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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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Tue, 01/01/2013 - 01:28 | 3111605 Yen Cross
Yen Cross's picture

 Labeling holdouts, is a losing proposition/

Tue, 01/01/2013 - 01:59 | 3111640 lakecity55
lakecity55's picture

Yeah, ours just do what they are ordered to.... or it's Blackmail Time (or whatever).

Some of therm are just plain crooks.

Actually, I'm not sure many of them are literate enough to read.

Mon, 12/31/2012 - 23:18 | 3111430 Oldwood
Oldwood's picture

Piracy is not a victimless crime....even when done by our government.

Mon, 12/31/2012 - 23:21 | 3111434 Yen Cross
Yen Cross's picture

  Are you (Englishmen stupid)?  Pull your trousers up, and staggar home/  It's about , "living to fight another day". You blokes!

Mon, 12/31/2012 - 23:20 | 3111435 jack stephan
jack stephan's picture

"Enjoy your night" haha, nice touch. Time to watch lonewolf and cub, good luck 2013 all, and not just over money. It says the monkey personality will make power plays this year, expect it.

http://youtu.be/q9XBKNdZJZc

Mon, 12/31/2012 - 23:25 | 3111445 knicks3005
knicks3005's picture

From this day forward, i'm going to pray for an Economic Collapse and no police order. That way i go Book Of Eli on these fucking dirty politicians.

Mon, 12/31/2012 - 23:32 | 3111462 tooriskytoinvest
tooriskytoinvest's picture

25 “Why Questions” For You To Ponder As We Enter 2013

http://investmentwatchblog.com/25-why-questions-for-you-to-ponder-as-we-...

Mon, 12/31/2012 - 23:36 | 3111473 dolph9
dolph9's picture

Just keep in mind everything you are being told is a lie.

Total debt in the system must keep on rising, otherwise the system collapses.  If debt contracts in one area, it must expand even more in another.  Which ultimately means the government must run perpetual deficits until the end of time.  To "balance the budget" is to end the system, which means it will never happen.

In the end, humans are not, in fact, smarter than apes or even yeast.

Mon, 12/31/2012 - 23:57 | 3111502 MacHoolahan
MacHoolahan's picture

Don't knock the yeast, bro. Its by-products are keeping me sane.....

Tue, 01/01/2013 - 00:00 | 3111505 snblitz
snblitz's picture

Everyone is tired of the line 'everything you are told is a lie', which is demonstratably false.

It is much better to say 'The cake is a lie'.

Then people will at least listen and you are not caught up in a falacy.

Tue, 01/01/2013 - 00:12 | 3111525 zorba THE GREEK
zorba THE GREEK's picture

The sheep is a f##kin liar. Zorba never touched it.

Tue, 01/01/2013 - 01:16 | 3111588 AgAu_man
AgAu_man's picture

Dolph, u r SO right.

Of course, we ZH'ers must keep reminding people that the disease is in the very DNA of the fiscal system. Or, more precisely, it's integral to compound interest (money "earning" money) and FRB (Fractional Reserve Banking). Add to that fiat currency, and ya gets what we got.

I'd LMAO, if it weren't so sad.

Mon, 12/31/2012 - 23:44 | 3111481 ebworthen
ebworthen's picture

What a fucking joke.

What a sad tragic fucking travesty of a government.

Adults are not in charge, and lives are at stake.  Are you mad yet?

Mon, 12/31/2012 - 23:45 | 3111486 Tsar Pointless
Tsar Pointless's picture

I'm comfortably numb.

But drunk on Black Velvet.

Is that good enough?

Tue, 01/01/2013 - 00:52 | 3111564 Yen Cross
Yen Cross's picture

 ebworthen, respectfully/ I have met Generals, @ 16 & 60/...

Some men grow into the job,AND some men were born for the job!

 You know Ebby!

Tue, 01/01/2013 - 10:19 | 3111843 Vooter
Vooter's picture

"Are you mad yet?"

Don't get mad...get stackin'!

