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Citi's Worst Case Scenario Coming True: House To Amend Bill, Send Back To Senate

Tyler Durden's picture




 

UPDATE: *LATOURETTE SAYS CANTOR WON'T SUPPORT BILL `IN CURRENT FORM'

It seems all is not going according to plan in D.C.. Perhaps it was the $4 Trillion deficit rampage the CBO just scored, or that the Republicans awoke from their slumber but as House meetings end, it appears Citi's worst case scenario is about to take place - the bill is going back to the Senate with spending cut amendments. As Politico notes, amending the bill would throw into serious flux the carefully negotiated agreement between Senate Minority leader Mitch McConnell and Vice President Joe Biden. While headlines noted the possibility, Rep Spencer Baucus (via Robert Costa) just confirmed the deal will "go back to the Senate."

  • *BACHUS SAYS HOUSE REPUBLICANS 'THERE' ON TAX PROVISIONS
  • *BACHUS SAYS HOUSE MAY SEND BILL BACK WITH SPENDING CUTS ADDED

One thing is clear, Politico adds: there is serious disdain among House Republicans for what the Senate did in the middle of the night. Retiring Rep. Steve LaTourette of Ohio asked House Republicans why the House would “heed the votes of sleep deprived octogenarians,” according to a source in the meeting.

 

 

What is limit down in S&P 500 futures again?

 

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Tue, 01/01/2013 - 16:01 | 3112620 Fips_OnTheSpot
Fips_OnTheSpot's picture

another year, another farce

Tue, 01/01/2013 - 16:13 | 3112662 smlbizman
smlbizman's picture

i feel like the passengers on the airplane movies were the people set themselves on fire or hung themselves listening to mike enzi....please make it stop...take my guns, pm's and dog...just make it stop

Tue, 01/01/2013 - 16:49 | 3112763 barliman
barliman's picture

 

If you are so eager to get raped, why not just take your dog to the SPCA and then shuffle down to your nearest ghetto with your guns, PM's and sorry little ass?

Hand out the guns and PM's to the drug dealers, drop your pants and offer your ass to all takers.

That will "just make it stop".

Anyone with a couple of functioning brain cells, on the other hand, will be making fresh popcorn for this new installment of "The Real Ho's of Washington, D.C."

Let.It.Burn!

 

Tue, 01/01/2013 - 17:21 | 3112822 stocktivity
stocktivity's picture

It's all Bullshit!!!

Tue, 01/01/2013 - 17:58 | 3112887 whstlblwr
whstlblwr's picture

Why more of us need to become status quo and run for Congress. If Cantor can hold this up, so can we. Call his office to voice support.

Washington, DC
303 Cannon Building
Washington, DC 20515
P: 202.225-2815

Tue, 01/01/2013 - 18:24 | 3112969 Bicycle Repairman
Bicycle Repairman's picture

GOP nominated Romney, dissed Ron = Strike one

GOP caves completely on fiscal cliff = Strike two

GOP caves on guns = strike three

 

Why should the GOP exist at all?

Tue, 01/01/2013 - 19:09 | 3113080 Stackers
Stackers's picture

Doesnt the Constitution say something about all spending and taxing laws starting in the House ???

Tue, 01/01/2013 - 19:51 | 3113165 The Alarmist
The Alarmist's picture

"Why should the GOP exist at all?"

How about entertainment value, like the old Three Stooges series?

Tue, 01/01/2013 - 20:42 | 3113270 Muddy1
Muddy1's picture

" the carefully negotiated agreement"

 

Carefully negotiated my ass.  If it was carefully negotiated it would have been worked out months ahead of time and in place without all of the effin' drama.  Sheer incompetence.

 

It is all BS.

Tue, 01/01/2013 - 16:25 | 3112697 DosZap
DosZap's picture

It seems all is not going according to plan in D.C..

I disagree, it is going exactly as our Cmhander in Thief wants it to.

Tue, 01/01/2013 - 17:51 | 3112896 DoChenRollingBearing
DoChenRollingBearing's picture

Yes, + 1

We all have known this well not end well.

Prepare accordingly.

Tue, 01/01/2013 - 18:03 | 3112921 Timmay
Timmay's picture

If by that you means he wants the destruction of America, that is going to happen no matter what. Let's do it now and pay for the Government we have "allowed" to exist. Time to make a stand.

Tue, 01/01/2013 - 18:05 | 3112922 Timmay
Timmay's picture

If by that you means he wants the destruction of America, that is going to happen no matter what. Let's do it now and pay for the Government we have "allowed" to exist. Time to make a stand.

Tue, 01/01/2013 - 16:27 | 3112704 Everyman
Everyman's picture

The GOP and Independents need to start a NATIONWIDE BOYCOTT of paying Federal Taxes until there is a.) a balanced budget, b.) a plan for paying off the debt, c.) a National Economic Policy inline with the constitution, d.) a National Energy Policy, e.) a plan for restructuring the SS and Meidcaid/Medicare issue.

Very Simple and THE ONLY SOLUTION outside a full on revolution. the GOP has let us down (again) and the Dems will never see the light until it is dark.

BOYCOTT FEDERAL TAXES NOW.

The IRS can't get to all of us. Remember, they are government employees.

Tue, 01/01/2013 - 16:31 | 3112719 hankwil74
hankwil74's picture

Because the GOP is all about balanced budgets?  That's why they balanced the budget under GWB, right?  No?!!?  Well then I'm sure they did under Bush I?  No?!?!  Well then I'm sure they did under Reagan?  No?!?!  Well then I'm sure they did under Ford?  No!??!  Shall I go on?

Tue, 01/01/2013 - 16:39 | 3112744 Beam Me Up Scotty
Beam Me Up Scotty's picture

I agree, although the Democrats controlled congress or had partial control of it in all the other administrations except for Bush Jr.  Bush Jr. and the R's controlled the congress for 6 years and spending went through the roof.  They just set the table for Obama and the democrats to take the baton and really run with it.  The republicans lost the moral high ground when they spent too much money.  Now you talk about spending to a democrat and they just throw it back in your face......BUSH DID IT TOO!!

