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DC Soap Opera Update: 17 Republicans To Vote Against Doomed Boehner Plan In The House

Tyler Durden's picture




 

Below is the latest soap opera update per Bloomberg:

  • House can pass Boehner debt-limit proposal without the support of no more than 23 of chamber’s 240 Republicans; 17 have said they will vote “no,” according to Bloomberg count.
  • US House of Representatives tentatively scheduled to vote on Boehner debt bill between 5.45-6.15 PM EDT
  • Measure needs 217 “yes” votes to pass.
  • No Democrats have said they will support the plan.
  • Vote expected around 6 p.m.
  • House Republicans meeting this morning at 9 a.m.
  • Reid has said measure will not pass Senate and Obama has threatened veto.

 

 

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Thu, 07/28/2011 - 10:04 | 1500899 snowball777
snowball777's picture

Boehner is pulling a Gingrinch; how long until he claims he's "...not willing to preside over people who are cannibals" from the Tea Potty?

 

Thu, 07/28/2011 - 10:07 | 1500908 GetZeeGold
GetZeeGold's picture

 

Patriots Bitchez.

 

Thu, 07/28/2011 - 10:36 | 1501033 Fish Gone Bad
Fish Gone Bad's picture

The Tea Party will eat Boehner's lunch.  Patriots, bitchez - is right.

For those not familiar with the Tea Party agenda:

1)  Get rid of the Democrats.

2)  Get rid of the Republicans.

3)  Be fiscally responsible.

Thu, 07/28/2011 - 10:48 | 1501108 i-dog
i-dog's picture

What a coincidence ... 1 and 2 are also on Obomber's agenda!! (He also claims 3, but his lips were moving when he said it).

Thu, 07/28/2011 - 11:20 | 1501193 flattrader
flattrader's picture

You forgot an agenda item.

 

The most important agenda item.

4) Suck Koch

Thu, 07/28/2011 - 11:21 | 1501195 flattrader
flattrader's picture

You forgot an agenda item.

 

The most important agenda item.

4) Suck Koch

Thu, 07/28/2011 - 12:14 | 1501352 JimBowie1958
JimBowie1958's picture

There is no need to bring Barney Frank into this discussion, is there?

Thu, 07/28/2011 - 12:49 | 1501486 flattrader
flattrader's picture

Wrong sucker.  Wrong Koch.

Koch...as in Bros. Industries.

Never have so many old, fat-assed Americans been on-board with promoting the agenda of Billionaire predators.

Thu, 07/28/2011 - 11:37 | 1501227 FEDbuster
FEDbuster's picture

1. Ron Paul

2-17 ??  Anyone have a list of patriots willing to vote "no" to the continuing madness?

 

Hasten the Collapse, OBAMA 2012

Thu, 07/28/2011 - 12:23 | 1501386 koaj
koaj's picture

i would bet Walter Jones (NC) and Connie Mack (FL) are no voters

 

same with bachmann but i dont trust her "patriotism"

Thu, 07/28/2011 - 14:08 | 1501708 LauraB
LauraB's picture

Just found this: Conservative groups making final push to defeat Boehner plan: http://politicalticker.blogs.cnn.com/2011/07/28/conservative-groups-maki...

Here are the 18 firm "No" votes:Representatives Todd Akin of Missouri, Michele Bachmann of Minnesota, Paul Broun of Georgia, Jason Chaffetz of Utah, Jeff Duncan of South Carolina, Jeff Flake of Arizona, Chuck Fleischmann of Tennessee, Phil Gingrey of Georgia, Louie Gohmert of Texas, Tom Graves of Georgia, Tim Huelskamp of Kansas, Jim Jordan of Ohio, Connie Mack of Florida, Mick Mulvaney of South Carolina; Ron Paul of Texas, Dennis Ross of Florida, Steve Southerland of Florida and Joe Walsh of Illinois.

Here is who to call to pressure for a "No" vote: Representatives Allen West of Florida, Marsha Blackburn of Tennessee, Bill Johnson of Ohio, Blake Farenthold of Texas, Doug Lamborn of Colorado, Mike Pence of Indiana, Austin Scott of Georgia, Bill Flores of Texas, Jack Kingston of Georgia, Scott Garrett of New Jersey, Joe Barton of Texas, and Kevin Brady of Texas

Thu, 07/28/2011 - 10:12 | 1500934 Clueless Economist
Clueless Economist's picture

How effing stupid are people???  There ARE NO cuts in any of these plans, only cuts in the rate of growth.