Mon, 12/31/2012 - 23:48 | 3111487 MacHoolahan
MacHoolahan's picture

Well, anyway, Happy New Year, ZHers! When you're in debt to $50,000 - man, woman and child, UK, US... whatever(!), there's very little argument vs. having another drink ;)

Mon, 12/31/2012 - 23:50 | 3111493 Tsar Pointless
Tsar Pointless's picture

Agreed!

Mon, 12/31/2012 - 23:54 | 3111497 Yen Cross
Yen Cross's picture

Watch out for the "CNBS" Medusas/  ...  VIX whores. 

Mon, 12/31/2012 - 23:52 | 3111498 freedogger
freedogger's picture

It would have been simpler to just change the month of December to just have 90 days in it for this year. The sad joke they are playing is no different.

Tue, 01/01/2013 - 00:07 | 3111517 MacHoolahan
MacHoolahan's picture

Dunno how it is in the States, but here in the UK credit card companies will do balance and cash transfers for 3% p/a. *If* your credit rating is OK. Mine is (thankfully) so over the next few days I am going to take great pleasure in bicycle-kicking about £10k debt down the road, just like Congress in the US - and just like the "Coalition" here.

Inflation here is at least 10% - so I'm actually saving money by doing this. My folks would be aghast (in fact they actually *are* - "why don't you buy a house, Stephen" etc...). They've been brought up to respect bits of paper, financial people and politicians. Oh God.

2013 - the "you can't change it, so might as well have a laugh" year.

 

Tue, 01/01/2013 - 00:08 | 3111520 Monedas
Monedas's picture

If you do not embrace laissez faire Capitalism .... you are my enemy .... I will seek you out .... and ridicule you .... without mercy ! I will catch you .... I will hold you down and insert a colloidal silver suppository in your rectum .... then return you to your habitat !     Monedas     1929       Comedy Jihad New Years Warning To Infidels World Tour

Tue, 01/01/2013 - 00:21 | 3111533 Yen Cross
Yen Cross's picture

Monedas, when you finish dressing your kill? 

What about Congress? They are elected,no? If you kill them, you just get the underlings?

Tue, 01/01/2013 - 00:35 | 3111540 Monedas
Monedas's picture

Been drinkin' a little, Yen baby ?  BTW .... just between you and me .... what does Yen Cross mean ?  Monedas just means "coins" in Spanish !   1929 .... just means if you had a bag of coins after the 1929 crash .... you would have done allright .... same as today ?

Tue, 01/01/2013 - 00:46 | 3111555 Yen Cross
Yen Cross's picture

 I wish. Been stuck in Burbank/ Airport. (sans the spanish coins and shit)  

Reality Modenas/  10-Year Government Bond Spreads - Investing.com        Point Being Monedas?

Tue, 01/01/2013 - 00:57 | 3111569 Monedas
Monedas's picture

Stuck in the airport bar on New Years eve ?  That's tough .... expensive drinks, too !  No wonder you're rambling on !     I've never owned a bond .... just been hoardin' since 1971 .... one dime at a time !  I used to work at a Pacific Bell garage .... just down the street from the airport .... it's not there any more !  Try Chili Johns .... the next time you're in Burbank .... order the hot .... it isn't any hotter .... they just add more chili and meat .... lots of diced onions and oyster crackers .... stop .... your making me hungry !

Tue, 01/01/2013 - 01:25 | 3111583 Yen Cross
Yen Cross's picture

 Was Modenas/  The only ramblings I sense, (are)is your presumptious visions of grandure?

 It's pretty chilly on the tarmac/

  Killing and Shucking Oysters. Modenas, I'll bet you have a soul. What about those bond spreads?

Tue, 01/01/2013 - 00:33 | 3111542 Augustus
Augustus's picture

What I want is for ANY DEAL to include a provision that NO TAXES are payable for any period when there is not a US Budget.  And all Salaries for all members of the Legislative bodies including Senate employes and House employes will be suspended.   Screw them if they cannot tell us how they will spend the money they extract.  Harry Reid has become invisible, for the good of the country.