Tue, 01/01/2013 - 18:32 | 3112987 GCT
GCT's picture

I think most here will agree both sides did it.  Although you want to bad mouth a politician that identifies as a tea party member and is sticking to his pledge to his voters is bad. I find it refreshing. 

We can talk about the past which has no bearing on the current issues.  Sooner or later someone is going to have to get all of this under control and you can blame who you like.  I come here every day and know the math and we cannot keep going down this road.  While you blame one side or the other, both sides of the fence are laughing their asses off at you.

Tue, 01/01/2013 - 19:14 | 3113086 Beam Me Up Scotty
Beam Me Up Scotty's picture

I agree with you.  I am not supporting either side, just stating a fact about who other people blame.  The so called republicans had it within their grasp to truly change this country for the better.  They could have kept a lid on spending and kept budget deficits down.  Cue Dick "deficits don't matter" Cheney and its all out the window.  Instead they wanted to act like they were a college kid who just got a new credit card with a $10,000 limit.  Lets go SHOPPING BABY!!

It was so hypocritical too.  After they ragged on Clinton for spending too much money.  When the Republicans are in the minority, they are real sensitive to fiscal responsiblity.  When in the majority, they can spend with the best of them.

Wed, 01/02/2013 - 08:24 | 3114392 GCT
GCT's picture

BMUS absolutely agree.  I am a ole fart acording to my sons and grand daughter lol.  Both parties spend and give handouts to garner votes.  I just thought pointing out it was just the repubs was a tad one sided.  I learned long before ZH was born both sides were fucking us with their rhetoric.

Tue, 01/01/2013 - 16:31 | 3112721 Tijuana Donkey Show
Tijuana Donkey Show's picture

Great idea, won't work. They just go after the people who cut the paychecks, and have them withhold it from you. Also, you'll learn how fast the IRS and you bank can nab your stuff. Stay liquid my friends.....

Tue, 01/01/2013 - 16:34 | 3112728 11b40
11b40's picture

The Benake says, 'we don't need no stinkin' taxes'.....not as long as my printer has ink.

Tue, 01/01/2013 - 16:42 | 3112748 Beam Me Up Scotty
Beam Me Up Scotty's picture

Thats my theory too.  If printing money is so good, then why not just get rid of all taxes and print whatever we need?  In fact, save the printing press and just mint a few dozen trillion dollar platinum coins.  Money for everyone!!

Tue, 01/01/2013 - 19:24 | 3113112 hllnwlz
hllnwlz's picture

Because taxes keep the middle class pinned exactly where they are. Inflation destroys most of their wealth, and those few sensible enough not to buy into the "consumerist" lifestyle, are held down through taxation.

Tue, 01/01/2013 - 18:05 | 3112923 Threethreethree
Threethreethree's picture

We all agree they are crooks.

They cannot be trusted.

Perhaps, they have never honored the debt limit.

Perhaps they have printed more money than they tell us.

Perhaps they have already surpassed the debt limit.

Who's really counting anyway?

Perhaps we simply accept that the emperor is indeed clothed when he is not.

They wouldn't lie to us, would they?

333

Tue, 01/01/2013 - 16:37 | 3112729 11b40
11b40's picture

Duplicate.  Sorry.

Tue, 01/01/2013 - 17:34 | 3112842 Everybodys All ...
Everybodys All American's picture

I've got an idea as well. A work and commerce stoppage. Call out a weekday in the near future where no one buys anything. Nothing. No one works. You think that would not get the Congress, the president, and the Feds attention?

The demands would be met within days.

1. Balanced Budget.

2. Rule of law.

3. Term limits.

You're on the right track my friend but there is no need to break the law.

Tue, 01/01/2013 - 18:09 | 3112937 Crtrvlt
Crtrvlt's picture

No mention of the 1.5 trillion spent on military all in per year or the 4-6 trillion cost all in of Iraq/Afghanistan with the majority coming from Iraq?

Tue, 01/01/2013 - 18:33 | 3112995 AllWorkedUp
AllWorkedUp's picture

 Stop paying federal taxes is a good idea regardless of who's in power, they are all pigs that feed at the trough of the masses. They'll never do any of the things you mentioned.

  The only other alternative is secession, but it will take some people of courage in state govt's to step up. We aren't there yet.

Tue, 01/01/2013 - 16:46 | 3112759 williambanzai7
williambanzai7's picture

ROTO ROOTER (CONGRESSIONAL SERVICE)

Tue, 01/01/2013 - 18:06 | 3112925 Peachfuzz
Peachfuzz's picture

The cleanout tube seems a little small, are you sure it won't clog the hose when you turn the machine on?

Tue, 01/01/2013 - 17:38 | 3112861 davidsmith
davidsmith's picture

Look, I agree: I don't trust Cantor or any of the other Tea Party members.  They are all hustlers.  The question is: will they continue their hedgehog defense and overthrow the government.  Remember, this will be the gutter coming to power.  They are addle-headed.  But they do have to avoid ANY legislation being voted on in the House.  They have to continually propose a bill/set of amendments which they know will not pass the house, and refuse to budge on any bill which has a chance of passing the house.

 

The point is to throw the legislative process into complete disarray: this is the beginning of an authoritarian regime.  It was true of the collapse of the Spanish Republic, and of the Weimar Republic: use democracy to destroy the democratic system.  Complain that authoritarianism is being imposed, in order to bring about an authoritarian regime.  

 

My understanding is that the House Tea Party Republicans simply didn't care what the Senate passed or did not pass.  They weren't going to support anything.  Result?  The leadership has now passed to them.  Like I said before, they have no leader, charismatic or otherwise, which is why they are having to caucus for so long.  But NO VOTES!  Let the Senate bill die.  Keep putting things to Pelosi, and let HER be the one to say there isn't a  majority in the House.

