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The Week Ahead In Beltway Drama

Tyler Durden's picture




 

With politics suddenly taking a key role in daily market gyrations, and robots most certainly not accustomed to trading off D.C. headlines, here is the upcoming week's key events out of the Beltway.

Monday, April 11

  • FY2011 fiscal compromise filed in House of Representatives. What is known is that the compromise package will cut $38.5 billion from current levels, including the $12bn that has already been cut in prior continuing resolutions and the most recent one enacted on Saturday to avoid a shutdown. This expected to break down into $3bn in cuts to defense, $18bn in cuts to mandatory spending, and $17bn in cuts to other non-defense discretionary programs. 
  • Sens. Mark Warner (D-VA) and Saxby Chambliss (R-GA) briefing on “Gang of Six” fiscal reform efforts.  Warner and Chambliss are leading efforts to craft bipartisan budget legislation similar to the fiscal commission’s proposals. There has been speculation that the proposal could be released this week. Senate Budget Committee Kent Conrad (D-ND) has hinted that this proposal could be used in formulating his FY2012 bugdet resolution, which been delayed partly in anticipation of this proposal.

Tuesday, April 12

  • Derivatives regulation. SEC Chair Schapiro, CFTC Chair Gensler, Fed Governor Tarullo, Asst. Treasury Sec. Miller and industry representatives will testify in the Senate Banking Committee. 
  • Nuclear energy hearing. EPA Administrator Jackson and NRC Chairman Kaczko testify in the Senate EPW Committee on the implications of the situation at the Fukushima plant and implications for the US. 
  • FDIC meeting on swap dealer margin and capital requirements, assessments for large and complex institutions, and deposit insurance fund losses.

Wednesday, April 13

  • President Obama speaks on fiscal proposals.  It isn’t yet clear how specific the president’s proposals will be; the options range from laying out a specific set of proposals, perhaps in some cases pulled from the fiscal commission’s recommendations, to simply laying out principles for reform. That said, it seems unlikely that the White House would want to be any more specific than the broad strokes outlined in the budget resolution released last week by House Budget Committee Chairman Paul Ryan (R-WI). The Ryan proposal includes specific projections of spending level by budget category (i.e. the top line levels for Medicare, Medicaid, Social Security, defense spending, etc) but does not actually include policy specifics (the budget resolution never includes policy specifics, since the resolution serves only as a non-binding outline for Congress to use in the budget process, and never becomes law).   The biggest news in the president’s proposal is likely to be on healthcare; both parties have essentially net reductions in Social Security spending over the next ten years off the table, and while the president is likely to rely on tax policy to close some of the gap, he has already outlined some of those proposals in his February budget (letting top tax brackets revert to pre-2001 levels, limiting certain deductions, etc).  
  • House vote on FY2011 fiscal compromise package.  There is little doubt that the bill will pass, though it may have to rely more heavily on Republican votes than previous short-term extensions have in the last several weeks. 

Thursday, April 14

  • Senate votes on FY2011 compromise. The timing of the Senate vote isn’t entirely clear, but is generally expected Thursday. Were the Senate to follow the usual procedure for a major bill, passage would take a minimum of two days and perhaps as long as five days from the time it receives the bill from the House. However, it is generally expected that lawmakers opposed to the compromise will nevertheless allow a final vote to occur quickly in order to avoid any risk of a government shutdown.  The temporary funding measure enacted over the weekend lasts through April 15.
  • Muni debt hearing.  No word yet on who will testify at this hearing in the House Oversight Committee. 
  • Risk retention. House Financial Services will hold a hearing on the recent proposed rule, which calls for mortgages to include a 20% down payment among other factors in order to avoid the risk retention requirement set out under the Dodd-Frank Act.

Friday, April 15

  • House votes on FY2012 budget resolution.   The budget resolution is likely to pass the House along more or less party lines. After the House vote, no further action on the resolution will occur until the Senate passes its own resolution; so far there has been no Senate proposal.

source: Goldman

 

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Mon, 04/11/2011 - 08:56 | 1157281 Shooting Shark
Shooting Shark's picture

Stupid robots.

Mon, 04/11/2011 - 08:57 | 1157282 SheepDog-One
SheepDog-One's picture

Commence circus dog, pony, and clown show.

Mon, 04/11/2011 - 09:01 | 1157291 PierreLegrand
PierreLegrand's picture

Civilization is a bubble...and it is getting ready to pop. Food Bitchez!

Mon, 04/11/2011 - 09:02 | 1157293 tek77blu
tek77blu's picture

good interview with peter grandich on the hard times ahead for ol' US of A: http://www.youtube.com/watch?v=4XtH28M3Bbc

Mon, 04/11/2011 - 11:05 | 1157779 MrPalladium
MrPalladium's picture

When I read statements like "a staggering 48 percent of the British would consider supporting a non-fascist and non-violent party that vows to crack down on immigration and Islamic extremists," I have to laugh.

Defense of Western Man will require the overthrow of 300 years worth of visibly false delusions borne of the "Enlightenment" - the secular religion of human equality - the noble savage - the perfectability of man here on earth, and the devine right of elites to indulge their egalitarian fantasies through experiments in "social engineering." In addition such a defense will require expulsion of alien elements and the exclusion from  positions of power and influence of a Western elite which holds the people it governs and leads in such contempt that they condemn their own grandchildren to lives of subordination to aliens who despise them - to and an existence that is "mean, nasty, brutish and short."

The probability that Western Man and Western Culture can be saved by "non-facist and non-violent" means is nil.