This entire scherade is nonsense to allow the bastards to avoid facing the reality. 

Tue, 01/01/2013 - 00:42 | 3111554 justanothersucker
justanothersucker's picture

Fuck the Whores in Washington!  (Is that redundant)  I still have 19 minutes to get wasted!

Tue, 01/01/2013 - 01:01 | 3111576 Milton Waddams
Milton Waddams's picture

the plutocrats did well to apply overwhelming media pressure on the issue.  the political 'leaders' had no choice but to come up with something.  to be sure, the welfare queens - on both aisles of this alice in wonderland democracy - will make out quite well.

Tue, 01/01/2013 - 01:19 | 3111591 justanothersucker
justanothersucker's picture

The champagne is AWESOME and I'm gonna get laid.  Good night and Happy New Year ZHers.

Tue, 01/01/2013 - 01:26 | 3111600 FleaMarketPete
FleaMarketPete's picture

FUCK OBAMA.  

Tue, 01/01/2013 - 01:31 | 3111609 DumbJim
DumbJim's picture

"U.S. stocks closed out 2012 with their strongest day in more than a month, putting the S&P 500 up 13.4 percent for the year, as lawmakers in Washington closed in on a resolution to the "fiscal cliff" negotiations."

 

Hope you ZeroHedgers enjoyed the 0.1% you got on your savings accounts! Happy New Year, may next year bring you continued prosperity!

Tue, 01/01/2013 - 01:32 | 3111611 FleaMarketPete
FleaMarketPete's picture

We seriously need to talk about impeaching this lazy piece of shit.  This is 100% president jackass fault.

Tue, 01/01/2013 - 01:46 | 3111625 Yen Cross
Yen Cross's picture

 Listen People/

Tue, 01/01/2013 - 01:56 | 3111632 lakecity55
lakecity55's picture

Proud I am to accompany you lads over the Cliff!

Happy New Year!

Tue, 01/01/2013 - 02:07 | 3111647 q99x2
q99x2's picture

Looks like a slow motion documentary of the destruction of America by the NWO banksters.

Tue, 01/01/2013 - 03:50 | 3111693 yogibear
yogibear's picture

No meed to worry because the market keeps going up.

Return to your regularly scheduled activities.

The fiscal cliff was a media hype joke, the senate passed more can-kicking.

No spending cuts. Just tax & spend going forward.

Infinite deficits and US dollar trashing for the foreseeable  future.

 

Tue, 01/01/2013 - 04:49 | 3111712 toomanyfakecons...
toomanyfakeconservatives's picture

I'm about to vomit because now we're guaranteed 2 months of "hard work" and other theatrics from our noble leaders.

Tue, 01/01/2013 - 04:52 | 3111713 QEsucks
QEsucks's picture

Dear Boilermaker, mobendazole (Vermox) 100mg twice daily for you and Mrs,Boilermaker x3 days.  Wash sheets. You' re welcome.

Tue, 01/01/2013 - 05:13 | 3111720 Bastiat009
Bastiat009's picture

I think that Congress should postpone April 15 as well. Let's push tax day for 2 months every two months. And let's wait for April 14 to do that, it's so exciting.

Tue, 01/01/2013 - 05:42 | 3111725 verum quod lies
verum quod lies's picture

It's like some crappy magic show that just won't end and the "magician" keeps instructing us to watch his left hand while his assistant is sucking on his right and birds keep flying out of his ass (actaully that wouldn't be so bad a show compared to most that Hollywood produces these days). We'll get to see this "fiscal cliff " when the budget finally forced to balance, not when the cultural Marxist media, politicians, and other fellow travelers tell us its being "negotiated". Welcome to the year of our Lord 2013, and pray that this year we the people begin to get some payback (e.g., Mein Herr Feinstein slips on a banana peel and her concealed carry goes off and hits Barry Soetoro). A belated Merry Christmas and a right Happy New Year Mofos.