 

They have to make it clear to idiot Boehner that from now on, NOTHING is to be voted on in the house: not the fiscal cliff, not the debt ceiling, no nominations, NOTHING.  And blame the Democrats for refusing to break the logjam by approving a bill.

 

Let's see if these idiot Tea Party House members have the brains to bring about this revolution.  After all, even an idiot like Hitler was able to understand the political system well enough to tie it in knots and stop it from functioning.  Are you telling me Cantor is incapable of doing just as well?

 

The best--because best documented--instance of paralysis in a democratic system is provided by the exchange of letters and comments between Hitler and Hindenburg in 1932-1933.  I say this because after the last Weimar election, the political system transformed into an essentially parliamentary system in which public opinion, and even market opinion, had no say.  That, if you notice, is where we are now.  There are no more elections coming up, no way to change the composition of the political system.  

 

We shall see if the oligarchs manage to keep their moronic Tea Party underlings in line in order to bring off this coup.  But remember: the goal is to prevent ANY further legislation from getting out of Congress.

 

If they can't do this when the milk provisions look to be quite devastating--and under pressure from big agra--then that is a very good sign that the democracy is near collapse in the U.S.  Let's keep  that process moving forward to its completion.

Tue, 01/01/2013 - 18:07 | 3112926 Clowns on Acid
Clowns on Acid's picture

david - Tea Party wants to cut the deficit spending. Period. It is the best the Republic has shown in 50 years. It is a democratic Republic in action.

Your rantings are meaningless tripe, and void of substance.

Tue, 01/01/2013 - 18:25 | 3112970 RSBriggs
RSBriggs's picture

He's just a liberal misdirection troll that's trying to pin the lefties agenda on the Tea Party.  Basically, anything he says re: what the Tea Party is doing is actually exactly what Harry Reid is implementing...

Tue, 01/01/2013 - 20:26 | 3113246 walküre
walküre's picture

We just need to invade somewhere and they would all agree on more deficit spending asap. Deficits are ok as long as it feeds the military industrial war complex of this pathetic excuse for a nation. Tea baggers are fucking idiots.

Tue, 01/01/2013 - 16:05 | 3112622 Cdad
Cdad's picture

You mean House Republicans...prior to the re election of speaker Boehner...are not happy with all the tax increases in the bill, and the absence of spending cuts?  Who possibly could have known that?

Yesterday's rampfest into the close on "the bill is passed"...some eleven hours prior to the actual event...was simply the continuation of the crime spree perpetuated by Wall Street...called year end window dressing.  Nothing in the bill will help the economy.  

Tue, 01/01/2013 - 16:26 | 3112681 ZerOhead
ZerOhead's picture

Fiscal Cliff will turn out to be nothing more than a Fiscal Bluff... just watch.

Tue, 01/01/2013 - 16:34 | 3112692 Cdad
Cdad's picture

Senator B. Boxer [CA] on the floor...reminding everyone again that all of this is Bush's fault.  Not kidding.

http://www.c-span.org/Live-Video/C-SPAN2/

...now moving on to the govt multiplier effect...gleeful that CA residents are unemployed because, "they spend money because they don't have a job."  Can't make this stuff up.

...Sen Boxer proclaims that we cannot take "billions and billions of dollars out of this economy [spending] right now."  Apparently, she is not smart enough to know that taking billions of dollars out of this economy is EXACTLY what the "Half Millionaire Tax Hike ACT 2012" bill does.  $620 billion, to be exact. 

Tue, 01/01/2013 - 16:49 | 3112769 you enjoy myself
you enjoy myself's picture

it should be punishable by jailtime for a sitting senator to be this ignorant.  the "billions and billions of dollars" doesn't disappear, it just doesn't get confiscated from the people who earned it so that Boxer can decide what to do with it.

Tue, 01/01/2013 - 17:43 | 3112874 Renewable Life
Renewable Life's picture

Ahhhhh but this is what your missing in the good Senators psychology, that makes all this madness add up for her!!!

YOU see a $620 billion dollar tax hike and you say, that's money that's been removed from the economy!

Boxer sees a $620 billion dollar tax hike and says, there's $900 billion more in government spending or "stimulas" as they like to call it occasionally, we can pump INTO the economy!!!

That's why you can't reason with this fools, they honestly believe their own Keynesian bullshit so completely, it's futile to argue about it!

Tue, 01/01/2013 - 21:08 | 3113344 Threethreethree
Threethreethree's picture

That money remains in the economy.

They just feel they can spend your money more wisely than you.

They want you to give them your tax dollars so they can hand it out to their wise constituents who will "spend it better".

It is simple redistribution of wealth.

Nothing more.

333

Tue, 01/01/2013 - 16:35 | 3112734 hankwil74
hankwil74's picture

If you didn't take a flier on some S&P puts yesterday after 2pm yesterday, then you probably hate money.

Tue, 01/01/2013 - 16:41 | 3112746 depression
depression's picture

epitome of good ole' Pump and Dump

Tue, 01/01/2013 - 16:53 | 3112773 Cdad
Cdad's picture

...aaaaaand...the Senate goes off the rails.  Now a democrat from Rhode Island is preaching about Climate change.  Apparently, some crony somewhere needs your money to dredge the Mississippi now. MOAR spending!

 

Tue, 01/01/2013 - 16:02 | 3112624 unrulian
unrulian's picture

Wake me up when i should start fixing my boat

Tue, 01/01/2013 - 16:31 | 3112720 jerry_theking_lawler
jerry_theking_lawler's picture

i had a boat once upon a time.....now I am in the market for an underwater metal detector....

Tue, 01/01/2013 - 16:36 | 3112733 Tijuana Donkey Show
Tijuana Donkey Show's picture

Too bad they have a drone for that nowdays. A PM detecting drone, it's in the works. 

