This page has been archived and commenting is disabled.

Boehner Is Out: What This Means For Government Shutdown Odds And The Debt-Ceiling Fight

Tyler Durden's picture




 

In the aftermath of John Boehner's surprising resignation announcement, the punditry has been scrambling to opine what this departure means for the odds of a government shut down, some saying the likelihood has increased, while others, such as Goldman, confident shutdown odds are materially reduced. The truth is likely in the middle, and while the odds of a government shutdown next week are reduced as a Continuing Resolution now appears more feasible, the probability of a broader shutdown in December once the CR expires, have materially risen.

But while a government shutdown would be good news for those who claim (correctly) that the US government has not done anything in the past 7 years punting all decisions to the Fed instead, what's is much more problematic is that the US Treasury will need an increase in the debt target ceiling in November as shown previously, before any continuing resolution is expected to expire.

The upcoming power struggle in the GOP will make any successful and sustainable kick in the US debt limit very tough, especially when one realizes that as a result of accrud debt layering, the real US debt is, as of this moment, about $18.5 trillion - about $400 billion above the statutory debt limit of $18.1 trillion. It also means that in order to kick the can solidly for the next 2 years, the next debt ceiling will have to be just about $20 trillion. There will be quite a substantial shock among the right after realizing this unpleasant development.

In fact, a quick look at the Treasury market reveals a well-known pre-debt ceiling development: negative yields. In fact, the Bill market is now negative all the way through December 24, suggesting that the debt ceiling showdown will likely take place at the very end of the year once again, only this time investors aren't waiting until the last moment to rush into the safety of near-term bills and are starting to pile in.

 

Perhaps the best explanation of the upcoming drama in the neverending government funding drama comes from Stone McCarthy, which just issued the following summary:

Prospects for a Government Shutdown and Debt Limit Battles

Key Takeaways:

  • We think House Speaker Boehner's resignation reduces the odds of a government shutdown next week, but increases the odds of one later in the year.
  • Boehner was facing an impossible choice between appeasing hard-liners in the party threatening to unseat him and avoiding a government shutdown. Now his job is no longer a factor.
  • Will the far-right flank of the GOP be more inclined to compromise after Boehner's departure? We don't think so.
  • We think Treasury will need an increase in the debt limit in November, before any continuing resolution is expected to expire.

House Speaker John Boehner announced this morning that he is resigning from Congress at the end of October. We think Boehner's decision reduces the odds of a government shutdown next week.

As we wrote in a comment two weeks ago, Boehner was faced with an impossible choice between appeasing the far-right flank of the Republican party or avoiding a government shutdown.

Congress needs to pass a continuing resolution (CR) to avoid a government shutdown next week. Most Republicans are opposed to any continuing resolution (CR) that doesn't strip Planned Parenthood of its funding. But Boehner knows that a CR that "de-funds" Planned Parenthood is basically a dead end. In order to get the votes to pass a CR free of Planned Parenthood riders, Boehner will need to get some help from Democrats. That would have put his job as speaker in jeopardy, but now that he's resigning, that's a moot point. And while Boehner, like other Republicans, may want to cut off funding for Planned Parenthood, we don't think he wants to provoke a government shutdown in the service of that goal.

We do think that the Boehner resignation may increase the risks of a government shutdown in December, and also increase the odds of the Treasury violating the debt limit or running out of cash before November. The conventional wisdom is that Majority Leader Kevin McCarthy will replace Boehner as speaker. We're not sure that matters much -- the next speaker will still face the same difficult choices as Boehner, and if he compromises too much with Democrats, his tenure could be short-lived.

For us, the key question isn't so much who replaces Boehner as it is how the hard liners react to the Boehner resignation. Will they be mollified and therefore more willing to compromise on Planned Parenthood and the other fiscal issues dividing the two parties that we discussed in our 9/11 comment, or will they be emboldened and dig their heels in further? Our hunch at this point is the latter.

Senate GOP leaders failed yesterday to advance a continuing resolution (CR) that cuts off funding for Planned Parenthood. (The House voted last week to cut off funding for Planned Parenthood.) According to most reports, the Senate will take up a CR on Monday that funds the government through December 11 and leaves Planned Parenthood funding intact. We're not sure how the logistics in the House will unfold, but we expect that Boehner will move to advance a "clean" CR -- with the help of Democrats -- before the new fiscal year starts on Thursday.

