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Senate Agrees To Kick Can For Two Months; Breached Debt Ceiling Untouched

Tyler Durden's picture




 

Well, we appear to be nearing a mini 'delay' deal of some sort. The agglomeration of headlines continues with Senate deals on and off, Biden proclaiming victory yet Senate Democrats are said not have consented (yet).

  • *WHITE HOUSE SAID TO REACH BUDGET DEAL WITH REPUBLICANS
  • *SENATE FISCAL CLIFF VOTE POSSIBLE BY 10:30 P.M.: REID SPOKESMAN
  • *SENATE DEMOCRATS SAID NOT TO HAVE CONSENTED TO DEAL

State of the idiocy appears to be: The 2-month sequester delay: cuts would come half from defense & half-non-defense. 2 month window to give all sides time for bigger deal. No debt ceiling resolution. Tax rises for 400/450k, Cap Gains/Dividend up to 20%, small rise in estate tax and restrictions on personal tax deductions. Simple - as we have said for a while - assuming this passes seamlessly, this is nothing but a can-kicking delay to the 'extraordinary' debt ceiling date - two words - Stop.Gap. And in two months, it's not just the sequester but the debt ceiling too. Enjoy your night.

Via AP:

A Democratic aide says the White House and congressional Republicans have reached an agreement to avert the so-called fiscal cliff.

 

The measure would extend Bush-era tax cuts for family incomes below $450,000 and briefly avert across-the-board spending cuts set to strike the Pentagon and domestic agencies this week.

 

Vice President Joe Biden was set to sell the agreement to Senate Democrats at a meeting at the Capitol on Monday night.

 

The aide required anonymity because he wasn't authorized to speak publicly.

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Mon, 12/31/2012 - 22:21 | 3111305 maxmad
maxmad's picture

Sell Mortimer Sell!!

Mon, 12/31/2012 - 22:25 | 3111314 maxmad
maxmad's picture

Sleep well sheeple!  EXPECT a new Executive order when you wake up... Just like last year!!

Mon, 12/31/2012 - 22:26 | 3111320 maxmad
maxmad's picture

Maybe O will sign a ban on all guns!  Who knows... Its like Christmas all over again.. Can't wait to find out what our surprise is in the morning...

Mon, 12/31/2012 - 22:43 | 3111363 boogerbently
boogerbently's picture

Kick the can.....till Nov. (elections) ???

Mon, 12/31/2012 - 22:46 | 3111375 Silver Bully
Silver Bully's picture

"Kick the can...."

Oh good lord, we have now officially become like Greece, bailouts and all. Except we're bailing ourselves out since we can print money. If this doesn't make the average citizen sit up and take notice, nothing will. Since the 'deal' is expected to be signed at 10:30 pm, who wants to bet it gets magically pushed back and signed at 11:59 PM?

Pass the popcorn.

Mon, 12/31/2012 - 22:51 | 3111387 maxmad
maxmad's picture

But at 11:59 is when Obama gets to sign his new executive order...

Mon, 12/31/2012 - 23:39 | 3111425 AlaricBalth
AlaricBalth's picture

This is too funny.

"The aide required anonymity because he wasn't authorized to speak publicly."

The aide really required anonymity because he was laughing so hard at the insanity of it all that he feared for his job.

Tue, 01/01/2013 - 00:03 | 3111510 James-Morrison
James-Morrison's picture

The aides probably have more to say than their minders.

They should keep their mouths shut. 

Tue, 01/01/2013 - 00:26 | 3111538 Thomas
Thomas's picture

The big news is the estate tax.

Tue, 01/01/2013 - 00:43 | 3111556 AL_SWEARENGEN
AL_SWEARENGEN's picture

'Rome is burning cocksuckerz, Rome is F'ing burnsng!! 'Stack it while you can. Kiss this failed country goodbye. And it makes me weep to say it..

Tue, 01/01/2013 - 01:57 | 3111634 flacon
flacon's picture

Is it time to start killing people already? My axe is getting restless....

