Boehner Abbreviated: Obama Approves Plan B Or Is Reponsible For The Largest Tax Hike In US History

Tyler Durden's picture

Yesterday, while the market was absolutely euphoric that a Fiscal Cliff deal was imminent in the aftermath of the release of PR theatrics also known as "Plan B" we said:

Moments ago, Boehner confirmed that, at least as of this moment, this is precisely the plan, when he said that tomorrow the House will pass legislation extending tax cuts on those with incomes over $1 MM. He added next that Obama can either convince the Senate to pass "Plan B" (which won't happen) or be responsible for the largest tax hike in history. And now the ball is in Obama's court, where things look increasingly bleak that any further compromises are imminent, and the only thing that Obama will retort with is a veto to the House's vote.

So are GETCO's algos still 1000% certain there is a compromise coming?

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sbenard's picture

The Obamalaise economy -- economic ennui!

Smuckers's picture

All these numbers are as meaningful as trying to keep count of mouse farts in a wind tunnel.

 

 

sitenine's picture

Why is this an issue again? Oh yeah, they made a deal last year that they fucking knew would screw us, and now they need to make a deal to avoid the deal so that ... yeah ... whatever ... the world ends on Friday anyway ;)  Fuck it! Let's go bowling.

astoriajoe's picture

if only it were as easy as morpheus makes it look:

http://www.youtube.com/watch?v=jdQIAmB2j8w

Come On Now's picture

The fiscal cliff is our friend!  Why?  Because it is something finite: America actually paying down its debt through higher taxes and lower expenditures, aka reality. 

For so long there has been no reality to trade on as the only thing moving the markets has been political activity which cannot be analyzed to any tradable measure without inside information.  For the banks, politicians and other beneficiaries, the postponement of reality is their business, self-preservation and raison d’ etre.  For the rest of us it is financial strangulation.

That is why the volumes and sentiment are so very low.  No one can put on a trade with confidence based on the fiat venality of politicians.  However, when rampant inflation inevitably comes, quality equities with global exposure and hard assets will rise tremendously based on the devaluation of the U.S. dollar.  Till then in the U.S. the sideline is the best place to be while the current deflationary, corrupt and uncertain period runs its course – hopefully not for too much longer.

 

The sooner we go over the fiscal cliff the sooner we can begin the painful process of paying our debts, rebuilding our economy and trading on sound fundamentals.  The postponement of this reality only makes the pay back more and more painful, and at some point un-payable.

sharky2003's picture

Agreed. I am so sick of the fear mongering out there. People need to realize going over the cliff is actually short term pain for long term gain.

Spastica Rex's picture

The postponement of this reality only makes the pay back more and more painful

Not if you're dead.

Or out of office.

debtor of last resort's picture

Vultures are eating the US corpse. Get as much as physical gold and silver you can get (govment&citizens) default, produce and consume local and get this unbelievable shit over with. What a mess, Japan, Europe, US, it's the same mess. Debt, drones & drugmoney.

ZH'ers, go and tear miss Liberty down just like the Saddam statue in Bagdad. Make a fucking statement!

JR's picture

With a tear in his eye and his hand at the controls of a steamroller, the Left’s Messiah not only wants to smash American freedoms and founding principles, he wants to smash property rights.

He’s riding on the emotions of many Americans aroused by the hype pushed by the ruling class’ media that people who have been successful and people who have tried to make something of themselves are the evil “rich” (those "rich" families with $250,000 household incomes) and must be made to pay.

Obama never intends, of course, to go after the criminal fascist types who have decimated the middle class through fraud, or as Jim Quinn so aptly sums it up in Hey You:

“Sociopathic criminals who committed the largest financial crime in world history walk free and continue to occupy executive suites in luxury office towers in downtown NYC, collecting millions in bonuses as compensation for crushing the American middle class.”

Bob's picture

Clearly not a left-right issue.  Open your eyes.

yrbmegr's picture

"GOP plan passes Congress, is blocked in Senate"

A self-contradictory statement.

object_orient's picture

Some people think Congress = House

Smuckers's picture

Isn't it ironic how one can fall off a cliff and still manage to hit the ceiling.

centerline's picture

Good one!

Its really a debt target.  lol.  They won't have a problem hitting it either.

Jeepers Creepers's picture

Obama just got outplayed.

My guess is the the focus will now be about the assault weapons that weren't used in the school shooting.

SKY85hawk's picture

 

We Americans are being played.  Both Houses of CONgress passed the Budget Control Act of 2011

 

And Obama signed it!

That was his opportunity to honor his campaign pledge to tax the RICH.

His credibility would be much higher if he Vetoed the tax increases on the non-rich.

 

Catullus's picture

The Senate will pass it too if they're smart. Senate Democrats have nothing to gain by voting it down. Let Obama take the credit/blame. He's not running for re-election. If you don't get a debt ceiling increase, you've won nothing this round. You just have to give up more in March. Might as well kick the can until 2015.

And thus, the republicans were holding all the aces the entire time despite what "analysis" the talking heads gave.

JosephConrad's picture

PEOPLE ARE ACTING LIKE THIS IS REAL! Th cliff exists because the 12 private banks of the FED are holding down interest rates do they continue to get a PAYDAY on the @#$% UNREGULATED Derivatives they sold to E.U. SUCKERS. 

Raise rates to where they SHOULD be would put 99% of the .001% THIEVES running & ROBBING this nation in the POOR HOUSE, PRISON OR BOTH! MEANWHILE, AMERICAN are happily clapping their hands like it's a Topeka, KS magic show! A NATION OF MORONS!   

Hannibal's picture

The debt ceiling i.e. the US Gov't not paying their bills due is unconstitutional. Here is why:

US Constitution, 14th Ammendment Section 4

"The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned."
Mi Naem's picture

So, "Plan B". 

Isn't that the abortifacient taken after the fact by those who unexpectedly got screwed and wish not to have been inseminated by whoever-the-hell-that-was?  

We should never have put ourselves into the position where we got Boehner-ed in the first place. 

MrBoompi's picture

Anyone doubt the deal is already done, and it sucks so bad they have to keep everyone in a state of panic and terror until the last absolute fucking minute to spring it on us?

 

 

rjs's picture

the House will pass legislation extending tax cuts on those with incomes over $1 MM.

dont you mean UNDER $1MM?

Plumplechook's picture

The whole thing is a sham.  The GOP are not in the least concerned with the deficit.  Their only concering is protecting the assets and income of the crony class they represent. 

If they had any real interest in reducing the defecit they would:

  • Raise taxes
  • Slash funding for the Dept. of War
  • Negotiate drug prices institute a financial transaction tax
  • End subsidies to agri-business

These are things that would actually solve the problem.

Staving Grandma will not solve the problem.

 

nastaking's picture

Its latest effort is the curiously named Y7562 , a high-end Android phone with a 5in, full HD display.

BattlegroundEurope2011's picture

Calling all Nutjobs in the D.C. area...