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House May Vote On Senate Bill First To Expedite Debt Ceiling Resolution
Equity investors can't buy enough this morning. The latest rumor - that the House Republicans are willing to consider voting first on an emerging Senate proposal - provided some fillip to an opening selloff. As Politico reports, this move could expedite bipartisan legislation developed by Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell. If the House passes the bill first and sends it to the upper chamber, it would eliminate some burdensome procedural hurdles in the Senate and require just one procedural roll call with a 60-vote threshold needed to advance the bill toward final passage in the Senate. Of course, the big question here is "If" the House passes the bill...
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It still is not assured that Congress will send President Barack Obama a bill to sign by Thursday, when the Treasury Department says the country will breach the debt ceiling. Any senator can also hold up the bill in the Senate past the Thursday deadline, but originating the legislation in the House is the fastest path toward passage for lawmakers and is a sign of urgency in the Capitol.
The bill will barely scathe Obamacare, however, and putting it on the floor will mark a huge concession by the House after sparking a 16-day government shutdown over insistence that the health care law be defunded or delayed as a condition to keep the government open.
And an update of the state of play fdrom Stone McCarthy,
In the Senate, Majority Leader Reid and Minority Leader McConnell seemed close to finalizing the terms of the deal they've been negotiating over the last few days. Their proposal would raise the debt limit until February 7, and fund the government until January 15. The proposal calls for House and Senate negotiators to agree on a 10-year budget plan by December 13. It seems that the only Obamacare provision that will survive will be one establishing stricter verification requirements for those receiving subsidies to purchase health insurance.
Our understanding is that efforts to include a provision that would prevent Treasury from using extraordinary measures to deal with future debt limit crises have been abandoned. Assuming Reid and McConnell finalize their deal today, the next thing to focus on would be the timetable. Senate leaders could use parliamentary procedures that would allow the full Senate to take up the bill later today, but that would require the "unanimous consent" of all Senators. If any hardliners, such as Senator Cruz, object the process would drag on, perhaps preventing a vote until the weekend.
If that should happen, we remind readers that Treasury is not at serious risk of default if October 17 comes and goes with no increase in the debt limit. As we noted in an update yesterday, Treasury still looks like it will have sufficient cash to pay obligations through October 31. (See November 1 Still the Likely Drop Dead Date, 10/15/13.) Assuming something comes out of the Senate over the next several days, the bill would then go to the House, where Speaker Boehner will need the support of most Democrats to pass the bill.
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Won't pass.
Will pass
NQ at new all-time highs. RUT near all-time highs. ES & YM UP 1%
This market is great! It goes UP no matters what.
Thank you Berank!!!
There is nothing like a limp boehner fucking you.
Give in more... deeper! ....deeper...
In other news. The Muppets got Stolperized again. USD/JPY 98.82
GS FX Muppetslayer Tom Stolpers reco on 3 October, "going short $/JPY at current levels of about 97.30 for a tactical target of 94.00, with a stop on a close above 98.80"
My new name for Boehner is "Foldy McCave."
House wants to vote first so Senate doesnt has to bother...
Pull my finger.
The curtain rises on another day of clowns putting on a puppet show.
Oh Lord.
There will be clapping and back-slapping and love in the aisles - as if they accomplished something.
Quick, mail your representatives an empty can to congratulate them.
Dow +800
edit: Holy cow - may get there in the next couple of hours. Maybe I'm off by a factor 10.
they will be jubilent, just like two wolves circling a sheep.
Yes, kick the can just past Christmas in hopes that Santa really comes through this year........
Deja vú - anyone else?
the market is going full fucking retard.
this is such a shameful farce.
Matthew 17:20 - with a twist!
Harder they come, harder they fall.
http://www.youtube.com/watch?v=xGE4dnrPPZQ&feature=youtube_gdata_player
Oh SNAP! Back to slow-boil of the US frog then. If this can-kicking passes, Gold will remain depressed, the Chinese will keep buying bullion.
Politicos get to make claims to during 2014 Election, to stay on the Gravy Train.
If the market keeps rising, they will not do anything. It is more profitable for them personally to pull the rug out. That is the only power they have to make their trades work if the market is already rising.
More ATHs on US indexes, financials soaring, bonds under control, and gold kicked in the groin again. On default day, no less. How much more blatant could it be? And not a whiff of concern about dysfunctional markets in the reams of financial commentary ... I never thought propoganda could be so effective in a nominally free press.
Free press. What's that?
It takes a lot of money to control information, and luckily, the people who control the information have tons of it.
The press is bought-and-paid-for, just as our politicians.
Symmetry, at the very least.
Until Americans can wrap their minds around the idea of why we need to raise the debt limit nothing in Washington will change unless facts destroy us first.
As Marketwatch reports: "Confidence among home builders declined in October to the lowest level in four months..."
The full power of Buffet, Eric Schmidt, Mark Zuckerberg, the lame stream Media, and the NSA will come down any House member that trys to block the Senate's clean, Moar laden, spending bill.
Oh yeh... they will extend debt ceiling until Jan 15... y'know after the "Buying Holidays". Why should the sheeple have to suffer, when the banks are getting their POMO ? It's only fair and for the children.
More about not interrupting Congresscritter vacation plans.
Debt Limit ?.... Does the Fed have a debt limit ?
Boner has less hair on his balls than Obama. At least Obama has the excuse that he keeps them shaved for Reggie. Boner just doesn't have any balls to grow hair on!
House bill would have Income Verification for Obamacare. No way will Dems and Obama go for that. That would be the death knell for Obamacare
http://www.nationaljournal.com/congress/boehner-might-allow-house-vote-on-senate-bill-20131016
Too many things have to happen. At best this bill would be complete by Sat. Too late.
Gotta love Repugs for having the only surviving blow from their hissy fit of futility be a provision that fucks over more Republicans than Democrats.
It’s been said that politics is the art postponing a decision until it is no longer relevant. So what possible event could intervene that would make few weeks of Potomac Kabuki theater no longer relevant?
Well before we get into any speculation on that let me just put out what I’d like to see happen. Obama like to make comparisons between himself and Lincoln. Ok let’s see him really be Lincolnesque. Grow some hair on your balls and tell the banks to go pound sand. When the Banks told Lincoln that they wanted outrageous interest rates to finance the Civil War he circumvented them and directed the Treasury Department to create the “Greenback” dollar that was independent of any issuance of debt. Obama needs to tell the banks that the needs of the nation are greater than the needs or wants of the banks and that all debt payments on paper held by the FED and the “primary dealers” is suspended until further notice and that they are prohibited for sell any of the paper that they hold as of the date of the announcement. He should then direct the Treasury to issue the appropriate “US NOTES” as are required to meet critical needs. He can then turn to Congress and tell them that he has done his part and they need to do theirs and set about serious budgetary reform and take a two bladed ax to all the duplication, fraud and waste in the Federal budget.
Anyone seriously holding their breath waiting for Obama to do any of this is a bigger fool than I am in even proposing it.
So what will we get in the alternative? Nothing good I am sure.