But what happens in mid December or whenever a CR expires? Congress will still be faced with the same unresolved budget issues it faces today. Will Boehner's departure make it any easier to come to agreement on spending levels for the full fiscal year? At this juncture, we don't see how it would.

We think Congress will need to address the debt limit before December. In our September 10 comment, we projected that Treasury will have both exhausted its measures that allow it to issue debt and run out of cash in the third week of November. Based on cash flows over the last two weeks, we think the risk is that cash runs out a little bit sooner. September tax collections have been running weaker than our forecast, although there is still some chance for a late-month surprise with individual estimated income taxes coming in stronger than expected.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 09/25/2015 - 14:40 | 6593960 buzzsaw99
buzzsaw99's picture

the biggest pussy in the universe is out

Fri, 09/25/2015 - 15:02 | 6594086 MANvsMACHINE
MANvsMACHINE's picture

Where will he end up? JPM, GS?

Fri, 09/25/2015 - 15:05 | 6594097 Pool Shark
Pool Shark's picture

 

 

What does this mean?

The new Speaker will be Kevin McCarthy.

 

"Meet the new boss,... same as the old boss."

 

Fri, 09/25/2015 - 16:13 | 6594412 Four chan
Four chan's picture

Who will be the next weepy vagina speaker? i for one am glad that ineffective balling religious freak is the fuck out of there. 

Fri, 09/25/2015 - 18:45 | 6594861 Sir Edge
Sir Edge's picture

Dear John Boehner... Thank God.. You Finally Did Something Truly Honorable...

Fri, 09/25/2015 - 16:17 | 6594438 daveO
daveO's picture

He's going to see the wizard, for some courage! 1:10

https://www.youtube.com/watch?v=z2itQkiQUOE

Fri, 09/25/2015 - 14:40 | 6593962 JLee2027
JLee2027's picture

The rats are jumping ship.

Fri, 09/25/2015 - 14:44 | 6593985 centerline
centerline's picture

That was my first thought as well. 

Fri, 09/25/2015 - 14:51 | 6594016 Mostly Harmless
Mostly Harmless's picture

I could be wrong, but I don't think Boner's resignation was related to an upcoming budget battle.  He's been through them before.  There's gotta be something else that we're not seeing.

Fri, 09/25/2015 - 15:53 | 6594268 daveO
daveO's picture

Yes. He's being strong-armed out ahead of the beat down. A Catholic's behind the Planned Parenthood fiasco which is possibly a tool to shut things down and eventually topple the dollar. It would be their coup de grace, using US conservatives. The UN has, clearly, offered the NWO Padre a cut of the action.

http://redefininggod.com/2015/09/globalist-agenda-watch-2015-update-74-w...

http://ctmirror.org/2015/09/22/feds-tell-states-to-stop-processing-food-...

 

Fri, 09/25/2015 - 16:19 | 6594444 WillyGroper
WillyGroper's picture

not one of those videos looked bogus to me.  but what do i know?

cannot wait for the blood moon.

Fri, 09/25/2015 - 17:28 | 6594629 Phil Free
Phil Free's picture

Well here it is, this Sunday. Falling, of course, exactly on the (Jewish) Feast of Tabernacles, is a full lunar eclipse of a Super Blood Moon.  The partner solar eclipse that has been exactly 14 days away from each of this tetrad's blood moons, has already occured (Sept. 13), so this is It.

This is the last Blood Moon (of this tetrad). This is it! So, if something's gonna happen, it's gonna happen now. 

And this is the rarest of the lot. This is the first time in more than 30 years where we've had a full lunar eclipse on a Supermoon.

If nothing happens ... it ain't gonna happen. Proof? Meet pudding. Seatbelts on, everyone? 

 

The moon will start darkening at 8:11pm Eastern time on Sunday (Sept. 27th), and will start to pass through Earth's shadow at 9:07pm EDT, reaching totality at 10:47pm EDT.

The time from the very start to the very end will be a little over 3 hours, with the moon fully eclipsed for a little over 1 hour -- the supermoon portion lasting aprox. 72 minutes.

Folks in the Eastern US will have it good. In Mountain states, the eclipse will start as soon as the moon rises.

Watch live broadcasts from:

Slooh:  http://live.slooh.com

NASA:  http://www.ustream.tv/channel/nasa-msfc

 

Just in time for the Chinese "markets" to open! Popcorn, anyone? Popcorn? 