Tue, 01/01/2013 - 23:05 | 3113727 SaveTheBales
SaveTheBales's picture

That's the best news I've heard all day.  Think they can find my stuff?  Its in Superior -- near the Fitzgerald.  Those two big one-ounce coins ought stick out like a Burger King on the moon.

Tue, 01/01/2013 - 16:04 | 3112625 sangell
sangell's picture

Good! Need for everyone to pay their 'fair share'!

Tue, 01/01/2013 - 16:19 | 3112680 HoofHearted
HoofHearted's picture

Yep, and you can pay at the door. I've got several lots of FAZ and SDS. My UCO might get hurt, as will the physical PMs, but I believe in being hedged. Just let the fiscal apocalypse get here already. Downgrade the US and teach the bastards a lesson. 

Sean Egan, paging Sean Egan. Oh, he already downgraded the US. OK, how about you Moody's, Fitch, S&P, D&B????

Tue, 01/01/2013 - 16:04 | 3112628 cherry picker
cherry picker's picture

Maybe Congress should call the IMF for help?  

Tue, 01/01/2013 - 16:21 | 3112675 Black Forest
Black Forest's picture

Better call Greece. They have enough money.

Tue, 01/01/2013 - 16:56 | 3112775 Roosting Chicken
Roosting Chicken's picture

Premature.  After the dollar crashes, the IMF will be calling them.

Tue, 01/01/2013 - 16:04 | 3112631 Snakeeyes
Snakeeyes's picture

Why? It is such a great bill! $330 billion in new spending, $4 trillion in new deficits, etc. 

Gov't Gone Wild! No photos of Barney Frank, please!

http://confoundedinterest.wordpress.com/2013/01/01/fiscal-abyss-bill-pas...

Tue, 01/01/2013 - 16:33 | 3112723 jerry_theking_lawler
jerry_theking_lawler's picture

you mean bawney fwank.?.

Tue, 01/01/2013 - 16:05 | 3112633 Seasmoke
Seasmoke's picture

am i supposed to be eating peas, getting the car out of the ditch or going over a cliff ????

Tue, 01/01/2013 - 16:12 | 3112656 Winston Churchill
Winston Churchill's picture

Get it out of the ditch ,and eat your peas as you drive it over the cliff.

Tue, 01/01/2013 - 16:15 | 3112668 Dr. No
Dr. No's picture

Are asleep at the switch? Or is it mission accomplished?

Tue, 01/01/2013 - 16:28 | 3112707 comrade rally monkey
comrade rally monkey's picture

mission abolished

Tue, 01/01/2013 - 16:06 | 3112634 davidsmith
davidsmith's picture

Something went awry here, and I am trying to find out what it is.  Boehner said that if the Senate passed a bill, the House would approve it.  That means that the Senate should never have passed a bill if it was not clear ahead of time that the house would approve it.  Reid said he wouldn't bring a bill to a vote unless it could pass the house.

 

So what is going on now?  Why did the Tea Party House Republicans ever allow a bill to pass the Senate?  Was it simply to sabotage matters.  If so, brilliant.  If not, disarray among the House Tea Party Republicans and they may be breaking ranks and the hedgehog defense crumbles.  If so, no more Tea Party and no authoritarian coup d'etat.  But if this doesn't pass the house, then on to the coup.

Tue, 01/01/2013 - 16:07 | 3112639 Seasmoke
Seasmoke's picture

Was it simply to sabotage matters

 

If i were in there, that would have been my play .......

Tue, 01/01/2013 - 16:08 | 3112640 TrustWho
TrustWho's picture

Boehner NEVER said the House would approve, but said he would ALLOW a vote.

Tue, 01/01/2013 - 16:21 | 3112687 davidsmith
davidsmith's picture

No, that's not right.  He said that if a bill came from the Senate, the house would approve it.  The point, is McConnell has been taking orders from the Tea Party House Republicans from the beginning.  There was NO reason to vote on a bill in the Senate unless there was a prior agreement that it would pass the House.  Otherwise, the exercise would have been completely pointless.  In short look at it this way: was there some MYSTERY as to how house Republicans would vote prior to the vote on the bill in the Senate?  Of course not.  I mean, how the hell difficult is it to know how the House Republicans are going to vote if you know in advance what the Senate bill contains.  That's why I think they may have simply been fooling Reid.  Unless, of course, Boehner is fooling the Tea Party House Republicans.  It wouldn't be the first time he has done that, but I suspect it would be the last: he would never be reelected Speaker.  Now, I know he wants to screw Tea Party House Republicans, but they are holding a sword over his head if they will only keep it there: no reelection as long as there is a bill to resolve the fiscal cliff.  Delay delay delay: I don't know whether Tea Party House Republicans allowed this Senate vote simply to keep up the "we want to resolve this" mantra in order to satisfy suburbia, but they better start talking about how Obama is moving the goalposts, or people will wonder why any bill EVER passed the Senate unless there was some sort of understanding that it would pass the House.

 

And Boehner has said, and so has Reid, that they will not bring a bill to the floor which stands no chance of passge in the other house, for the simple and obvious reason that there is no reason to do so and it would be a waste of time.

 

Maybe Tea Party House Republicans are simply maintaing their silence.  After all, there already said No to resolving the fiscal cliff.  They are being probed, queried and spanked (maybe the Senate bill is that spanky), but they haven't come out with a peep yet.  If they want to overthrow the government, they are going to have to maintain that absolute silence.

 

What IS clear is that Boehner cannot get the "majority of the majority."  So far.

 

I'm just waiting for Goring to ignore the box!  Know why I mean, cher lecteur?

Tue, 01/01/2013 - 16:31 | 3112718 Zer0head
Zer0head's picture

Boner could give 2 shits about Hastert and he don't need the TP to get it thru

this is simiply a market play on the gift that keeps on giving

Tue, 01/01/2013 - 16:34 | 3112727 Winston Churchill
Winston Churchill's picture

Very clever.

They actually got Reid to allow a vote in the Senate on something that mattered.

Now whose being unreasonable.Optics.

Next up a budget maybe ?

