Reid "Unable To Come Up With Counteroffer... Apart On Some Pretty Big Issues", Hands Over Negotiations To Biden

Tyler Durden's picture

The second update of the day is here, and this one is far less jovial and optimistic than that coming from the seemingly quite cluless Lindsey Graham:


Nothing like the fate of the nation in the hands of Joe Biden, who may or may not still be laughing.

More from Bloomberg:

President Barack Obama made a last- minute appeal for compromise as three senators said the chances were greater than 50-50 for a deal to avert more than $600 billion in tax increases and spending cuts scheduled to take effect Jan. 1.


In an interview broadcast today on NBC’s “Meet the Press,” Obama warned of “an adverse reaction in the markets” if Congress doesn’t act.


Republicans “say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they’re behaving is that their only priority is making sure that tax breaks for the wealthiest Americans are protected,” Obama said, adding that his offers to Republicans have been “so fair that a lot of Democrats get mad at me.”


In a statement, House Speaker John Boehner, an Ohio Republican, called Obama’s comments “ironic, as a recurring theme of our negotiations was his unwillingness to agree to anything that would require him to stand up to his own party.”


The president’s interview with NBC was taped yesterday at the White House. At the other end of Pennsylvania Avenue, Senate negotiators from both parties were seeking compromise legislation to prevent at least some of the tax increases and spending cuts from taking effect.


‘Exceedingly Good’


Appearing on “Fox News Sunday,” Senator Lindsey Graham, a South Carolina Republican, said the prospects for a deal before Jan. 1 are “exceedingly good.” They will include tax increases on upper-income Americans, he said, and represent a “political victory to the president.”


“Hats off to the president, he won,” Graham said. “He stood his ground. He’s going to get tax rate increases -- maybe not $250,000, but upper-income Americans.”


Graham said the “sad news for the country” is that any deal now won’t address debt and will guarantee a fresh fight over deficit reduction when the debt ceiling debate resurfaces early next year. He called on Republicans to have the “courage of our convictions.”


Senators Charles Schumer, a New York Democrat, and Jon Kyl of Arizona, the Senate’s No. 2 Republican, assessed the odds of a deal before Jan. 1 at better than 50-50. “I think a little higher than that,” Schumer said on ABC’s “This Week,” while Kyl said, “I don’t disagree with Chuck.”


At the same time, Schumer said there are “no breakthroughs yet” by bipartisan negotiators in the Senate. Kyl said there is a “significant effort” by “responsible people on both sides of the aisle” because “if we are not able to reach an agreement, it will be dire.”


‘A Chasm’


Not all senators were as optimistic. Appearing on CBS’s “Face the Nation,” Dick Durbin of Illinois, the Senate’s No. 2 Democrat, said, “There’s still a chasm here,” though he declined to say that a deal is impossible. Senator Tom Coburn, on the same program, said the two sides are “far apart.”


Obama said on NBC that “if all else fails,” when a new Congress convenes on Jan. 3 “the first bill that will be introduced on the floor will be to cut taxes on middle-class families.”


Asked about the immediate economic impact of going over the fiscal cliff -- a term used by Federal Reserve Chairman Ben S. Bernanke in February -- the president said, “It’s hard to speculate on the markets, but obviously I think business and investors are going to feel more negative about the economy next year.”

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Larry Dallas's picture

We're fucked. That's all, folks.

lolmao500's picture

Give me a break. Going over the cliff is way better than anything these traitors can come up with.

maxmad's picture

This fiscal cliff deal is great... It sure beats watching Jay Cutler throw more interceptions.

maxmad's picture

Update on the talks:


Biden:  What the hell are we suppose to be talking about?

McConnell:  I have no idea, we are just suppose to watch tv, until they tell us to come outside.  Then we just have to read this script.

Biden:  Cool, lets watch the eagles!