Tue, 01/01/2013 - 04:53 | 3111714 TPTB_r_TBTF
TPTB_r_TBTF's picture

 

 

Wait for the ban on guns before grabbing your axe.  Then go for it big time.

Tue, 01/01/2013 - 05:12 | 3111718 zhandax
zhandax's picture

What will they ban when the number of people pushed out of windows skyrockets?

Tue, 01/01/2013 - 08:17 | 3111773 GetZeeGold
GetZeeGold's picture

 

 

Ummm....I'm thinking windows.

 

Do i win something?

Tue, 01/01/2013 - 08:53 | 3111787 N57Mike
N57Mike's picture

Thomas.... what is the deal on the Estate Tax?

Tue, 01/01/2013 - 10:36 | 3111857 GOSPLAN HERO
GOSPLAN HERO's picture

FORWARD, comrades!

Mon, 12/31/2012 - 22:35 | 3111329 fonzannoon
fonzannoon's picture

Sell? Div and Cap gains at 20%?

I smell a massive rally.

(dear junker, my apologies. good luck with your short play).

Mon, 12/31/2012 - 22:53 | 3111390 maxmad
maxmad's picture

Cheering for a rally in this market is like cheering for a fight that you already fixed and know who is going to win...

Mon, 12/31/2012 - 22:59 | 3111400 fonzannoon
fonzannoon's picture

cheering? I said i smell it. it smells like boilermakers asshole (below). all i am saying is if we go to 20% cap gains and div only for those above 450k i think that a lot of the div payers that got sold get bought back. if you are going to put your hard earned money into this casino u gotta check emotions at the door. i could certainly be wrong. 

Mon, 12/31/2012 - 23:10 | 3111416 WonderDawg
WonderDawg's picture

Might possibly be a sell the news event. Today might very well have been a sucker's rally. Time will tell. Everyone thought the market was going to the moon on QE3 and QE4, too, and that hasn't really panned out.

Mon, 12/31/2012 - 23:32 | 3111463 fonzannoon
fonzannoon's picture

i used to think like that. but the debt ceiling debate was at the end of qe2 and we got twist soon after (if i remember correctly). now we are on 85 bil/mo auto pilot possibly going higher. shorting it is like trying to climb an avalanche.

Tue, 01/01/2013 - 02:25 | 3111654 Dr Benway
Dr Benway's picture

The Venezuelan stock market gained 300% in 2012, although barely any volume traded.

You are of course right that it is foolish to try and short what is manipulated higher.

But unless you are an insider it is foolish to try and ride the manipulation too.

Tue, 01/01/2013 - 13:50 | 3112328 Everybodys All ...
Everybodys All American's picture

add another 4% for Obamacare beginning this year to cap gains and dividends. Effectively the rate is now almost 25%.

Tue, 01/01/2013 - 07:14 | 3111754 Tom_333
Tom_333's picture

So the shit rolls on.I predict we will have at least ten years more of this "new economy".Maybe more like 20-25yrs.Endless cycles of government intervention and propped up low yielding markets.For the average investor -nothing to really invest in - no clear direction- no yields - no nothing.And for those that draw their paycheck from plain old idea of education and work - you are doubly screwed.

We all now work for central banks.And governments.Only way to get ahead is to elect an advantage - that is - convincing someone to feed you with proceeds extracted out of others.Unfortunately this can go on for a very long time.If you think it will end due to it´s own absurdity - collapse of it´s on weigth.It´s an old socialist model that worked well for long times in Europe.It doesn´t end until the majority of the population get´s fed up with the system.My take is that it will take a long time before citizens detect the built-in negative entropy of this system.A lot of them will never do that.

So you should do well to hang on the lips of the Democrats in charge because their words will decide more than "reality".For another 10 - 20 years

Tue, 01/01/2013 - 07:21 | 3111758 samcontrol
samcontrol's picture

somebody with the same time frame as me , good for you. It is as good a prediction as others here. You all seem to be in such a hurry ...

Tue, 01/01/2013 - 09:44 | 3111816 Room 101
Room 101's picture

+1.  There are a lot of Heaven's Gate devotee's at ZH.  Unfortunately for them, Hale-Bopp is not anticipated to return until the year 4377.  

