1,342. Over ten years.

Mon, 05/09/2011 - 17:15 | 1256941 Rainman
Rainman's picture

Barry hates this talk bout money goin away. Money ain't for savin, it's for spendin. We need to talk more about SEAL headshots.

Mon, 05/09/2011 - 17:19 | 1256943 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The Republicans will be "blamed" for another financial crisis then!  Harriman is laughing from the grave!!!

Mon, 05/09/2011 - 17:19 | 1256957 topcallingtroll
topcallingtroll's picture

THE TEA PARTY DOESNT CARE.

IF THEY DEFAULT AND END BIG GOVERNMENT PERMANENTLY MOST WILL BE SATISFIED AND LEAVE POLITICS ANYWAY.

Mon, 05/09/2011 - 17:58 | 1257124 chet
chet's picture

Hate to break it to you, but the tea party is a minority faction in one party that controls one-half of one branch of government.  They can make themselves annoying, but they aren't calling any shots.

Mon, 05/09/2011 - 19:38 | 1257394 hound dog vigilante
hound dog vigilante's picture

 

No, they are not calling any shots... yet.

 

The writing is on the wall. TP was written-off two years ago as astroturf populism. Now the TP is pulling an LBO on the GOP.

 

You thought the 2010 election was brutal (for incumbents)?  2010 was a dress rehersal for 2012... pols who vote to raise the debt ceiling... gone.  Pols who vote to fund the IMF... gone.  Pols who vote for bailouts... gone.

 

Keep on shorting the TP... see how that position plays out.

 

Mon, 05/09/2011 - 21:37 | 1257689 downwiththebanks
downwiththebanks's picture

The Tea Party is not even real - it's a corporate construction, funded by austerity hypocrites who use government money to lever up on paper.

I'll never vote for either of the two parties, but none of the clowns running can beat the incumbent.  Ronmey-Paul-Huckabee-Polenti:  are you serious?

It's not even close.  It's just not possible, considering that Barry has the full-throated (and full-walleted) support of his banker-gangster puppeteers.

Mon, 05/09/2011 - 19:53 | 1257424 hound dog vigilante
hound dog vigilante's picture

And FWIW, I think Boehner is toast. He's a country club republican in the unenviable position of having to placate a leaderless populist movement... ain't gonna work.  Boehner's idea of "budget cuts" has already compromised his ability to herd the TP into the GOP corral.  He's gonna cut a multi-decade spending deal with the WH/Treasury/Fed, and that deal will be the pike upon which the Tea Party sets Boehner's fake-tan head...

 

Kinda like this idea of heads on pikes... along the on/off ramps on the D.C. beltway... a warning for those who approach with bad ideas and other people's money...

 

Mon, 05/09/2011 - 17:17 | 1256946 Gubbmint Cheese
Gubbmint Cheese's picture

If your Boehner persists for more than four hours, call your physician..

Mon, 05/09/2011 - 19:02 | 1257281 Implicit simplicit
Implicit simplicit's picture

Good one! He's just another peckerhead politician trying to shoot-off his mouth.

Mon, 05/09/2011 - 17:18 | 1256949 Rhone_Ranger
Rhone_Ranger's picture

Don't Worry, He didn't mean it.....  Tanning Machines, when combined with high levels of bourbon, make you see extra "zeros."

Mon, 05/09/2011 - 17:28 | 1257007 Rainman
Rainman's picture

+ 2 packs of Marlboro Red

Mon, 05/09/2011 - 17:44 | 1257074 ColonelCooper
ColonelCooper's picture

The guy is so used car salesman, even used car salesmen run away when they see him coming.

Mon, 05/09/2011 - 17:21 | 1256964 carbonmutant
carbonmutant's picture

I've heard that civilization will collapse if the current administration is not allowed to continue their spending spree.

Kinda like your kid threatening to burn down your house if you don't extend the limit on his credit card...