Fri, 09/25/2015 - 15:17 | 6594166 Md4
Md4's picture

I think you're right.

I'll tell you something else, I have real doubt about Janet Yellen remaining in place too. My sense is she's gone within the next six months.

I just wish the Fed would go with her...

m

Fri, 09/25/2015 - 15:46 | 6594295 Cynicles
Cynicles's picture

Unaccountable and beholden to none (speaking of the FED not the POTUS at the moment).

Working w/o a charter.
Generates US monetary policy.
Personal PP.

They are not leaving anytime soon.

Fri, 09/25/2015 - 17:21 | 6594612 Mr.BlingBling
Mr.BlingBling's picture

. . . for "health reasons," of course.  Her little performance yesterday was to give that reason the sheen of plausibility.

Sat, 09/26/2015 - 18:04 | 6597477 Vlad the Inhaler
Vlad the Inhaler's picture

The Pope's speech made him realize that if he ever wants to see the pearly gates, he'll need to stop pushing hate and poverty on America.

Fri, 09/25/2015 - 14:43 | 6593972 azusgm
azusgm's picture

Louie Gohmert's statement on his official congressional webpage is a must read.

“America is at an incredibly perilous time in our history; we need bold leadership more than ever, and the Speaker now has graciously given us that opportunity.”

More at http://gohmert.house.gov/news/documentsingle.aspx?DocumentID=398253

Fri, 09/25/2015 - 15:47 | 6594302 Cynicles
Cynicles's picture

That flicker of hope has alreaady been snuffed out.

Fri, 09/25/2015 - 16:08 | 6594386 Tall Tom
Fri, 09/25/2015 - 21:14 | 6595319 swmnguy
swmnguy's picture

Sounds like Louie's casting aspersions on Boehner's asparagus.

Fri, 09/25/2015 - 14:45 | 6593987 madcows
madcows's picture

We've had dozens of congresses sworn in over the last 40 years, and things have only gotten worse over that time.  Do you really think the departure of Boner is going to fix things?  I sure don't.

Fri, 09/25/2015 - 14:46 | 6593992 centerline
centerline's picture

Not at all.  But the theater of the absurd does move into a different act.  So, for entertainment value it is interesting.

Fri, 09/25/2015 - 15:56 | 6594333 daveO
daveO's picture

He's outlived his usefulness. Time to replace w/ new stool-pigeon.

Fri, 09/25/2015 - 19:18 | 6594991 skipjack
skipjack's picture

TRUMP WILL SAVE US !!!

 

/lulz

Fri, 09/25/2015 - 14:46 | 6593994 Arthur Schopenhauer
Arthur Schopenhauer's picture

Well, at least a Republican finally created one job.

Fri, 09/25/2015 - 15:49 | 6594311 Cynicles
Cynicles's picture

In typical Gov fashion the prev holder of the job gets paid the salary for the now resigned job for life.

Paying more for further backwardation, so grand.

Fri, 09/25/2015 - 14:46 | 6593995 chunga
chunga's picture

This makes me wonder how the phoney "candidates" come down on a shutdown.

Naw, nevermind. They're all liars and shitheads.

Fri, 09/25/2015 - 15:57 | 6594336 MansaMusa
MansaMusa's picture

@chunga:  yeah they're all smudges of shit like your racist pill popin no-ass !  Eat that flag too

Fri, 09/25/2015 - 16:16 | 6594436 Tall Tom
Tall Tom's picture

You deserve exactly that which you so shall receive.

 

 

Fri, 09/25/2015 - 16:31 | 6594494 MansaMusa
MansaMusa's picture

@Tall Tom:  yeah the Casper people all dying from overdose of heroin after they illegally invaded Afghanistan.  Karma bitchezzz

Fri, 09/25/2015 - 16:56 | 6594556 Tall Tom
Tall Tom's picture

Do you think that I supported the illegal invasion of Afghanistan?

 

Do you think that Chunga did?

 

I was against all of the wars from the very beginning.

 

By the way...What I wrote was an open ended statement.

 

It is meant as a belssing to the worthy.

 

It is meant as a curse to the unworthy.

 

Your interpretation reveals quite a bit about you.

