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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Black Forest's picture

Better call Greece. They have enough money.

Roosting Chicken's picture

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

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...

Seasmoke's picture

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

Winston Churchill's picture

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

Dr. No's picture

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

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.

Seasmoke's picture

Was it simply to sabotage matters

 

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

TrustWho's picture

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

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?

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

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

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.

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)

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.


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.

whstlblwr's picture

@davidsmith. You're an idiot

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.

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?

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

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!

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.

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"...  

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.

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.

Freddie's picture

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

Freddie's picture

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

 

Atomizer's picture

Citibank Ad

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

TWSceptic's picture

Can't we all just print along?

GrinandBearit's picture

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

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".

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.

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.

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.

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.

Motorhead's picture

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

 

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.

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.

nonclaim's picture

And the diplomatic reply:

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

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

Bitchin Bear's picture

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

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.

Beam Me Up Scotty's picture

I'd like a 3 year vacation too.

FubarNation's picture

Toonces is still driving folks.

 

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

 

Nothing an exectutive order from Obamaclause can't correct.

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?

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.

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).

q99x2's picture

Pass the buget

Kick the can

Get that Benrnke back to printing again.