Mon, 05/09/2011 - 21:42 | 1257701 downwiththebanks
downwiththebanks's picture

Much better to assert that civilization will collapse if Uncle Sam doesn't hand over piles of cash to JP Morgan, right?  

Mon, 05/09/2011 - 17:21 | 1256969 johnnymustardseed
johnnymustardseed's picture

 

Sorry, John to late to care about debt, the cake is baked you douche

Mon, 05/09/2011 - 17:25 | 1256995 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Shouldn't a Treasury actually contain some treasure?

Mon, 05/09/2011 - 17:34 | 1257024 tmosley
tmosley's picture

Those IOUs are as good as treasure, sir!

See this one? One unnecessary foreign war, $1 trillion dollars. Might want to hold on to that one.

http://www.youtube.com/watch?v=7GSXbgfKFWg

Mon, 05/09/2011 - 17:43 | 1257067 BlackSea
BlackSea's picture

Duplicate - deleted.

Mon, 05/09/2011 - 17:41 | 1257073 BlackSea
BlackSea's picture

How does re-valuing 8000+ tons of gold after a nice bout of dollar (hyper)devaluation sound to you? That's more like treasure right?

Tue, 05/10/2011 - 01:58 | 1258227 Bringin It
Bringin It's picture

Tungsten.

Mon, 05/09/2011 - 17:26 | 1256999 Pete15
Pete15's picture

Trillions cut yeah that will be the day 

 

Mon, 05/09/2011 - 17:36 | 1257043 apberusdisvet
apberusdisvet's picture

The Progressives in Congress (incl. many with an R) want to destroy this economy by ensuring that the entitlement society reaches at least 75% of the electorate.  What do these NWO advocates enabling the financial terrorists expect to gain?  Instead of 72 virgins, do their children and grandchildren get to carve up various states for individual fiefdoms?

Mon, 05/09/2011 - 21:41 | 1257703 downwiththebanks
downwiththebanks's picture

Your solution:  austerity for everyone, except the banker-gangsters.  They should get money handed to them before anyone else, because they're so special and important.

After all, they pay my bonus.

It really is all about me.  That's what being a banker-gangster means.

Tue, 05/10/2011 - 01:01 | 1258162 goldsaver
goldsaver's picture

Better solution:

Shut down the federal reserve.

Shut down ALL Federal agencies that are not within the 18 enumerated powers (Homeland, Education, Labor, Agriculture, Health and Human Services, Social Security, etc)

Re-patriate all troops from overseas.

Sell Fannie, Freddie and Amtrak

Cut overall spending by at least 50% the first year.

Default on all debts to the Federal Reserve and interagency debts

Return to a Gold/Silver standard coinage.

Mon, 05/09/2011 - 17:38 | 1257050 theopco
theopco's picture

don't worry the green tea party will save us

Mon, 05/09/2011 - 17:40 | 1257057 malcom x
malcom x's picture

We will cut 10 Trillion of future spending, which equals 10 Million of current spending in the next 10 years, that should satisfy all of you pigs eating at the trough.  Dow 20K, Nas 5K, S&P 3K and the best performer of all, russel 2K to the moon.  Short the market as you wish, I have the printing presses, lets see who lasts longer!

Mon, 05/09/2011 - 17:41 | 1257059 squexx
squexx's picture

Getting us the fuck out of 2 1/2 illegal wars, close the fucking border and shut down the welfare gimmes would be a great start!

Mon, 05/09/2011 - 17:42 | 1257077 Ancona
Ancona's picture

+100

Mon, 05/09/2011 - 17:47 | 1257089 Moe Howard
Moe Howard's picture

And bus tickets for illegals to Canada where the health care is free!

Mon, 05/09/2011 - 17:45 | 1257090 atomicwasted
atomicwasted's picture

+ 2 1/2 wrt wars, -1 wrt border

Mon, 05/09/2011 - 17:48 | 1257097 Rhone_Ranger
Rhone_Ranger's picture

I'm still waiting for the U.S. to get out of Germany.  The war machine is a significant employer.  When wars end, returning soldiers come home and need jobs.  That would make the lines for McDonalds applications even longer and would cause greator unrest?