Fri, 09/25/2015 - 16:31 | 6594496 MansaMusa
MansaMusa's picture

@Tall Tom:  yeah the Casper people all dying from overdose of heroin after they illegally invaded Afghanistan.  Karma bitchezzz

Fri, 09/25/2015 - 16:31 | 6594499 MansaMusa
MansaMusa's picture

@Tall Tom:  yeah the Casper people all dying from overdose of heroin after they illegally invaded Afghanistan.  Karma bitchezzz

Fri, 09/25/2015 - 19:24 | 6595006 Sturm und Drang
Sturm und Drang's picture

Perfect bumper sticker for you:

"Driver Carries No White Guilt"

Fri, 09/25/2015 - 14:49 | 6594009 The Indelicate ...
The Indelicate Genius's picture

this debt ceiling charade is too painful and stupid to spend anytime covering, man.

How many billions of dollars has Mordor on the Potomac expended in Ukraine?

Syria?

How many tens of billions went to Israel on and off ledger?

And you want to tax me more because "I didn't build it?"

fuck.
you.

Stop all foreign military aid, enforce the borders, make social security taxes progressive then phase it out, pass a law forbidding .gov to spend social security money or medicad money as general revenue [an no "treasury investments" - a scam amongst scams] and TAX FINANCIAL TRANSACTIONS OVER 1 MILLION AT 1%.

Fri, 09/25/2015 - 15:01 | 6594071 DutchR
DutchR's picture

If paper money = fictitious

Then electronic money =

 

Ask JP Morgan

Fri, 09/25/2015 - 15:29 | 6594227 froze25
froze25's picture

The federal reserve states on their own website that FRN's have no value therefore all debts valued in FRN's could be theoretically zeroed out since they have no value to begin with.  It will suck for the people that thought they did have value though.

Fri, 09/25/2015 - 16:35 | 6594509 Theosebes Goodfellow
Theosebes Goodfellow's picture

~"If paper money = fictitious

Then electronic money = (?)"~

= Scrip

You owe your soul to the company store.

Fri, 09/25/2015 - 19:07 | 6594949 SokPOTUS
SokPOTUS's picture

A Ghost in the Machine.....

Fri, 09/25/2015 - 15:42 | 6594277 Skip
Skip's picture

"How many tens of billions went to Israel on and off ledger?"

THE TRUTH IS ANTI-SEMITIC
And the REAL Overlords of the USSA get everything, all the time, it was like when the bailouts to the Banksters on the Upper Eastside of Manhattan, real estate SKYROCKETED in Tel Aviv.

This is from 2003, the gentleman who wrote it then died at the age of 40 from a "heart attack" perhaps.
The cost of Israel to the American taxpayer at that time was $3 TRILLION!

Fri, 09/25/2015 - 14:57 | 6594042 tarheeler
tarheeler's picture

nor should the "far right flank" compromise. they elected people to accomplish something and stand up for their constituants, not cowtow to obama!

Fri, 09/25/2015 - 15:01 | 6594069 To Infinity And...
To Infinity And Beyond's picture

It's like changing drivers of a car that's fallen off the cliff. Great distraction but end result is all the same.

Fri, 09/25/2015 - 15:33 | 6594244 ah-ooog-ah
ah-ooog-ah's picture

No-one died from falling off a cliff.    Hitting the ground,  well that's a different matter entirely

Fri, 09/25/2015 - 15:01 | 6594076 arbwhore
arbwhore's picture

Negative rates on a falling dollar. Safety indeed.

Fri, 09/25/2015 - 15:05 | 6594099 jakesdad
jakesdad's picture

in a perverse/gambling w/the end of the world (or at least us) kind of way it might actually be kind of interesting/entertaining to see how an actual full on debt ceiling constitutional crisis would play out.  last few near misses the left's tried to trot out the "full faith & credit" red herring which is objectively absurd but would kennedy (& let's cut to the chase - it all comes down to him) be willing to make the legally correct ruling if it meant setting off our collective vest?  personally, I think the trillion dollar coin is far less objectionable - it achieves the same end & while it may LOOK like a bigger joke from an optics perspective it requires a lot less (i.e. none) absurd legal rationale.

 

may we all live in interesting times...  oh, wait...

Fri, 09/25/2015 - 15:07 | 6594107 dvfco
dvfco's picture

The Pope told him the world was going to end September 30th.  

 

So, Boner wanted more attention and announced he'd be retiring in October.  Cock Smoker!  

 

The funny thing is, the Pope was just screwing with him.