 

Tue, 01/01/2013 - 05:52 | 3111727 r3phl0x
r3phl0x's picture

But according to NBC, it prevents a spike in milk prices! They Saved Your Baby!

Tue, 01/01/2013 - 06:06 | 3111731 Grand Supercycle
Grand Supercycle's picture

Wile E Coyote awaits...

As mentioned, whether it’s caused by fiscal cliff, debt ceiling, Europe or something else, it doesn’t really matter because as noted before – another crash is guaranteed.

It’s a no brainer.
Charts don’t lie.

http://trader618.com
@grandsupercycle

Tue, 01/01/2013 - 08:44 | 3111783 Phat Stax
Phat Stax's picture

Elliiot Wave has been preachng that same message now for 10+ years.  Prechter's big book was published in 2002.  If you follow his newsletter advice for any length of time, you would be broke.

Tue, 01/01/2013 - 06:14 | 3111734 WhiteNight123129
WhiteNight123129's picture

I don´t watch Argentina´s politics either.

 

Tue, 01/01/2013 - 06:15 | 3111735 r3phl0x
r3phl0x's picture

Gold/Silver/Ammo for 2013, Bitchez.

Tue, 01/01/2013 - 10:02 | 3111829 Zosynspiracy
Zosynspiracy's picture

Yeah problem is most Americans can barely afford to fund their measly 401ks..........where the hell are they supposed to get the money and cash to buy gold and ammo? 

Oh but my disability collecting loser neigbhor down the street and my pensioned lazy POS retired at 50 firefighter neighbor up the street have more guns than the local ATF, new cars, and go to HI for Christmas.  Meanwhile the rest of us are working our tails off through the holidays to pay for this bloated bureaucracy circle jerk of government welfare and workers.  Seriously, firefighters are a joke around where I live.  The last time they've put out a serious fighter was?............they're day to day job consists of taking Ms. Daisy to the hospital because she fell........going to the gym........and stopping by the grocery store to get food for their evening meal........talk about overpaid government employees.  Teachers, firefighters, and the entire alphabet agencies need a f'ing wake up call. 

Tue, 01/01/2013 - 07:46 | 3111764 Freewheelin Franklin
Freewheelin Franklin's picture

What can we spend this new found money on?

Tue, 01/01/2013 - 08:06 | 3111768 negative rates
negative rates's picture

2+2+2= a new election cycle. Part 1 accomplished, part 2 readied with higher taxes, and part 3 shall be done like part 1. There has been a fool born every second for the past few decades, they are now adult sheep being readied for slaughter.

Tue, 01/01/2013 - 08:15 | 3111772 BarryG
BarryG's picture

Watch Merkel in the coming months... she is about to cause some serious problems for capitalism...

http://www.germanywatch.blogspot.co.uk/2012/12/merkel-new-year.html

Tue, 01/01/2013 - 09:36 | 3111811 over45
over45's picture

We seriously need to talk about impeaching this lazy piece of shit.  This is 100% president jackass fault.

 

No.  It's our fault - all voters and citizens who put these people in office.  What we should do is have justice like in the middle east - you steal - you lose a hand.  Doesn't matter if your rob a store, bank or the American people - you lose a hand.

Tue, 01/01/2013 - 09:51 | 3111820 negative rates
negative rates's picture

Skagway or bust!

Tue, 01/01/2013 - 09:52 | 3111822 Zosynspiracy
Zosynspiracy's picture

It's scary just how fast America is falling economically and politically.  I'm 33 years old and the America I grew up in is dramatically different.  I'm a college educated, white, middle class tax paying, law abiding citizen.......an old relic..........who in the face of adversity has never sucked a dime off anyone and worked hard for everything in my life.  What's the point anymore I ask myself?  Why should I continue to grab my fucking  ankles while everyone else grabs the fucking vaseline?  

I should turn to crime....it sure does seem to be the only way to make it in America these days.  