Mon, 05/09/2011 - 21:42 | 1257707 downwiththebanks
downwiththebanks's picture

It's time to seal the borders, all right.  

Go back to Europe, White Man.  You fucking interlopers have fucked this land.

Mon, 05/09/2011 - 22:42 | 1257848 knowless
knowless's picture

aztlan or cascadia? even if the USA drops, what's more likely, a nativist movement based on those who were here before europeans, or the europeans to claim native heritage and create new republics? all racism will be met with further racism, and the natives have a distinct lack of forces, unless you count hispanic immigrants, but how many of them would claim native roots instead of say, catholic allegiance?

no matter what, you are talking about race war. hopefully whoever gains power won't rely on skin color/cultural heritage, but that's a long shot either way.

Mon, 05/09/2011 - 17:42 | 1257076 iinthesky
iinthesky's picture

Wait a minute.. if they cut spending in the trillions and more than the increase then why do the increase at all.. nonsensical statments this man makes.

Mon, 05/09/2011 - 18:01 | 1257130 cosmictrainwreck
cosmictrainwreck's picture

and you expected...... ?

Mon, 05/09/2011 - 18:12 | 1257157 iinthesky
iinthesky's picture

Change we can deceive in!

Mon, 05/09/2011 - 17:53 | 1257111 HastyP
HastyP's picture

I am going to buy some more gold tonight as I want more insurance.

Mon, 05/09/2011 - 18:01 | 1257122 riley martini
riley martini's picture

  Bohner pandering to the money masters on Wall Street another fascist seeking bribes from the banksters .

Mon, 05/09/2011 - 18:04 | 1257139 Prof Gulliver
Prof Gulliver's picture

$32 billion in bonds up for auction? Sold to the bald man with the beard!

Mon, 05/09/2011 - 18:21 | 1257186 cosmictrainwreck
cosmictrainwreck's picture

what was his bid, again...?

Mon, 05/09/2011 - 18:17 | 1257174 nah
nah's picture

BULL... tea party or not... the cops are still letting the crime bosses out of prison and stuck us on the hook for corporate bonus season and top down globalist funny money

.

the wolves are still in the hen house... this mumbo jumbo is just to 'cut' '100billion' '$' from 'government' 'layouts'... not lay it all on the table

Mon, 05/09/2011 - 18:23 | 1257183 Pepe
Pepe's picture

M*V=Y*P

Mon, 05/09/2011 - 18:25 | 1257195 The Heart
The Heart's picture

It is true that there is no other place where more intelligence gathers around the subject of the ONGOING Fukushima catastrophe then here at Zerohedge. Big gracious thanks for that Mr Tyler. We miss the posts and very educational thoughts from the more then average gallery of commenteers.

Here is more evidence of the ever growing cover up:

Deadly Silence on Fukushima

http://www.huffingtonpost.com/vivian-norris-de-montaigu/deadly-silence-o...

Mon, 05/09/2011 - 18:37 | 1257221 progro
progro's picture

Boehner will just lie like he did with the 2011 budget. Tell the people there were BILLIONS in cuts when there were just $350 million.

We vote these dopes in so we're just as guilty.

May the USA R.I.P.

Mon, 05/09/2011 - 18:43 | 1257241 Pepe
Pepe's picture

-"We are the champions"- (of ______)

Fill in the blanks

Mon, 05/09/2011 - 18:50 | 1257252 bob_dabolina
bob_dabolina's picture

Unstoppable force meet unmovable object

Mon, 05/09/2011 - 18:51 | 1257254 astartes09
astartes09's picture

God I hope the Dems call his bluff.  His Wall Street masters have already told him he has no choice in the matter.

Tue, 05/10/2011 - 01:10 | 1258173 Fiat Money
Fiat Money's picture

get a clue.  the "of, by, & for GS" crew ARE the Rethuglican's (whether boehner, mc-insane, bush, cheney, palin...)   "masters." 

see my above/below comment for the link  (or maybe you've heard of the guy "hank paulson" and what  his job wuz previous to becoming Bush-II's economy-crashing, bailouts-dishing-out Treasury Secretary?) 