Many more years of economic and social pain will be required before the trend of metastasizing "no-go zones" of extreme hostility to indigenous Europeans can be reversed. These no-go zones have been created because our elites wanted them created. And they want more no-go zones created. The probability that such a reversal will be non-violent, safe for existing elites and pleasing to our notions of "tolerance" can only be regarded as fanciful and delusional.

Mon, 04/11/2011 - 11:21 | 1157843 PierreLegrand
PierreLegrand's picture

I believe that Europe will rise up before then...I believe that it will be a violent revolution that will see many millions die as Europe is cleansed of those who are trying to invade by stealth.

Mon, 04/11/2011 - 09:03 | 1157296 Oh regional Indian
Oh regional Indian's picture

Every move from the beltway only tightens the belt/noose around the middle class.

Give them energy and they only tighten it further. Every move in the list above makes a feeble attempt at symptom-alleviation, that too only apparent, not real. Worse yet, it only jawbones at the issue at hand, leaving un-well enough, alone.

How do we collectively starve the bloated beltway beast that is eating everything in sight, everywhere?

Which bought and paid for pol. will really even try to affect any change? Small change? Loose change?

More like lose change you cannot believe in.

ORI

http://aadivaahan.wordpress.com/2010/10/17/my-first-comment/

Mon, 04/11/2011 - 09:17 | 1157314 anynonmous
anynonmous's picture

this is worth listening to, from Bloomber radio very early this morning where Gallo suggests that last week could well have been

"The official beginning of America's Sovereign Debt Crisis"

Schneider’s Gallo Says U.S. Faces Fiscal Debt Crisis: Audio Monday, April 11, 2011 6:00 AM

 

http://media.bloomberg.com/bb/avfile/News/First_Word/vB2C0ohIaQ_E.mp3

Mon, 04/11/2011 - 09:22 | 1157337 I am Jobe
I am Jobe's picture

Yeap. Long and hard market I must say. Very bearish.Asian Central banks have started to strenghten their position away from the USD. They are moving faster than the idiots in DC. Significant changes coming and they said, the EU debt crisis will not affect the USA> WTF.

Mon, 04/11/2011 - 09:19 | 1157329 Manthong
Manthong's picture

Obama is said to be thinking about entitlement program changes. We are saved!

Mon, 04/11/2011 - 09:34 | 1157392 n9lhm
n9lhm's picture

Let me guess, he wants to increase them.

Mon, 04/11/2011 - 11:31 | 1157873 jmc8888
jmc8888's picture

Woo hoo.  More money for the banksters to steal.  Which is what happens with every cut.

Oh we don't need Glass-Steagall to wipe away the fraudulent debt, we just need to cut the what we need all over the place...because needs aren't needs.

We'll just pretend all this fraud is legal, cut to the bone, and the banksters will steal even more.  Hell even if they stole the same amount, cutting to the bone would still leave all this fraud in place, where we'll still be paying back, nothing but fraud.

Yes cut it all, because that is the answer to a fraudulent debt problem, not legal action, nor Glass-Steagall.

I'm hungry, so I'll go to sleep, that'll solve it.

I need gas, so I'll pour water in the tank.

I need to piss, so I'll drink more water.

The house is on fire? So pouring gasoline on it will put it out.

Oh yes, people talking about cutting or printing (or both at the same time) to pay for fraud, and including such needs as social security and medicare/medicaid into this mix surely are as idiotic as the above.  These people are as dumb as a smoker in a fireworks factory.

Glass-Steagall or be an idiot and suffer needlessly.  If you believe in cuts in needed services over Glass-Steagall, then the banksters have propogandized you AGAIN. Be their bitch again, if you dare, but you'll lose the right to ever be a 'patriot'.

Cut to pay off the fraud = the corporate tea party (and republicans) bankster m.o.

Print to pay off the fraud (+ some cuts)= NerObama and the democrats bankster m.o.

So let's cut, cut, cut - entitlements, because that's what Forrest Gump says will save us from a fraudulent debt program.  Oh really?  Or will it not do anything to the big picture..yes, AND give them the opportunity to print more....now that we'll be spending less.

Give me a fucking break, only the 3rd option destroying the root cause, fraudulent debt, will save us.  All other idiots need to wake up to their bankster induced positions and dropped them.   Or else, once again, you're just serving the banksters.  (which is pretty stupid considering how pissed of said people are AT the banksters)

 

 

 

Mon, 04/11/2011 - 09:22 | 1157330 ebworthen
ebworthen's picture

 

The robots will have trouble interpreting the vapid euphamisms and jingoistic emotional sangria of deluded egoists.

 

Mon, 04/11/2011 - 09:28 | 1157362 Oh regional Indian
Oh regional Indian's picture

Well said ebw. +1

ORI

 

Mon, 04/11/2011 - 09:38 | 1157402 overmedicatedun...
overmedicatedundersexed's picture

in the closed door meetings on the budget:

mr o, did you see tiger on the 18th ?

mr GOP; wow  what a great masters

mr o: do you want more coffee?

all : well we have been in here long enough for the sheep to think we are working hard on it - laughs all around.

Mon, 04/11/2011 - 09:41 | 1157422 lolmao500
lolmao500's picture

The US reaches the debt ceiling too this week right?

Mon, 04/11/2011 - 10:09 | 1157533 RockyRacoon
RockyRacoon's picture

Somebody wake me up when the revolution starts.

Mon, 04/11/2011 - 10:29 | 1157621 krispkritter
krispkritter's picture

Hey Rocky! Watch me pull an alarm clock outta my ass!  (oops, wrong Rocky)

Mon, 04/11/2011 - 23:43 | 1160434 RockyRacoon
RockyRacoon's picture

Yeah, and Bullwinkle is pissed.

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