Fri, 09/25/2015 - 15:07 | 6594108 wmbz
wmbz's picture

Gubmint shut down is and always has been just plain bullshit. Used as a scare tactic period.

Even if the so called "shut down "occurs 80% of gubmint keeps right on running, it's been done before.

This shit is way past old. Do me a favor and really shut it down!

80% still running is about 70% too much!

Fri, 09/25/2015 - 15:25 | 6594206 negative rates
negative rates's picture

You can't hold the gvt hostage to a gvt shutdown. we learned that with the debt ceiling debate a long time ago, now did'nt we?

Fri, 09/25/2015 - 16:00 | 6594353 daveO
daveO's picture

But, but... they's gonna git the FSA to riot.

http://ctmirror.org/2015/09/22/feds-tell-states-to-stop-processing-food-...

Pay up Cuckservatives!

 

Fri, 09/25/2015 - 15:13 | 6594138 ToSoft4Truth
ToSoft4Truth's picture

Boehner ran from Planned Parenthood faster than….  Bristol Palin runs from birth control. 

Fri, 09/25/2015 - 15:14 | 6594150 ucde
ucde's picture

According to Modern Monetary Theory, government spending is actually a necessary part of the economy. Public surplus is a bad thing and correlates with recessions and depressions. Public deficit spending correlates with 'good times'. 

When you understand that no new money can be created within the system (except for Banks own loaning, which usually just serves to booster financialization's profits), it becomes clear that 'governments are not households', their spending is not 'debt', and they certainly never have to pay back what they spend. Any fiscally sovereign country (e.g. can issue its own currency) is incapable of going bankrupt. 

This doesn't mean that money creation can go on ad infinitum without causing inflation. However the correlation between government spending and inflation is much less attested to in the data than many Austrians suppose; Weimar and Zimbabwe are anecdotal stories and very, very specific cases which do not prove the rule. 

Long story short: we can actually afford to print money and give it to everyone. 

https://www.reddit.com/r/BasicIncome

And we can do that without even raising taxes, which are themselves generally a relic and would have to be revised under MMT. 

For more on modern monetary theory, check out these videos:

Governments Are Not Households

Money and Public Purpose

and also:

What is Basic Income?

Hayek and Von Mises' thinking has some good insights but is generally wrong and reflects the time period from which it came, more than the reality of our times, or of economies generally. The neoliberal bastardization of Smith and Ricardo, if it isn't obviously broken enough for you in practice 1970-2008, is thoroughly refuted in theory by Paul Craig Roberts here. 

For a concise explanation of the self-contradictions in the concept of a "free market", see a summary of Polanyi here. That's literally just the tip of the iceberg. Food for thought.

 

Fri, 09/25/2015 - 15:38 | 6594267 The Indelicate ...
The Indelicate Genius's picture

Government spending isn't debt?

Then my income tax jack doesn't go to pay interest or P on any treasuries?

According to the laws of thermodynamics - you can't ever get something for nothing.

Fri, 09/25/2015 - 16:08 | 6594383 Escrava Isaura
Escrava Isaura's picture

 

 

Thermodynamics does not apply to economics.

 

“The only function of economic forecasting is to make astrology look respectable” --- John Kenneth Galbraith

 

Fri, 09/25/2015 - 16:00 | 6594352 Mercuryquicksilver
Mercuryquicksilver's picture

Curious, what is your profession and years experience, education? How much do you earn, and who pays you? (generalize as needed to remain anonymous if you prefer)

Fri, 09/25/2015 - 16:08 | 6594388 Escrava Isaura
Escrava Isaura's picture

 

 

Your request is irrelevant.

 

Fri, 09/25/2015 - 18:24 | 6594776 Mercuryquicksilver
Mercuryquicksilver's picture

Your comment is relevant. Thank you.

Fri, 09/25/2015 - 15:16 | 6594161 Barnaby
Barnaby's picture

Imagine him as a carrot-faced kid on a school bus, with everyone chanting "Boner, Boner, Boner go home," as he slumps down the aisle.

Ah, Johnny, it comes back again. Can't escape it, you Ohio dirtbag.

Fri, 09/25/2015 - 15:19 | 6594172 ah-ooog-ah
ah-ooog-ah's picture

"Any fiscally sovereign country (e.g. can issue its own currency) is incapable of going bankrupt."

   tell that to Argentina and Zimbabwe

Fri, 09/25/2015 - 15:24 | 6594200 Barnaby
Barnaby's picture

C'mon now, that iPod Nano I bought with a $10m Zimbabwe bill is worth every penny!