Mon, 05/09/2011 - 19:15 | 1257329 Dr. Porkchop
Dr. Porkchop's picture

I guess what boner is signalling to the fed and wall st is:
Send your lobbyists with more checks.

Tue, 05/10/2011 - 08:19 | 1258582 overmedicatedun...
overmedicatedundersexed's picture

a little OT but some may see a connection:

scranton pa, a man I have known in the past (not a friend)..took a wire and ratted out his kleptocrats and corrupt pols..he was a bag man for an engineering co doing mostly gov business with lackawanna co..each MONTH he paid in cash $10,000..(cash only if you please),to two county commissioner's to keep the contracts coming..the FBI estimates well over $300,000 paid..this was just one firm in a very poor county,, think what is going on at the federal level.

no wonder why rational people spend millions for jobs that on the surface pay 5 figures ..

how we gonna fight that corrupt machine??

so spending and debt will never be reduced.

PS not that it matters but he was a very liberal Democrat and so were the Pols..

Mon, 05/09/2011 - 19:27 | 1257361 youngman
youngman's picture

I am suprised all of you are bashing Boehner for trying to do what is right.....so I am going to assume that you think hyper inflation is a good thing for the country...and a default or two is even better....no I know why this country is in such bad shape....its people like you who think the government owes you someting all the time...well as I see it you are owned...sorry people..this game is over..and its going to get nasty before it gets better..we can´t keep kicking the can down the road...its over

Mon, 05/09/2011 - 19:42 | 1257401 Dr. Porkchop
Dr. Porkchop's picture

I think what is being bashed is that nobody's buying what he's selling. He'll cave in upon himself into a cosmic singularity of political theater and bullshit.

Mon, 05/09/2011 - 20:02 | 1257461 hound dog vigilante
hound dog vigilante's picture

 

Boehner has done nothing but talk (and lie) thus far.

I'll believe the budget cuts when agribusiness & oil subsidies are gone.
I'll believe the budget cuts when US military bases around the world are closed.
I'll believe the budget cuts when the US walks away from 2+ unconstitutional wars. 
I'll believe the budget cuts when the federal Depts. of Education and Energy are gone. 

And thats just for starters.

Boehner's got a LONG way to go before I buy his line of shite.

 

Mon, 05/09/2011 - 21:44 | 1257716 downwiththebanks
downwiththebanks's picture

Your 'solution':  mass layoffs and genocide in order to give away piles of cash to untaxed, insolvent banker-gangsters.

What a stupid fucking economic system.  This silliness has to end.

Tue, 05/10/2011 - 01:03 | 1258164 Fiat Money
Fiat Money's picture

that's the problem:  the Rethuglicans CONFLATE "SPENDING" with  BAILOUTS for failed, fraudulent, bankrupt, insolvent, con-gress bribing banksters...

  and the "of, by & for Goddamn-Sachs" obama White House  http://www.jewishvirtuallibrary.org/jsource/US-Israel/obamajews.html

  CONFLATES  "STIMULUS" with  GIVING AWAY TRILLIONS of taxpayer extorted  dollars   http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aY0tX8UysIaM

 to failed, fraudulent, bankrupt, insolvent, con-gress bribing banksters/   (themselves!)

  With the bought-and-owned media/presstitutes IN BED with the same corporate/financial-swindler larcenists who OWN BOTH the Rethug & 'Democrat' parties,   this PROPAGANDA MISSUSE of the terms "spending" and "stimulus" will continue, forever

(or at least long past the death by 1,000 cuts to the American social safety net, the American economy, & to  America's democracy.) 

Mon, 05/09/2011 - 19:33 | 1257380 Piranhanoia
Piranhanoia's picture

What I don't understand is if the boner is going to admit he is a criminal by painting his skin orange when it isn't halloween, why doesn't he go for the jumpsuit to round it off into a nice little ensemble that really fits the man.

