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With A Final 285-144 Vote, Mission "Raise The Debt Ceiling" Is Accomplished: See You All Again In February
And so, in the proverbial 11th hour, or technically 10th hour and 10th minute before the midnight of the X-Date, the House gets the necessary 216 votes to pass the Senate bill to raise the debt ceiling, and in a final 285-144 tally, in which 87 Republicans voted yea to 144 GOP noes as all 198 Democrats vote yea, has agreed to restore funding.
Next up: the BLS random number generator starts cranking again and informing everyone in just how sorry a state the economy finds itself, which of course is bullish for stocks because it means that the taper is indefinitely delayed, potentially until June 2014. Also next up, as the emergency Treasury measures are netted out against the new debt limit, it means that once the new Daily Treasury Statement hits, the total US Federal debt will be just at, or over $17 trillion. Rejoice.
Finally - see you all again here in three months. In the meantime the interim status quo is as follows:
- The government will be reopened through January 16
- The debt ceiling has been lifted through February 7, while the Treasury is allowed to use its assortment of emergency measures to delay running out of funds, which means the next true X-Date will hit sometime in April
- The House and Senate budget conference must real a deal by December 13, but it may very well not achieve anything.
- Government workers get back pay for 16 days, and tomorrow return from a 2 + week vacation.
- The only thing that was actually "achieved" as a result of the government shutdown is to have income verification for Obamacare beneficiaries: something which should have been embedded in the ACA from the beginning.
More from The Hill:
During debate on the bill, Republicans focused on the tasks ahead, particularly the upcoming budget conference. House Appropriations Committee Chairman Hal Rogers (R-Ky.) said he expects the two sides will be able to find a deal on 2014 spending levels, and is hoping for entitlement and tax reform.
"I'm optimistic that once this resolution has passed, the House and the Senate will come together in a budget conference to work out our broad fiscal and budgetary challenges," he said in comments on the floor.
One immediate test for negotiators is finding a way to reconcile Democratic demands for new tax revenues, and GOP opposition to any new taxes. For several months now, House Republicans have refused to meet with Democrats on the budget because of these Democratic demands.
House Minority Leader Nancy Pelosi (D-Calif.) offered a glimpse into this upcoming fight late Wednesday, saying on the House floor that Democrats will fight to increase spending above the 2013 sequester levels.
"As we know, this number is too low," she said. "As even the chairman of the committee has said, it's an unrealistic and ill-conceived number, and must be brought to an end."
The final deal was negotiated by Senate Republican Leader Mitch McConnell (Ky.), who began an intense round of negotiations with Majority Leader Harry Reid (D-Nev.) at the end of last week after House Republicans proposed legislation to raise the debt ceiling while leaving the government shuttered.
Senate Republicans failed to win a delay of the law's medical device tax, which many wanted, but claimed a sliver of victory by keeping current spending levels locked in place for three more months.
Final roll call of who voted what coming up momentarily.
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Time to go and pay my respects at the grave to Thomas Masarik. Dos Vidanya Bitchezes!
Oh and just remember that this started with Franklin Delano Rosevelt. Screw you Liberals!
So, the Fed isn't to blame?
[one day it's the Fed, the next it's the "liberals"]
Folks just plain fail simple math.
"...supported Woodrow Wilson's successful bid in the 1912 presidential election, and thereby earned an informal designation as an original Wilson man."
Folks just plain fail simple history.
Oh and just remember that most of that national debt was tacked on by Reagan. Screw you "Conservatives"!
Did anyone catch this.?
Wow.. that was tense! I was getting really worried. A hearty thanks to all the congressmen who have saved us once again from the abyss.
/sarc
Let me see if I got this straight. We can now use our credit card once again to load up on more debt, and make the payments with our credit card?
So, we don't have to be fiscally responsible for anything, but just keep piling on the debt and paying for it with more debt?
Great work congress! The stock market should run like hell now on such great news!
Should read "Nothing Accomplished!" but I suppose for the crony bought politicians on both sides of the aisle they have accomplished more debt for future generations, and more broken promises for current ones.
It seems that is the only thing .gov can accomplish.
And the band played on...
Pretty obvious with $20 trillion in debt (not 20 yet? it will be soon), interest rates will never, ever rise again. Ever.
Next time they play Russian roulette someone should make sure they have ALL the chambers loaded.
The non event as announced.
Quite incredible the accuracy of forecasting one achieves when taking into account 'americanism'...
