This Time, Boehner "Capitulates" Early On Debt Ceiling

Tyler Durden's picture

Apparently squeezed by an internal party split, The Hill reports that House Republican leaders have concluded that they cannot pass an increase in the debt ceiling without help from Democrats, abandoning plans to tie legislation either to ObamaCare or the Keystone pipeline. Having initially planned on these negotiation points, Boehner discovered he would not have enough votes to pass the bill... and folded. That left Republican leaders with no clear alternative to addressing the debt limit, which, as we noted is rapidly approaching at the end of February, as a combination of Republicans and Democrats will be needed to get a debt-limit boost through the House - leaving some Reps describing a clean debt-ceiling bill as "Capitulation."

 

Via The Hill,

...

 

The central question will be whether Democrats hold firm on their stance that no extraneous provisions can be attached to a debt-limit boost, or whether Republicans will be able to extract any modest concessions in exchange for a borrowing boost. So far, Democrats and the White House have been publicly adamant about only accepting a "clean" increase.

 

Conservatives have said in recent days they would oppose a clean increase, but several seemed increasingly resigned to seeing a clean bill passed with Democratic help.

 

A clean debt-ceiling [bill] would not garner my vote, but if the House leadership chooses to go that route and believes that’s in the best interests of the country and they don’t need my vote to accomplish that, I’m OK with that,” Rep. Cynthia Lummis (R-Wyo.) said Tuesday.

 

...

 

Rep. Raul Labrador (R-Idaho) reiterated his opinion that the GOP should pass a clean bill and let Democrats "own it," while Rep. Joe Barton (R-Tex.) said the party should keep searching for a proposal to attach to the measure.

 

"I don’t advocate some sort of scorched earth process, but I do advocate coming up with some common sense structural reforms or specific entitlement reforms that don’t effect program benefits immediately," Barton said.

 

"A clean debt ceiling I think is capitulation," he added, "and I didn’t get elected by the 6th district of Texas to come here to Washington and capitulate."

 

Republican leaders have spent the past several days taking the temperature of their rank-and-file, searching for a way to pass a debt-limit bill with only GOP support.

 

...

 

But neither plan gained momentum in the last several days, leaving Republicans at an impasse.

And as we noted here, the X-Date is rapidly approaching...

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Fogey's picture

Chance The Gardener: Yes. In the garden, growth has it seasons. First comes spring and summer, but then we have fall and winter. And then we get spring and summer again.

TruthInSunshine's picture

Thank god for checks & balances, and a two-party political system!

#Complete&TotalSarc

#RaiseTheRoof

Fogey's picture

Chance the Gardener: Why?

max2205's picture

John please move to russia where you belong

clooney_art's picture

GOP these days is just an extention of the Democrat party. There is virtually no opposition except for Gay Marriage and Abortion. Now those issues will start a war but let the country go to dust.

i_call_you_my_base's picture

"GOP these days is just an extention of the Democrat party."

People on the left say the same thing but in reverse. Niether is true, it's that they are both corrupt and don't give a shit about american citizens or the future.

Stackers's picture

You can not stop growing debt levels in a fractional reserve money banking system. Any talk of debt reduction or limits is political side show theater to distract the masses

walküre's picture

Same reason they can't raise rates or terminate QE - EVER.

HardlyZero's picture

I say Boehner, you say Bonar, lets call the whole thing off.

Boris Alatovkrap's picture

Boehner is German name, but why is Speaker of House act like French man?

boogerbently's picture

After the inevitable decline of America as THE superpower, I feel the eventual blame won't be placed on politicians or bankers or Wall Street or greed, but on the MSM, for NOT DOING THEIR JOB.

 

EscapingProgress's picture

There is no debt ceiling. Well, there is a debt ceiling in the practical sense which is more closely related to the prevailing interest rates than the total principal, but there is not a legally binding debt ceiling. The legal debt ceiling will continue to be raised without any serious stipulations, and the new debt issued to pay off the old debt will be funded in part by MyRA.

T-roll's picture

Congratulations, Stackers!  You get an A+ in Banking and but instead of the Honor Roll you will be added to the Terror Watch list.

SDShack's picture

The real news is Congress and Wallstreet just gave the green light to Yellin to fire up the presses. With a complete cave on the debt ceiling (just like everyone knew the pukes would) + the end of sequestration = deficit spending to the moon Alice! You've already got a taste of it with the Farm Bill that was just passed. It's out of control spending now, 0zer0care, amnesty, minimum wage, farm bill, unemployment extensions, SNAP, climate change, Syria war, Iran war, nothing will be off the table now. Which means the Fed will have to issue QE Infinity to keep monetizing the debt. No way they can keep a lid on treasury rates unless the Fed is the ONLY buyer of last resort. Bullish! Rinse and repeat bitches!

HardAssets's picture

"Debt Ceiling' in an article's title =  Don't waste a minute reading it, a total waste of time and irrelevant. There is no 'ceiling' and they'll spend the citizenry into bankruptcy and steal all they can get their hands on before it all comes crashing down.

wee-weed up's picture

"Capitulate early and often!"  -- John Boner

ebworthen's picture

Lol...yes...and of course they are capitulating; you can't continue the Ponzi, float equities, and increase debt serfdom by being fiscally responsible and enforcing the law.  Forward Kleptoligarchy!

wintermute's picture

"Republican leaders have concluded that they cannot pass an increase in the debt ceiling "

Wow. The historically conservative party of the US which should champion small government and sound finances, cannot perform socialist Argentina-like irresponsible spending actions.