Ha Ha

Tue, 01/01/2013 - 16:45 | 3112755 i_call_you_my_base
i_call_you_my_base's picture

You are reading into things too deeply. The house couldn't even pass plan b, which was 100 times better from the house republicans perspective. That was the real vote, all of this is farce. Once that didn't pass it was clear to all involved that it wasn't happening. That the media continued/continues the narrative of cooperation/negotiation is merely because sensationist, horse race journalism pays the bills, and the politicians will milk it for free airtime any day of the week. The rest of it at the edges is for them to just try not to look too bad in the overall failure.

Tue, 01/01/2013 - 19:24 | 3113114 GMadScientist
GMadScientist's picture

I'm reminded of an insurance claim from a family of Hmong who were suing a mortuary for doing something terrible to their ancestors (although, during the course of the trial, they needed to hire an expert witness to explain precisely what injury had been suffered, since they didn't actually know themselves). They were offered a $250k settlement to "just go away", but were sure that a jury would see the massive injustice and insisted on a trial. The 15 plaintiffs ended up splitting $12,000 between them.

The TeaPotDome Express should've taken what they could get, but I'm sure the entire country would love to see what spending cuts they think will bridge the remaining $1022B spending gap.

Okay, Pugnicants, now is your time to shine: LET'S SEE YOUR PLAN!

(obstruction is easy, governance...is not)

Tue, 01/01/2013 - 16:49 | 3112766 CrashisOptimistic
CrashisOptimistic's picture

"No, that's not right.  He said that if a bill came from the Senate, the house would approve it."

At no time was this said.  The exact quote was "the House will consider it".  He didn't even say there was a guaranteed vote on it.  He said consider, not vote.

I'm pretty impartial on these matters, but even as such, it is very clear to me that you have to dig very deep into journalism and parse words carefully.  There is usually a rush to interpret words in the direction editorial content wants them to go.

The House GOP has to go in the direction each member's voters wants.  They won't want this bill without more explicit spending cuts.  The taxes they will live with if they are paid for with spending cuts.  That's just the way it is.


Tue, 01/01/2013 - 17:35 | 3112847 TrustWho
TrustWho's picture

You are more accurate than I.

"Loose with words", I believe, is highly correlated with the increasing lack of civility of our discourse.

Tue, 01/01/2013 - 17:45 | 3112877 whstlblwr
whstlblwr's picture

@davidsmith. You're an idiot

Tue, 01/01/2013 - 16:33 | 3112724 DosZap
DosZap's picture

Why did the Tea Party House Republicans ever allow a bill to pass the Senate?

They had NO say in the matter, BUT they WILL piss in the cornflakes.

Tue, 01/01/2013 - 19:27 | 3113121 GMadScientist
GMadScientist's picture

Plan B?

No say?!

LOL

Tue, 01/01/2013 - 16:06 | 3112635 TrustWho
TrustWho's picture

Sanity is here at last!  How could a republican who voted to raise debt ceiling to $16.4 trillion on the condition the deficit would be reduced under the 2011 Budget Control Act basically terminate their budget control agreement?

Tue, 01/01/2013 - 16:12 | 3112636 ekm
ekm's picture

Ok, let me re-post this one.

 

Re: Option 3

Elephant shit. Market won't sell off sharply. Citi is trying to give the impression that there is a market.

 

The only market right now is called Barack Housein Obama. ONLY THAT PERSON CAN MAKE THE MARGIN CALL, nooooooooooooooboy else.

Same thing in 2008, it was up to George Bush to make the margin call.

 

IF WHAT IS CALLED A MARKET CRATERS TOMORROW, IT'S BECAUSE OBAMA HAS MADE THE MARGIN CALL. PERIOD

Tue, 01/01/2013 - 16:18 | 3112679 SheepDog-One
SheepDog-One's picture

Well, that may be, although I don't believe for a second ObaMao the puppet calls anything, a panel of central banksters does that.... but anyway I wouldn't touch any of this crap with a wooden nickel.

PS- FUK U CITI!

Tue, 01/01/2013 - 16:26 | 3112695 ekm
ekm's picture

What I mean is that all comes down to a LEGAL ORDER that nobody will be responsible for in the future. It's only Obama that has that power.

Remember Hank Paulson? He was the one sloshing things around, but by no means did he want to take any responsibility to make any decision.

Remember Benghazi? Everybody kept moving the decision upwards, from the ground, to the generals, to the Pentagon, to the state dept, the last line pushed to Obama.

 

It all comes down to who takes responsibility at the end. It simply works like that, it's so simple sometimes that it is unbelievable, but Benghazi proved it. Obama fucked up, not Hillary, not Panetta.

Tue, 01/01/2013 - 16:28 | 3112708 brewing
brewing's picture

this country gets what it deserves by electing these asshats every election.  everybody nursing hangovers and watching football today - "everything's going to be fine"...  

Tue, 01/01/2013 - 16:31 | 3112717 ekm
ekm's picture

Every country deserves its leaders. - Churchill

 

Also, by no means I mean that Obama did that on purpose. I think he wants to cubanize america, but on the specific Benghazi case, he was just INCOMPETENT.

Tue, 01/01/2013 - 17:24 | 3112828 Winston Churchill
Winston Churchill's picture

His only skill apart from chooming, is incomptence ,which is only exceed by his

narcissism.

More worried about Jarret,Ayers ,and his other Chicago handlers to b honest.

Tue, 01/01/2013 - 18:08 | 3112933 Freddie
Freddie's picture

They run the "elections."   We no longer have any choice.

Tue, 01/01/2013 - 18:06 | 3112917 Freddie
Freddie's picture

Hillary is being "silenced" to keep her from testifying.   Something airborne or on touch. 

 

Tue, 01/01/2013 - 16:07 | 3112638 Atomizer
Atomizer's picture

Citibank Ad

Citi never sleeps until the Federal Reserve discount window runs dry..