Doubtful though that this time 'americans' expose their consensual support to the primary enforcers of their extorting of the weak, farming of the poor scheme that clearly.
Vote to determine whether the troops should be paid during the government shutdown: zero vote to oppose.
After that, 'americans' will try to paint themselves as divided, non consensual, for diversity etc
Well as Germany's former national soccer coach Sepp Herberger used to say:
"After the game is before the game."
and the S&P only lost 3% through the whole crisis, looks like there's really nothin to be scared of any more, Ben's got this.
People better get straight with this and quick. The debt limit was NOT increased, it was SUSPENDED, the President now having authority to issue as much debt as he pleases, unless congress disapproves via a joint resolution - which the president would veto - and the congress would need a 2/3rds majority to override, which, with the current makeup on congress, is all but impossible.
So, essentially, there is no debt limit any more, thanks to provisions in the bill supported by Mitch McConnell (that's right, numbskulls, there's no Red team or Blue team, just one team) and signed into law by the supine congress on Wednesday, October 16, 2013.
That explains why the president, when asked last night if we'll be doing this all over again in three months, quickly turned on his heels while heading for the exit after his presser, and replied simply, "No."
This explains quite a bit about how things actually operate in the capitol. They scare us to bejeezus, and then, in the dead of the night, right before their artificial deadline, when everybody is zoned out from boredom or anxiety, throw in language that subverts and changes the way they do business.
From here on out, the president can just run the tab up as high as he likes, and congress won't make a peep about it, because, they'll surely tell us, they can't muster the votes to override a veto. Essentially, the United States no longer has a debt limit or debt ceiling, call it what you like. It has been suspended.
Read the actual bill here: http://www.cnn.com/interactive/2013/10/politics/senate-shutdown-deal/ind...
Nice job, for government work.
PS: We're screwed.
This is HUGE and the article totally overlooks it! This is way worse than just passing a clean CR and debt limit increase -- and this is AFTER negotiations? McConnell put this in for ONE reason only - to gut any remaining power the House Republicans (i.e. Tea Party) has. The ONLY power the House has now is whether the Speaker brings a bill to the floor - and Boehner has just added yet another bill that he brings to the floor which gets rejected 2-1 by his own party. If the Republicans don't vote for a new Speaker then we have nothing but a one party system.
You got it, Jose. The House gave up some of its authority, but that's what happens when you operate without a constitution. The people in DC can and will do anything they please, they care not for the consent of the "governed" and don't need it, since basically, we've all given tacit consent via birth certificates, driver's licenses, filing tax returns, etc.
We are really stuck in the martix and there seems to be no way out.
And, to the commenter below and anyone else who wants Ted Cruz (or any other Republican, for that matter) to run for president in 2016, that's simply naive. He was, and continues to be, just another cog in the wheel, playing his part as instructed. It's all a farce, a show. Our representative Republic died years ago, the final nails driven home by the NEW DEAL.
And, just whom do you think the New Deal was with, anyhow? The international bankers who control the money, obviously. That's why they called it the New Deal, because it superseded the prior one, and made gold illegal to hold. Nice deal for them. For American citizens, not so much.
We're really on our own here. I encourage all to stop wasting time over politics and the "news" because it's all contrived and controlled. Spend some time reading and understanding history. I'm currently about 1/3 of the way through Adam Smith's "Wealth of Nations." A real eye-opener, published in 1776. It is dense and difficult, but really reveals much about our current economics. Smith, I'm sure, is spinning in his grave.
Please God let the Ayotollah Ted Cruz be the Republican nominee for President. He won 314 straw votes from the Value Voters.
Time to get back to work spending hundreds of billions of borrowed money! It's not like we can't just print it all anyway. How could this ever go wrong? Besides, with all these new immigrants it's not like we cant go to war all day every day if we wanted to.
Think about this. Suppose president Obummer wants to start a war somewhere and instructs Treasury (actually the IMF, according to sources) to issue $2 trillion in bonds to fund the effort. There's no way to stop it, as if the congress would anyway.
Welcome to the United Weimar States of Zimbabwe, now with new and improved, unlimited dictatorial powers... and bombs!
And the FSA breathes a collective sigh of relief.
They didn't raise the debt ceiling like every media outlet is reporting....they suspended the debt ceiling until February 7th. Hence, until February 7th, they can spend all they want. Fiscal responsibility at its best!!!