Mon, 05/09/2011 - 19:59 | 1257454 BernankeHasHemo...
BernankeHasHemorrhoids's picture

That evil Muslim criminal Obama bin laden needs to go. Osama is down, one to go.

Mon, 05/09/2011 - 20:59 | 1257579 zippy_uk
zippy_uk's picture

The US doing "austerity" - next it will be cutting the defence budget ?

Mon, 05/09/2011 - 21:46 | 1257723 downwiththebanks
downwiththebanks's picture

And taxing derivatives:  see ZeroHedgers go CRAZY when you start to take away their connect to the government dole.

Mon, 05/09/2011 - 22:00 | 1257763 jkruffin
jkruffin's picture

This is what happens when your ignorant Treasurer tries to keep rolling short term debt month to month like Timmah and Benny have been doing for the past 2 years.  It is going to collapse the bond market.  Bill Gross knows this!!!! Who you gonna believe Benny, Timmah, or Bill?  I will take Bill.

Mon, 05/09/2011 - 22:03 | 1257769 jkruffin
jkruffin's picture

NO debt ceiling increase is coming.....if they raise the debt ceiling, the idiots on Capital Hill will think they have another blank check to write for the next year and a half. 

Write every Senator and Representative you know, and tell them there is no 81st time raising the debt ceiling. Look where the other 80 times have gotten us.  In a gigantic suck hole we can't get out of.

Tell these crooks NO on debt ceiling increase. Fiscal responsibility starts there.

Mon, 05/09/2011 - 22:18 | 1257798 Dr. Gonzo
Dr. Gonzo's picture

Did Boehner start crying again after he issued his ultimatum?

Mon, 05/09/2011 - 23:46 | 1258018 bmwm395
bmwm395's picture

I'm so pist you got the crying dig in. I wanted to get it.

And sorry I hit junk by mistake.

Mon, 05/09/2011 - 23:17 | 1257946 White.Star.Line
White.Star.Line's picture

The White Star Line recommends some very stringent cuts in all social and structural programs in order to get "under" our debt ceiling.

Everyone knows that welfare Moms and overpaid teachers are the problem.

FREE THE BANKERS!

Tue, 05/10/2011 - 00:50 | 1258134 Fiat Money
Fiat Money's picture

"crunch time for the Treasury is approaching as the first of three auctions is on deck: the first one for $32 billion in 3 Year Notes. The total raised will be $72 billion without any offsets from maturities. Elsewhere, the Treasury will catch a $16 billion break after it settles $100 billion in Bill maturities offset by $84 billion in new issuance, yet still the net total of $56 billion in new debt seems to be a slight problem..."

  well, with the Lieberman-schumer-feinstein-emanuel -Rubinite "Democrats" killing the late "Democratic" Party, the GolddamnSachsers 

http://www.jewishvirtuallibrary.org/jsource/US-Israel/obamajews.html 

STABBING the "Big Tent" Democratic voters in the back (et tu, dave axelrod?), we can now grab our popcorn & sodas, and pull a seat up for the big show:  In "SABOTAGE Health Care 'reform'"  fashion, the Rubinites, 'scuze, "Obama-bots" will  PROTEST MUCHLY that they so doth want to help America's seniors, children, young adults, and laid off heads-of-households;  but when all is said and done, the Great 100+ year American/industrialized-democracies  experiment in creating & maintaining the Social Safety net will lie bleeding to death on the cutting floor...  because of John Boehner and all those mean Republicans, boo hoo...

Tue, 05/10/2011 - 04:41 | 1258330 Dan The Man
Dan The Man's picture

 

Baner wants to go from 353mil in cuts to trillions?  yah...right

Tue, 05/10/2011 - 04:42 | 1258332 lolmao500
lolmao500's picture

The treasury should just full Fort Knox with gold platted tungsten and fool the world. After all, what's one more fraud?

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