As for the economy, who is to say that the current manipulations and print-and-pretend will not continue for another 5, 10, or 20 years?  While I think that eventually fiat currencies will fall apart, the stress is on the eventually.  The bigger strategy for those of us who don't want to get sucked into the vortex won't change a whole lot regardless.

Here is my apocalyptic New Years prediction for ZH: on a long enough timeline, the Tylers are going to face an exodus from ZH as their ongoing predictions of imminent financapocalypse fail to be realized. Timing is everything.

Actionable information, bitchez.

Tue, 01/01/2013 - 10:47 | 3111868 CPL
CPL's picture

No this is about math, people that are bad at it and those that will loot those bad at math because they are dumb as a bag of rocks thinking this is about waiting and timing.  I mean, shit, look at Bloomberg.  Even the 'bad' headline is fluffed like porn star for presentation for the Algo's.

The future is now, you are all soaking in it whether you wish to believe it or not.  I can leave one prediction for this year.  It's the last year most of you can afford a plane trip anywhere or any imported product.  Probably food as well for many, if anyone was paying attention to US costs for grain over the last 12 hours and the doors being closed on exports from the southern hemisphere because it's getting to the point the producing nations are in deep trouble and governments are curbing exports so their populations don't die and they have resources on hand.

What's the repercussion?  US won't pay their debts?  They weren't going to anyways.  The US can't even make interest payments at 0.25% and they are still paying 30 year bond rates in double digits.

 

Think that's sustainable?  Sure if you keep printing.  Doesn't mean anyone has to care about the US position or situation anymore.  On paper it looks great, everything does.

 

Tue, 01/01/2013 - 10:53 | 3111872 philosophers bone
philosophers bone's picture

You are still here. What's stopping your exodus?

Tue, 01/01/2013 - 10:15 | 3111838 BlueCheeseBandit
BlueCheeseBandit's picture

Socialism can drain the blood out of an economy for decades, it's true. But we're not starting at ground zero. Look at the debt in the west.

The American and European ppl might be willing to put up with this for decades more. The real question is whether our creditors will do the same.

My money is on another systemic crisis in 2013 or 2014. One that can't be fixed with sovereign bailouts because the sovereigns are the problem.

Tue, 01/01/2013 - 10:49 | 3111870 CPL
CPL's picture

Delusional.  Pure delusion.

 

You are talking like this 'just happened'.  This is year 14.  Bubble after bubble.   Print job after print job.  it's just a monthly occurance now.  Soon to be weekly.

 

Prepare for it.

Tue, 01/01/2013 - 10:01 | 3111827 HomeBrewPrepper
HomeBrewPrepper's picture

Only $1 in spending cut for every $41 in tax increase.
Get back to work, millions on welfare are counting on you.

Mon, 12/31/2012 - 22:22 | 3111308 oldman
oldman's picture

no comment             om

Tue, 01/01/2013 - 04:06 | 3111704 Renewable Life
Renewable Life's picture

The House isn't passing this shit, I love how people are getting all excited, like it fucking matters that the Senate was able to get a fucking vote accomplished!!!

Tue, 01/01/2013 - 04:59 | 3111715 TPTB_r_TBTF
TPTB_r_TBTF's picture

 

 

The Manipulators will give the House a bigger dip in the markets. 

That little dip last week was for the Senate.  The House gets a bigger market dip to convince them to play along with the game.

Mon, 12/31/2012 - 22:23 | 3111309 inevitablecollapse
inevitablecollapse's picture

what are the odds that this passes?

Mon, 12/31/2012 - 22:23 | 3111312 km4
km4's picture

What a drama queen of a joke !

Michael Hudson: America’s Deceptive 2012 Fiscal Cliff, Part II – The Financial War Against the Economy at Large 

The weapon in this financial warfare is no larger military force. The tactic is to load economies (governments, companies and families) with debt, siphon off their income as debt service and then foreclose when debtors lack the means to pay. Indebting government gives creditors a lever to pry away land, public infrastructure and other property in the public domain. Indebting companies enables creditors to seize employee pension savings. And indebting labor means that it no longer is necessary to hire strikebreakers to attack union organizers and strikers.