Fri, 09/25/2015 - 15:30 | 6594231 ah-ooog-ah
ah-ooog-ah's picture

I have one of those.   Printed on one side only

Fri, 09/25/2015 - 16:54 | 6594547 Chauncey Gardener
Chauncey Gardener's picture

They couldn't afford the ink for the back. Inflation...

Fri, 09/25/2015 - 15:22 | 6594192 Hubbs
Hubbs's picture

Oh cut the crap. The government is hardly going to vote for ANY monetary restrictions that might affect it. How many times have we been through this before?

 

Wolf, wolf, wolf!

Fri, 09/25/2015 - 15:34 | 6594240 MansaMusa
MansaMusa's picture

Shemitah bitchezzz!!

Fri, 09/25/2015 - 15:36 | 6594254 The Indelicate ...
The Indelicate Genius's picture

I'm pretty sure it's the Easter Bunny, maaan.

The Shemitah myths exposed: A FREE Report from American Vision

http://americanvision.org/12370/the-shemitah-myths-exposed-a-free-report...

Fri, 09/25/2015 - 15:33 | 6594243 quietdude
quietdude's picture

The weeping cheeto is gone? I was initially gratified, but, I am sure thy will find an even bigger crook.

ENJOY THE DECLINE

Sun, 09/27/2015 - 01:55 | 6598278 Major Malfunction
Major Malfunction's picture

Mmmm... Cheetos..

Fri, 09/25/2015 - 15:35 | 6594247 Sanity Bear
Sanity Bear's picture

Word has it that he sold out to Pelosi on Planned Barrenhood funding in order to prevent a shutdown, so this is his last Hail Bloody Mary to keep the K-Street gravy train rolling uninterrupted. Knew he couldn't survive it and that he was expendable. I'm sure he's pocketed more than enough to stay comfy for the rest of his miserable existence and has a Wall Street job lined up just like his crony Cantor did.

Fri, 09/25/2015 - 15:57 | 6594337 northern vigor
northern vigor's picture

"planned barrenhood"...that's worth an upvote just for that one...can I use it?

Fri, 09/25/2015 - 16:56 | 6594554 Chauncey Gardener
Chauncey Gardener's picture

Planned baronhood, as in robber barons. Fixed it for 'ya.

Fri, 09/25/2015 - 15:36 | 6594257 Skip
Skip's picture

His daughter married an African immigrant and old Boehner was so happy, seriously! We have NO friends in the GOP, save a Jeff Sessions and a handful of others...

DNC Hires Illegal And Brags About It; What Will GOP Do?
https://www.vdare.com/wp-content/uploads/2015/09/Cindy-Nava.jpg
Illegal immigrant Cindy Nava with Joe Biden, Rep. Michelle Grisham, and Jill Biden. Remember to pay your taxes and obey the law, you peasants!

Obamacrats Stay With No-Borders/Kidinvasion Stratagem. GOP Leadership Stays Bribed

The Obamacrat No Borders policy and cynical exploitation of American kindness and sentimentalism using the Kidinvasion stratagem is continuing full swing.
Essentially U.S. Border Officials have become travel expeditors. Further encouraging more invaders even the possibility of detention is being shut down

It should not be forgotten that none of these burdens on the American taxpayer would be here if the Treason Lobby had not prevented the building of an Israeli-style border fence.

Immigration War veterans will not be surprised at the obscurity of these news sources. The MSM has exercised its prerogative to decide the 2015 Kidinvasion being promoted by the Obama Administration is Not News.
Nor will they be surprised that there is a resounding silence from the GOP Congressional Establishment.

The most plausible reason for this objectively weird behavior is corruption. I pointed this out in December in Why Has GOP Leadership Spurned Base, Election And Constitution? Severe ADD (Adelson Dollar Disorder)!. They have been paid off to connive at the immivasion of America plus whatever leftist social engineering catches the fancy of the big Donors.

And they are staying bought.

Fri, 09/25/2015 - 15:38 | 6594266 taketheredpill
taketheredpill's picture

Quick tangential question from a Canadian.  Is Boehner's name pronounced the way it's spelled?

 

Fri, 09/25/2015 - 16:06 | 6594377 daveO
daveO's picture

he says Bayner. We say Boner.