Tue, 01/01/2013 - 16:08 | 3112646 TWSceptic
TWSceptic's picture

Can't we all just print along?

Tue, 01/01/2013 - 16:09 | 3112648 GrinandBearit
GrinandBearit's picture

Barnum and Bailey ain't got nothing on these buffoons.

Tue, 01/01/2013 - 16:10 | 3112649 FinalCollapse
FinalCollapse's picture

The Congress has to dissolve by January 3rd. They have three days for this political ping pong.

To quote BOJ: "Please do not worry".

Tue, 01/01/2013 - 16:10 | 3112652 jplotinus
jplotinus's picture

"So what is going on now? Why did the Tea Party House Republicans ever allow a bill to pass the Senate? Was it simply to sabotage matters. If so, brilliant. If not, disarray among the House Tea Party Republicans and they may be breaking ranks and the hedgehog defense crumbles. If so, no more Tea Party and no authoritarian coup d'etat. But if this doesn't pass the house, then on to the coup."

The above suggests too much exposure to Fox News.

Tue, 01/01/2013 - 18:30 | 3112988 RSBriggs
RSBriggs's picture

No enough exposure, or you'd know what the fuck the Tea Party actually stands for dumbass.  Much the same as Ron Paul - limited government, personal freedom, etc.

Tue, 01/01/2013 - 16:11 | 3112654 eusjmp
eusjmp's picture

Just go over the cliff - fully and completely.  We need to swallow the bitter pill and in the end its what BOTH republicans and dems already agreed upon 2 years ago.  Just do it.  We're better off than the inevitable junk deal that will result.

Tue, 01/01/2013 - 16:59 | 3112779 you enjoy myself
you enjoy myself's picture

the amazing part about sequestration is that its only $130B of cuts a year.  $130B.  when we're over-spending by $1.1T to $1.4T.  that's how screwed we are - reducing our annual deficit by just 10% is described as an austerity armageddon.

Tue, 01/01/2013 - 16:11 | 3112655 Motorhead
Motorhead's picture

I think these fuckers on Capitol Hill are deprived of more than just sleep.

 

Tue, 01/01/2013 - 16:26 | 3112696 are we there yet
are we there yet's picture

Remember the South Carolina senator who on the senate floor asked a navy admiral if a US military base on an island might cause the island to tip over and sink? These are our leaders.

Tue, 01/01/2013 - 16:59 | 3112782 Everybodys All ...
Everybodys All American's picture

Rep. Hank Johnson, a Georgia Democrat, asked if adding a few thousand people to Guam would make the island 'become so overly ... congressmen on whether miscellaneous land masses are likely to tip over and sink.

Tue, 01/01/2013 - 17:49 | 3112886 nonclaim
nonclaim's picture

And the diplomatic reply:

"Uh..., we don't anticipate that [...]"

https://www.youtube.com/watch?v=zNZczIgVXjg

Tue, 01/01/2013 - 20:40 | 3113264 Bitchin Bear
Bitchin Bear's picture

Sad to say he's Hank Aaron's brother in law.  Guess you can't choose your relatives after all.

Tue, 01/01/2013 - 16:12 | 3112658 robertocarlos
robertocarlos's picture

What is the longest time someone has collected unemployment insurance or not made a mortgage payment? I guess it would be 3 years of unemployment payments by now. They must be hoping this bill passes.

Tue, 01/01/2013 - 16:49 | 3112767 Beam Me Up Scotty
Beam Me Up Scotty's picture

I'd like a 3 year vacation too.

Tue, 01/01/2013 - 16:15 | 3112667 FubarNation
FubarNation's picture

Toonces is still driving folks.

 

http://youtu.be/2x5-38LJ8N4

 

Nothing an exectutive order from Obamaclause can't correct.

Tue, 01/01/2013 - 16:17 | 3112672 ebworthen
ebworthen's picture

Wait, I thought the fiscal cliff and the debt ceiling were "contained" just like subprime (?).

You don't think they mean to crash the stock markets to instill more fear in the sheeple that if we don't keep bailing out Wall Street the world will end, do you?

I mean, after watching those warm fuzzy drippingly faux patriotic J.P. Morgan Chase commercials over the holidays how could we possibly live without the TBTF banks and bankers?

Tue, 01/01/2013 - 16:21 | 3112682 SheepDog-One
SheepDog-One's picture

I don't even see the point anymore, scare the sheeple in their pens, and then they can do what they want? What would the sheeple ever do to stop them anyway...bleat loudly?

None of it makes any sense, unless it's just a wee game to play for mild amusement....'Fool the Sheeple Again!' Gee we won again! Shooting fish in a barrel is extremely boring.

Tue, 01/01/2013 - 17:31 | 3112840 Blano
Blano's picture

Good God, I saw that last night for the first time and I was disgusted before I even saw whose ad it was.  Once I saw it was JPM, I'd have shot my TV had I a weapon available (which I will soon).

Tue, 01/01/2013 - 16:20 | 3112683 q99x2
q99x2's picture

Pass the buget

Kick the can

Get that Benrnke back to printing again.

Tue, 01/01/2013 - 16:20 | 3112685 WhiteNight123129
WhiteNight123129's picture

I don t pay attention to Argentina s politics either.

 

Tue, 01/01/2013 - 16:22 | 3112691 Whoa Dammit
Whoa Dammit's picture

This political maneuvering wherein nothing is actually accomplished (other than rumor floating) is all Greek to me. 

Tue, 01/01/2013 - 16:24 | 3112693 SheepDog-One
SheepDog-One's picture

Deal! 

NO Deal!

Deal! 

NO DEAL! 

Baffle em with bullshit on steroids and crystal meth....pointless bullshit! HEY WE KNOW YER ALL SCUMBAGS!!

Tue, 01/01/2013 - 16:23 | 3112694 foxmuldar
foxmuldar's picture

I hope there's enough sane members in the House to stick it to Boehner and vote this piece of crap down. Show me the cuts now then we can talk about tax increases and welfare benefits. Are we trying to save America or the stock market?