Yes, but... says: December 31, 2012 at 12:42 pm

I think the main point is that it’s no longer a question of who’s doing it to us, why they’re doing it, or what are the means they’re employing to do it. This is all getting to be pretty standard fare now. The main question to be resolved at this point is, is there anything that can be done to stop the further shock-doctrinization of the US and the world absent the “democratic process,” which we now know has been wholly appropriated as well by the new world order.

In one sense, it’s wholly appropriate that the US get served up a full helping of its own just dessert since we were the primary pushers of this whole abomination, but then again, revenge ain’t gonna really help anything and most Americans truly were helpless and ignorant before a monstrous global theft ring that would have just squashed them anyway. And should any of us have to worry about organized crime rings at the highest levels of world power anyway? Check that last question; asked and answered.

Mon, 12/31/2012 - 23:28 | 3111455 knowless
knowless's picture

americans are complicit in their ignorance. their pain will fuel a global awakening or their own demise, only time will tell.

their reliance on a structure which in no way reflects reason, morality, or sanity will be the undoing.

 

prey all you want, but your gods arent listening.

 

if there is no reform than anarchy will take hold, and from anarchy the strongest in the most natural sense, not only of physical power, will take hold.

 

you/they did this to themselves through their supposed "compassion".

 

beware those closest to the apparatus of the state, live a life far from corruption.

 

happy 13

 

they usually remove that floor.

Tue, 01/01/2013 - 00:39 | 3111552 Solarman
Solarman's picture

How do you know God is not listening. Maybe he is ready to shut everything down.

Tue, 01/01/2013 - 05:02 | 3111716 TPTB_r_TBTF
TPTB_r_TBTF's picture

God is amused.  He just likes to watch.

Tue, 01/01/2013 - 08:59 | 3111777 GetZeeGold
GetZeeGold's picture

 

 

---Psalms 2:
 4 He that sitteth in the heavens shall laugh: the LORD shall have them in derision.

Tue, 01/01/2013 - 09:21 | 3111798 SheepDog-One
SheepDog-One's picture

Yea god is a sadistic asshole, if anything.

Tue, 01/01/2013 - 09:13 | 3111793 viedoklis_lv
viedoklis_lv's picture

If money is backed by Gold, it is what World will generate. If money is backed by oil it is what world will generate, if money is backed by debt - it what world will generate.

If money will be backed by somthing else - like eco-product, eco-resources, eco-energy - it will what world will generate.

 

Today - money is backed by debt - and it is exactly what will world generate till it drowns in it.

Mon, 12/31/2012 - 22:25 | 3111315 westboundnup
westboundnup's picture

Ole Mitch

Mon, 12/31/2012 - 22:25 | 3111316 SHEEPFUKKER
SHEEPFUKKER's picture

So all these fuckers are on Capitol Hill on New Year's Eve voting on this nonsense? Right, o.k. 

Mon, 12/31/2012 - 23:11 | 3111417 Zer0head
Zer0head's picture

and all those lonely interns on a frosty New Years Eve

 

sometimes a plan just cums together perfectly

Mon, 12/31/2012 - 23:23 | 3111438 centerline
centerline's picture

Cigars for everyone!

Tue, 01/01/2013 - 09:24 | 3111800 GetZeeGold
GetZeeGold's picture

 

 

Obama cigars.....a little stanky....but totally free.

Mon, 12/31/2012 - 22:26 | 3111318 AUD
AUD's picture

So..... the government has agreed not to cut spending & not to raise taxes, after agreeing to cut spending & raise taxes?

Mon, 12/31/2012 - 22:50 | 3111382 dwdollar
dwdollar's picture

Basically. Rally on bitchez. Everything is A-O-Fuckin'-K.

Mon, 12/31/2012 - 23:00 | 3111399 AUD
AUD's picture

'Tis a long pudding that has not an end

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