Fri, 09/25/2015 - 15:55 | 6594329 Moe Howard
Moe Howard's picture

That pole smoker needs to hit the road and don't come back no moar no moar, hit the road Boner and doncha come back no moar.

Fri, 09/25/2015 - 15:58 | 6594341 Able Ape
Able Ape's picture

534 Jewish Cheerleaders need to follow Johnny B_Gone...

Fri, 09/25/2015 - 16:10 | 6594396 NeedtoSecede
NeedtoSecede's picture

I skipped the article and signed in just to say Hell yes, shut IT down!

 

I would prefer to burn it down, but that probably won't happen until the EBT cards stop working...

 

Secession anyone?

Fri, 09/25/2015 - 16:21 | 6594450 CosmicDebris
CosmicDebris's picture

I wonder what he was really crying about. Doubt it was about any sentimental reasons. Maybe he just needed a drink.

Fri, 09/25/2015 - 16:24 | 6594465 DonGenaro
DonGenaro's picture

they need to find a replacement quick - israel's dick is going flaccid

Fri, 09/25/2015 - 16:32 | 6594505 gcjohns1971
gcjohns1971's picture

What abject kabuki theater.

 

Congress does not get to decide how much the government must spend.

How much the gov't must spend is decided by the amount of T-bill debt being rolled over. 

In order for it to be POSSIBLE to roll-over they must spend an amount at least equal to the rolled over principal plus ACCUMULATED interest.

 

Failure to do that - FOR ANY REASON - will result in currency collapse BECAUSE OF HOW THE CURRENCY SYSTEM IS DEVISED.

$1 of debt face value is the CB asset that secures $1 of currency. 

Except the debt bears an interest rate, that gets payed out before roll-over, leaving insufficient currency in the system to roll over the debt without additional monetary creation.

Congress' only decisions are:

1) Whether or not to spend MORE than that...and

2) On WHOM to spend.

 

Fri, 09/25/2015 - 17:10 | 6594587 Tortuga
Tortuga's picture

Ho hum.

No need to drag the day of reckoning out.

File the motion to vacate the chair today. Oct 30 is 154 more secret deals and kisses with Pelousy.

Let's get the reset started.

 

Fri, 09/25/2015 - 17:13 | 6594594 cinderalle
cinderalle's picture

he has no more tears left to shed, the man is a wimp, if he is a man at all

Fri, 09/25/2015 - 18:43 | 6594747 Sir Edge
Sir Edge's picture

Now If The Rest of the US Congress and Senate Could Also Be So Inspired... and AIPAC

Fri, 09/25/2015 - 19:04 | 6594830 Secret Weapon
Secret Weapon's picture

I have always wondered what was in his blackmail packet.  It is the only thing that explains a lot of what goes on in DC.  Bottom line is you will get a different DJ but be forced to listen to the same shitty music as before. 

Fri, 09/25/2015 - 19:04 | 6594943 SmittyinLA
SmittyinLA's picture

McCarthy's district is:

  • Broke 
  • Unemployed
  • Latino
  • On welfare
  • Mexican Socialist
  • Upside down mortgage 
  • Over 60 % Latino immigrant
  • Out of water

What will McCarthy do?

He will print.

 

 

Fri, 09/25/2015 - 19:12 | 6594970 22winmag
22winmag's picture

The oil-soaked, spy-riddled Congress will do nothing as usual...

Fri, 09/25/2015 - 19:54 | 6595092 wholy1
wholy1's picture

Hmmmm.  With the "Boner" gone limp, what's "Barry" to do now?

Fri, 09/25/2015 - 20:01 | 6595110 wholy1
wholy1's picture

Ummmm.  With the "Boner" gone limp, what's "Barry" to do now?  Ah!  Next Goldman Hacks/JPM/corp-owned legisTRAITOR Hussey Sneaker puppet, please!

Fri, 09/25/2015 - 20:09 | 6595131 wholy1
wholy1's picture

Ummmm.  With the "Boner" gone limp, what's "Barry" to do now?  Ah!  Next Goldman Hacks/JPM/corp-owned legisTRAITOR Hussey Sneaker puppet, please!  Will "It" be as readily available to give it to/take it from "Barry" as "the Boner"?  I'm on a roll - pls cut me some slack, Folks!

Do NOT follow this link or you will be banned from the site!