Tue, 01/01/2013 - 16:29 | 3112711 HardlyZero
HardlyZero's picture

There have been a few switch and baits over the years...especially w.r.t. taxes (now) and cuts (later).  Show me the cuts !

Tue, 01/01/2013 - 16:25 | 3112698 SmoothCoolSmoke
SmoothCoolSmoke's picture

Looks like someone in the House bought some SPY puts btwn 4 and 4:15 Monday.

Tue, 01/01/2013 - 16:35 | 3112726 Zer0head
Zer0head's picture

that is what this is all about

and they will be buying calls at the open tomorrow (the congressional insiders are making tens of millions daily and tomorrow will be a blue ribbon day them)

if one does the math Boner + his 100 fellow Boners + the BoneHead Dems = passing the Senate Bill

Tue, 01/01/2013 - 16:26 | 3112699 ISEEIT
ISEEIT's picture

BINGO!

Tue, 01/01/2013 - 16:28 | 3112705 HardlyZero
HardlyZero's picture

The great unravelling begins...lets open our 2013 New Year gift.   http://www.dailymotion.com/video/x1oipi_johnny-cash-ring-of-fire-1969_music

 

 

Tue, 01/01/2013 - 16:28 | 3112706 disabledvet
disabledvet's picture

so all SPENDING bills still originate in the House...the Senate didn't have a problem with that prerogative. And the House "has returned the favor." All righty then! I mean i'm supposed to celebrate lower spending with my tax increase? Gee...thanks Republicans! "And we'll throw in higher eligibility for Social Security and Medicare cuz we love you too working guy!" I fail to see why the Senate would have a problem with that one actually. Imagine for a moment if you were anyone BUT an American right now. That would mean...noooo, you can't monetize that. AT ALL. Then these clowns would know what REAL austerity feels like. In fact ALL Americans would. As in "30% inflation, 12% interest rates, beholden to IMF Overlords, the Rockefellers and Studebakers telling YOU what to do" etc, etc. Hate to say we "got it easy"...but guess what folks..."we got it easy." We're just stupid to ourselves.

Tue, 01/01/2013 - 16:30 | 3112712 One World Mafia
One World Mafia's picture

Fiscal Cliff Deal: $1 in Spending Cuts for Every $41 in Tax Increases

http://www.infowars.com/fiscal-cliff-deal-1-in-spending-cuts-for-every-4...

Tue, 01/01/2013 - 16:38 | 3112739 robertocarlos
robertocarlos's picture

Should be $123 in spending cuts for every $41 in tax increases. Rockin' Ronnie approved my post.

Tue, 01/01/2013 - 16:32 | 3112716 dwdollar
dwdollar's picture

As far as I'm concerned, CONgress can argue about this for eternity. It would keep them from destroying anything left of the Constitution.

Tue, 01/01/2013 - 16:35 | 3112730 buzzsaw99
buzzsaw99's picture

(Peter) Reid: What if we're still doing this when we're eighty?

(Samir) Pelosi: It would be nice to have that kind of job security.

[/office space]

Tue, 01/01/2013 - 16:48 | 3112762 DavidC
DavidC's picture

Great film. And we had Idiocracy on here in the UK the other night - I wasn't sure if I was watching real time TV!

DavidC

Tue, 01/01/2013 - 16:36 | 3112735 HardlyZero
HardlyZero's picture

This works its way into the $1T taxes for the new healthcare for 2013.  Now when healthcare causes a massive re-org of medicine, and co-collapse of the US stock market, no one will be able to tell which caused which...the $1T in new medical taxes or the $300B in new income and cap gains taxes.

Cuts might happen...later.  Its in the mail.

Dismal.

Tue, 01/01/2013 - 16:44 | 3112756 Tijuana Donkey Show
Tijuana Donkey Show's picture

So, does this mean I get my Rascal finally? http://www.youtube.com/watch?v=tIAB3Ef6DfQ

Tue, 01/01/2013 - 16:40 | 3112738 foxmuldar
foxmuldar's picture

I want to see $41 in spending cuts for every $1,00 in new spending.  Isn't it time to pay some real hard ball? Even if we don't go over the cliff our taxes are going up. And what abour Bachmanns bills to cancel the pay raises? Even Biden gets a pay hike. What a racket they have going. Doesn't matter if the governments broke, They still get their raise.Where is that rope.

Tue, 01/01/2013 - 19:32 | 3113129 GMadScientist
GMadScientist's picture

Nobody gives a shit what Bachmann thinks, not even the people on the Kibbutz.

Tue, 01/01/2013 - 16:38 | 3112741 10044
10044's picture

who's been trading gold and why is it showing up $18 on kitco? (not that I'm complaining)

Tue, 01/01/2013 - 16:40 | 3112745 know-zilch
know-zilch's picture

so WTF is a cliff?

 

Tue, 01/01/2013 - 16:45 | 3112757 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

This sums it up pretty well. It's not just one event, but a series of blunders with a certain inevitable finish.

http://www.youtube.com/watch?v=hz65AOjabtM

 

Tue, 01/01/2013 - 16:42 | 3112751 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Mc and Bido must certainly have put a high degree of probability on the House sending back to Senate with amendments.  That's why these two guys were left in charge of the deal. Maybe 100% probability. The theatre was for the public and of course, the ALGOs.

Now ball is back in Reid's court. He can fail the bill and be left holding the RECESSION bag, or he can pass it and face the wrath of his left wing (nuts). There's no way Harry is going to screw the 99%, he can't get re-elected that way.

He's going to pass it with amendments. How many times the amendments get amended in the next 3 days is anyone's guess.

Tue, 01/01/2013 - 16:44 | 3112753 Zer0head
Zer0head's picture

but then again...

3m

So regardless of the different takes on Cantor/Boehner, if Cantor is opposed to this deal, short story is: McConnell-Biden (nearly) DOA.