McConnell:  NO!  You got to pick last time.. Let's watch Spice channell

TruthInSunshine's picture

It's my suggestion to dust off Hank "Tanks In The Streets & Martial Law Within 24 Hours If The Debt Ceiling Isn't Eliminated And A Bottomless Soup & Salad Taxdollar Bowl Isn't Extended To Banks/WallStreet/DefenseContractors/HealthInsurers/BigPharma Immediately" Paulson, and let him give a rousing speech that instills faux fear into the CONgress, bitchez.

sitenine's picture

“The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.”
-Alexis de Tocqueville

Lucius Cornelius Sulla's picture

Hank Paulson is this generation's Benedict Arnold.  He will go down in history as one of the most dispicable government figures in the history of our Nation.

maxmad's picture

Update on the talks:


Biden:  Fine we can watch Spice channel first, then when were done, we can watch the eagles!

McConell:  Hey now that sounds like a compromise!  And they said we couldn't agree on anything!


Biden:  Now for the biggest decision, what should we get on our pizza?

maxmad's picture

Update on the talks:


McConnell:  Well you know that I love anything Pork!


Biden;  Hey do you think when we go outside we should hold hands to show solidarity?

McConnell:  I like the way you think, but in my district they might think that I swing for the other team- I unfortunately dont represent San Franciso. 

Biden:  Oh yeah I didn't think about that..

McConnell:  But maybe we could do a fist pump-or something manly like that!  The sheep will believe anything,,,

Spastica Rex's picture

Give me a break. Going over the cliff is way better than anything these traitors can come up with.

Which is why it won't happen.

ToNYC's picture

How better to prove their incompetence than to do nothing and remove all doubt? It's hard to belive it could be that easy; a Shock Doctrine that didn't automatically only pluck the Un-represented or 99%.

The trend is your friend's picture

The shysters might only make a few hundred thousand as a salary but the money from long and short options positions has to be in the millions.  They must collude behind closed doors to figure out the best trading strategies


I'd rather put the the fate of the country in Joe the plumber's hands rather than Joe the Biden. 

maxmad's picture

I least joe the plumber knows how to get rid of the sh&* in Washington.. Get the plunger Joe!

Bad Attitude's picture

I've got to wonder if Harry Reid would agree to any deal that Joe Biden happened to work out?

ball-and-chain's picture

We are screwed--for a decade or so.

But America will come back.

These are just rough times.

The world is too much with us.

Mongo's picture

So this is what the mayans were talking about... the end of the US

akak's picture

Obviously!  Everyone (who matters) knows that the United States IS the world --- all those other 'furriner' countries are just little colored bits on a map somewhere and aren't really real anyway.

Ghordius's picture

100% correct. and I'm a figment of the gentle reader's imagination. get help, gentle reader, get help

akak's picture

Did somebody just say something?

Must be more of those imaginary furriners whispering in my mind again.

lolmao500's picture

What about a follow up on this ??

CBO Releases Sandy Damage Estimate: At $60.4 Billion, It Would Send US Over The Debt Ceiling

The [Senate] today voted 61-33 for the plan that would pay to clean up debris, repair mass-transit systems, rebuild flooded buildings and myriad other expenses, some only tangentially related to the storm.

While Obama is trying to start a civil war :

President Obama on Sunday said he would make gun control a priority in his new term, pledging to put his “full weight” behind passing new restrictions on firearms in 2013.

Karlus's picture

Just like when he focused like a laser on jobs or helped Sandy people. I wont hold my breath

klockwerks's picture

Hey Karlus, notice that we have not heard so much as a whisper from the media about how things are going with the victims of sandy. Are they stll living in FEMA tents etc etc. Narry a word, from anyone

Jason T's picture

Biden, the one who said we have to keep spending to keep from going bankrupt?


He's actually right.. it's a ponzi .. too bad, recession that's coming will put another dent in tax revenue reguardless.  Deficits will be a disaster these next 4 years.

geoffr's picture

He's just the Senate Majority Leader. Time to hand it off to Biden.

Granted, he hasn't passed a budget in who knows how long now.

The Gooch's picture

3 b's bitchez.

fonzannoon's picture

Good luck Joe. This is a big fucking deal!