They should be PLEASED that they cannot increase the debt limit. This is SANITY.

Rainman's picture

..." with not even a smidgen of corruption " ....< Barry-puke >

Groundhog Day's picture

Why dont these clowns just make it 25 trillion and be done with it for 2-3 years.  Their going to raise the limit every time anyway

chemystical's picture

But this time they mean it!  Seriously!  Really, they mean it!

Here's a sobering graph:

http://en.wikipedia.org/wiki/File:US_Public_Debt_Ceiling_1981-2010.png

"Every President since Herbert Hoover has added to the national debt expressed in absolute dollars. The debt ceiling has been raised 74 times since March 1962,[2] including 18 times under Ronald Reagan, eight times under Bill Clinton, seven times under George W. Bush, and five times under Barack Obama."

"In 1979, noting the potential problems of hitting a default, Dick Gephardt imposed the "Gephardt Rule," a parliamentary rule that deemed the debt ceiling raised when a budget was passed. This resolved the contradiction in voting for appropriations but not voting to fund them. The rule stood until it was repealed by Congress in 1995."

How about the chemystical rule whereby, in order to resolve the apparent contradiction of our (putative)representatives not representing us, we just shoot them all now?  And for those dynastic behemoths who seem to think that - as de facto royalty - the right to hold public office is bequeathed to them at birth, how about we shoot their families too?

 

akarc's picture

Thats called birth control. Some folk don't like that. Mostly old white guys.

kchrisc's picture

Yeah, "checks" and "balances" alright. As in, "What's my balance after I deposit that payoff check?"

 

"545 pols in DC, 545 pols in DC, take one to the gallows, 544 pols in DC..."

kralizec's picture

It's always the dead of winter with the Giant Weeping Carrot in control!

I think this is his way of getting out in front of the angry hoards.

Good luck with that.

(Not really!)

ArkansasAngie's picture

I will vote against every imcumbent.  I don't care about their party affliation.  I don't care who is running against them. 

 

HardlyZero's picture

With the new Healthcare all the voters will arrive at the polling vomiting in their votes.

T-roll's picture

But the 90% of Americans who disapprove of Congress with vote them all back in.

chemystical's picture

Appreciate the enthusiasm Angie, but you missed the 2nd half of your mission:

"I won't vote for any (D) or (R)."

Simply "voting against every incumbent" leavesn the door open for Tweedle Dum.

Criminy, vote for the freaking Communist Party.  At least you won't be disappointed.

Don't like the Tea Party?  Vote for the Coffee Party.  Their presidential candidate (or was she VP candidate?) in 2012 was long on wishful thinking and short on concrete ideas, but at least she was intelligent and sincere.  DC is filled with both of those characteristics but rarely in the same person.

akarc's picture

I tried to get folk to buy into that a few years back. Imagine the message it would send if everybody just stayed home? Not just for election day. But say a freaking week. Don't spend anything you do not have to.   

PacOps's picture

ArkansasAngie

Been doing that since the 80s. Has yet to produce any results other than a sense of self satisfaction. I cannot deal with "not voting" as a protest.

kchrisc's picture

People have been voting for some 200+ years, and look where we are now.

Yeah, voting works, get the word out. LOL

 

Sidenote: If the institution that is having the election is criminal, as is the Unconstitutional US government, then to participate in their elections is to participate in the criminality. I'm just saying.

B52Wing's picture

+1 for the use of the term "flacid"

SteveNYC's picture

Boehner's flacid handling of this situation gives one an impression of impotence when considering his party.......

 

:)

HardlyZero's picture

raw !  and anti-climatic.

Offthebeach's picture

How do they interview someone locked 24/7 in a spray tan booth, crying like Tammy Fay Baker?

QQQBall's picture

Pubs' are gonna run Romney again... beyond surreal. 

Dr. Engali's picture

You don't believe they really want to win do you? If they did they never would have run a private equity guy in the first place, or the treasonous McShitstain before him. How out of touch can they be? 

zaphod's picture

Considering where things are headed in the next 5-10 years, I'm not sure I would want to be in charge. 

IMHO whoever is elected next will be the Hoover of the 21st century. 

Offthebeach's picture

Mitt would be/is a perfect Hoover.

We're really going to get, vote for, and deserve a dictatorship.

For the children.

Dr. Engali's picture

Uhhmmm. In case you haven't noticed, we already have one.

corporatewhore's picture

i was wondering why i was seeing this "mitt" movie advertised.  as if i have time to take away from watching dancing with the stars.  gotta keep my blinders on and just go about surviving day to day.

maybe mitt can reorg the country just like he's done for other common folks ( or is that fucks?)

kralizec's picture

Don't be silly.  They'll trot out another Ruling Class tool to lose in pathetic style.  Besides...it really doesn't matter...Pubbie/Democrat...like trying to decide between a raccoon and a skunk...

Joe Davola's picture

I bet they both taste like chicken - if fixed properly.

akarc's picture

to much greasy fat and the meat stinks

redpill's picture

Why have a ceiling if you just let them raise it every time with no concessions?

Sudden Debt's picture

folding... it's the NEW American way

Smegley Wanxalot's picture

Because the ceiling lets the world know that this time we are serious about controlling debt.