Tue, 01/01/2013 - 16:49 | 3112768 ekm
ekm's picture

Marketwatch just headlined that Cantor is against the bill.

Tue, 01/01/2013 - 16:56 | 3112776 10044
10044's picture

who gives a sht? didn't the fed say they're printing 85b a month? what am I missing here please?

Tue, 01/01/2013 - 16:59 | 3112780 lizzy36
lizzy36's picture

In about 45 hours the current Congress expires. If they don't take up bill before then it dies.

Also moron muppet politicians talking about getting something done b/f Asia opens are really worse than retarded. Japan and China are closed until Friday (January 4, 2013)

Happy New Year to all Zerohedgers!

Tue, 01/01/2013 - 17:04 | 3112791 ekm
ekm's picture

LOL  Hilarious.

Happy new year to you.

Tue, 01/01/2013 - 17:06 | 3112794 Racer
Racer's picture

Er, they don't know any country apart from the US actually exists do they?

 

Tue, 01/01/2013 - 17:22 | 3112823 Tenshin Headache
Tenshin Headache's picture

New Zealand? Australia?

Tue, 01/01/2013 - 17:26 | 3112831 ekm
ekm's picture

Also, Vanuatu, north pole, south pole and british virgin islands

Tue, 01/01/2013 - 17:57 | 3112908 Clowns on Acid
Clowns on Acid's picture

hilarious ekm !

Tue, 01/01/2013 - 17:02 | 3112785 optimator
optimator's picture

Down arrow me all you want, but reduce give away's and real spending.  and cut off illegals from any money or employment.  And

bring back the draft.

And to all older ZHers, HAPPY NEW HAIR

Tue, 01/01/2013 - 18:26 | 3112975 ForTheWorld
ForTheWorld's picture

I'll agree with everything you've said, except bringing back the draft. Young men don't need to fight old mens wars.

Tue, 01/01/2013 - 18:29 | 3112984 Everybodys All ...
Everybodys All American's picture

You can damn well bet that the draft would end the war(s) we are in very quickly. How can anyone from the left or right claim we are safer with these endless wars. Peace through strength, speak softly and carry a big stick has turned into this nonsense. Btw I'm all for a strong military but if we can't pay for them without borrowing we are finished as a nation.

Tue, 01/01/2013 - 20:44 | 3113273 Joe moneybags
Joe moneybags's picture

An a Preposterous New Year to you, optimator.

Tue, 01/01/2013 - 17:02 | 3112787 foxmuldar
foxmuldar's picture

A bit of humor while were waiting to take the jump. 

She Doesn't Go To Public School 


I was eating breakfast with my 10-year-old Granddaughter and I asked her, 

"What day is tomorrow?"; She said "It 's President 's Day!" 

She is a smart kid. I asked "What does President 's Day mean?" I was waiting for 
something about Washington or Lincoln ....etc. 

She replied, "President 's Day is when President Obama steps out of the White 
House, and if he sees his shadow, we have 4 more years of BullShit." 

You know, It hurts when hot coffee spurts out your nose!

 

Happy New Year

Tue, 01/01/2013 - 17:07 | 3112796 gould's fisker
gould's fisker's picture

Don't overthink the congressional "strategy"--these morons are just happy that anybody is paying attention and they can bloviate on c-span on new year's day.  Tonight they'll think they have actually done something, no matter the outcome

Tue, 01/01/2013 - 17:09 | 3112799 BraveSirRobin
BraveSirRobin's picture

Boner did not say he would "pass" the bill, but rather he would bring it to vate.

The point of the exercise was to get the Democrats to get a proposal officially on paper. Something they were desparately trying to avoid. This is now the best the Democrats will get. Now the Republicans will try and add spending cuts. If they do not get them, they can claim all the Democrats are proposing is a tax and spend plan that throws us deeper in debt. It puts them in a bad light, which is what this exercise is all about (each side trying to embarrass the other).

The intent is not to promote prosperity, but to add seats in each chamber of congress.

Wed, 01/02/2013 - 02:01 | 3114149 Jugdish
Jugdish's picture

Missed. The intent is to screw your sorry ass. I'm drunker. Pay your taxes and shut the fuck up. THe "more seats" shit is for imbeciles.

Tue, 01/01/2013 - 17:36 | 3112850 JLee2027
JLee2027's picture

Mitch "the Owl" McConnell caved again. What a surprise.

Tue, 01/01/2013 - 18:08 | 3112929 TheMayor
TheMayor's picture

I am ready to donate to DEFEAT ANYONE that votes for this POS!

 

Tue, 01/01/2013 - 18:19 | 3112962 Iam Yue2
Iam Yue2's picture

Eur/usd no change.

Tue, 01/01/2013 - 18:41 | 3113017 ekm
ekm's picture

Scroll down to see my comment on that

Tue, 01/01/2013 - 18:53 | 3113044 falak pema
falak pema's picture

what the dems screw up the repubs can screw up to PI squared. This is the race to bottom of senate/house cain vs abel infighting. 

AEP of The Telegraph feels that the WS asset market is going to hit a triple home run in 2013. 

I hope he is watching the same movie as us in real time. 

There is something is this political squabble which is beyond my savvy. 

Tue, 01/01/2013 - 18:59 | 3113062 ekm
ekm's picture

Mark Levin is cutting vacation short.

https://twitter.com/marklevinshow/status/286224207019376640

 

Tue, 01/01/2013 - 19:00 | 3113063 StoleYourMoney
StoleYourMoney's picture

The market cant be wrong futures exploded 250 pts!

Tue, 01/01/2013 - 20:09 | 3113212 Legolas
Legolas's picture

This news has not been entered in to the system yet, so the algos are oblivious to it.  It is New Years Day afterall.

Wouldn't it be great if they started feeding the algos only Unicorn & Skittles type of data?  OOooohhh, maybe they are !

Tue, 01/01/2013 - 20:03 | 3113196 chump666
chump666's picture

The markets will break in 2013

 

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