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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?  

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