Eveyrone seems to ask what's going to change?  The only thing that will change is instilling fear into these clowns on Capitol Hill.  And the White House.  NONE of these assholes in government fear the people anymore.  Why should they?  They've got a $700 billion defense budget and American lemmings who make up all these alphabet agencies to do their dirty work.  The question is how do we as Americans instill fear into our government while side stepping LE and the military?  I think in a few decades or less we'll be taking pages out of the Taliban playbook........IMO. 

Tue, 01/01/2013 - 10:22 | 3111848 VisualCSharp
VisualCSharp's picture

You can't. There is no way. As long as the majority of Americans remain dumb, complacent and emotional rather than calm and rational, there is no way.

Tue, 01/01/2013 - 10:32 | 3111853 Zer0head
Zer0head's picture

sorry my friend but this is America

from the cows grazing at Walmart to that ditz offering (giving) Anderson Cooper a dry blow on CNN, no, really

http://www.mrctv.org/videos/kathy-griffin-kisses-anderson-coopers-crotch...

Tue, 01/01/2013 - 10:49 | 3111869 fiftybagger
fiftybagger's picture

"What's the point anymore I ask myself?"

Consider exiting stage left?

http://www.escapefromamerica.com/

Tue, 01/01/2013 - 13:46 | 3112314 SKY85hawk
SKY85hawk's picture

Everyone should ask their Congessional representatives why these 3 cost reductions have not been done.

The political illusionists try to say govt spending can't be reduced?

1-The Democrats say 'ignore the Fraud & Waste in Medicare'. 

2-CBO has suggested cuts in goofy programs that would also save $100 billion, EACH YEAR. 

  http://www.heritage.org/research/reports/2009/10/50-examples-of-governme...

3- Outsource the claims function of Federal Health care to companies that have a track record in controlling these huge costs.

 There should be more attention to these points, or we'll be in as much trouble as Greece and Spain!

Plus, a whole bunch of Gov't Non-Essential employees will be fired.

Why SHOULDN'T they suffer like most of us have?

 

 

 

Tue, 01/01/2013 - 09:54 | 3111823 Catullus
Catullus's picture

Downgrades in 3...2.......

Even the rating agencies can see that nothing was accomplished. The "cliff" was a self-imposed timeline to placate the bond market into believing that this spending is not completely out of control. An agreement to prevent a $400tr margin call.

A $1.7tr cash flow deficit, and they squabble for $70-80bn in annual cash. This is so much fun

Tue, 01/01/2013 - 09:57 | 3111825 Zosynspiracy
Zosynspiracy's picture

Yeah and these assholes will NEVER touch their precious defense budget which was the bulk of the sequestration.  I mean what a fucking farce.....the entire sequestration they passed in 2011 was never supposed to actually go into effect?  WTF?  It was simply supposed to scare Congress into doing something about spending and the debt.  LOL....how backasswards this country is nowadays. 

Tue, 01/01/2013 - 10:00 | 3111828 JethroTull
JethroTull's picture

Was looking for a roll call. Even ROLL CALL didn't have it. But I fouind this:

http://www.therightscoop.com/ugh-senate-passes-fiscal-cliff-bill-89-8-after-2am-on-new-years-day/

 

Tue, 01/01/2013 - 10:15 | 3111837 adr
adr's picture

So Obammy and the Senate Democrats have pretty much decided the House of Representatives doesn't exist?

So a spending bill can now originate in the Senate and get passed by Obama without the House ever voting on it?

That is what is supposedly going on right? Not shocking in the New Normal.

Tue, 01/01/2013 - 11:22 | 3111847 Everybodys All ...
Everybodys All American's picture

41:1 taxes to cuts in this bill. I'm not sure if this is accurate but if it is and the House Republicans pass this bill then the Republican party is done.

Tue, 01/01/2013 - 11:29 | 3111954 Joe A
Joe A's picture

Hold on, I thought kicking cans down the road was only an European thing to do.

Tue, 01/01/2013 - 13:43 | 3112306 Atomizer
Atomizer's picture

The revenue of expanding new shell companies has run dry. Without a taxpayer infusion, we’ll find the SEC/IRS knocking on our door. /LOL

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