Waterfallsparkles's picture

Where is the President?  Isn't he supposed to be the Leader?  Why is he always absent?  It appears like the President has done absolutely nothing to bring this to a resolution.


Freddie's picture

Job #1 for Ob is to loot the Treasury and destroy the USA.  Biden is an insane drunk but he would be light years better than the golfing Mullah.

A Lunatic's picture

Oh he's a Leader alright, and things are being resolved as we speak.........just not in America's favor, traditionally (or Constitutionally) speaking.........

DosZap's picture

Where is the President? Isn't he supposed to be the Leader? Why is he always absent? It appears like the President has done absolutely nothing to bring this to a resolution.

Simple, because he doesn't want it resolved.There is a hidden agenda here,and one none of us will believe even while it is happening.

Jayda1850's picture

Tomorrow should be entertaining, make sure to have your popcorn ready.

TomGa's picture

You don't think, nah, could it be? No way. But, you know, is it possible, is it just possible that this kabuki theater is intended to set ol' Joe up with a big "presidential looking" stick-save win?  Obama gives "Smilin' Joe" gun control, and now this? Is this laying groundwork for 2016?

Pharming's picture

Ring ring....ring ring....

"Hello this is Joe."

"Joe, this is Mitch."

"Mitch you son of a bitch."

"Funny Joe, like you haven't used that one every time you see me."

Joe, "So what's up bitch? You sound a little preturbed."

Mitch, "It's Mitch and well it's about this cliff talk...I think it's coming."

Joe, "The only thing coming is in my pants!  Ain't that right judge!....and the problem is?  Listen here bitch.  I've got $1,500 on the Bears this afternoon and this talk about some guy named Clif can wait.  JILL GET YOUR PANTS ON I SAID I NEED A SHOT OF BOURBON NOT A SHOT OF YOUR BUNS!.   Jesus....woman...  Bitch call me back after the futures open at 1600, we'll put out a couple of bull shit press releases and really watch those charts Boehnerize up and down!  Hahaha get it bitch?  Boehnerize!!!"

Mitch, *Click* dial tone..........................................

SokPOTUS's picture

I'd rather be working with Joe the Incompetent than Harry the Assh*le.  Joe might accidentally make some progress.

Hannibal's picture

The idiot msm talking heads and some of you doom and gloomers are just not getting it!

Souvereign Govts (US,UK,Jpan etc) that issue their own paper currencies and spending (it) into circulation is NOT a debt but a means (or a tool) for payments and exchange for commerce of all goods and services of a nation. Hence, a souvereign Govt can not go "broke" involuntarely since they can create all the money they need to pay for their bills and obligations.

Everything else is all fluff, politics, fear mongering, lies and misinformation.

kito's picture

Is your history revisionist?

Ghordius's picture

most history is - you win a war, you get to write it - and then it's clear who was the white hat and who the black one

Spastica Rex's picture

God writes history through the winners He favors. What God wants, God gets; God help us all.

Ghordius's picture

"Gott mit Uns!" (God with Us)
Motto on Prussian war flags

cherry picker's picture

If what you write is true, and I have thought the same, why taxes?

If the government can print what it wants, doesn't owe anyone except for the paper, ink and presses, there is no need for any kind of taxes is there?

Maybe that is what the USA should do, outlaw all taxes and just print. 

magpie's picture

You will find out when everyone is a millionaire and is taxed as one

Ghordius's picture

the big issue is still how to pay for the goods and services that flow into the USA in excess of the outbound flow

Lucius Cornelius Sulla's picture

How much toilet paper will it take to buy an iPhone?

jim249's picture

Read up on the Weimer Republic.

They Tried to Steal My Gold's picture

How much Zimbabwe Z$100 trillion banknotes do you have ?

ZeroFreedom's picture

Just say NO and move along. What a plan.


Seasmoke's picture

When Biden needs financial advice, who does he call............Fiscal Cliff is about to be CORZINED