OK Larry Krugman listen up.  If I spend $1,000 a year on clothing and plan on spending $1,300 next year, but I pledge only to spend $1,200, that is NOT a cut of $100. 

That is what these morons in DC are pushing, and to make it worse it is spread out over 10 years, backloaded of course.

But the MSM will report a deal was reached with $2 Trillion in cuts.

ARGHHHHHHHH

Thu, 07/28/2011 - 10:36 | 1501053 snowball777
snowball777's picture

Yeah, same goes for Paul Krauthammer.

Thu, 07/28/2011 - 10:37 | 1501059 bk1037
bk1037's picture

I agree with that, Clueless, but there's only so much shit that can go down at one time in the public discourse. That's the sad reality. Look at the poll numbers showing how fed up Americans are as a whole with this, and needless to say, many of these idiots will think the crisis will be largely passed if they reach an agreement on a way forward out of this. Your example points out quite well the status, we have no chance of getting down to the $1,000 level in your example (or perhaps even $900 to allow debt reduction once more) for the long term future. More and more, those on the international front may begin to compel action on this strategy, not just improvement but long term trajectory to actually reduce debt not just slow the rate of increase. How come we all can see that, yet common sense leaves the building when these people go to Washington? I hate saying this, but perhaps we need something forced on us to manage the debt better because we seem to be unable now to do it on our own. Sad.

Thu, 07/28/2011 - 10:39 | 1501065 John McCloy
John McCloy's picture

They should just call it what it is and that is "slowing the rate of spending" and not a cut. 

Thu, 07/28/2011 - 11:14 | 1501167 dxj
dxj's picture

The only cuts this Congress can realistically enact are the cuts for this Congress. There is no way they can credibly claim to have the power to make cuts for future Congresses. My friend Pluto will gladly pay you Tuesday for a hamburger today.

Thu, 07/28/2011 - 12:48 | 1501481 T-roll
T-roll's picture

To answer your question, the sheeple are very effing stupid.  I was just telling my wife how ridiculously small the cuts are if you spread them out over 10 years.  Hell, even if we cut 1 trillion from the current budget we would still be running a deficit.  The fact of the matter is that the government will not make any cuts until ABSOLUTELY necessary.  That will come when Medicare, SS, Medicaid, defense spending and the interest on all of this debt consume so much of our budget that they will be forced to cut virtually all discretionary spending.  Gov't is never proactive...always reactive.

Thu, 07/28/2011 - 10:24 | 1500988 SheepDog-One
SheepDog-One's picture

Right. everyone knows the answer is just go along and print ever more money, heaven forbid the bankruptcy is actually ever addressed and some multi billionaires actually have to take a haircut, OH NOES cant have that! Saying this is all BS is 'irresponsible' because we all know not raising the debt ceiling to infinity in a depression will cause 'catastrophic results' and we cant deal with that. Far better to have complete total collapse later, just not now.

Thu, 07/28/2011 - 10:36 | 1501054 A Man without Q...
A Man without Qualities's picture

"hyperinflation or death"

Thu, 07/28/2011 - 10:44 | 1501090 snowball777
snowball777's picture

- raise the ceiling (2T)

- make substantial cuts (e.g. SS inflation adjustment and means-testing...$4T over 10 years)

- raise revenues (e.g. eliminate loopholes and make hedge compensation income like any other)

You know you're on the right track in politics when everyone has something to complain about.

Thu, 07/28/2011 - 12:25 | 1501397 Founders Keeper
Founders Keeper's picture

[Far better to have complete total collapse later, just not now.]---SheepDog-One

IMO

  • Raising the debt ceiling = total collapse
  • NOT raising the debt ceiling = total collapse

Better to put it off until later? Since when did being honest "later" become the greater virtue?

SheepDog, what's going on? You don't seem yourself lately.

 

Thu, 07/28/2011 - 10:41 | 1501080 slaughterer
slaughterer's picture

Yup, exactly.

Boehner = Gingrich

Obama = Clinton

Can't wait to see the political cartoon of Boehner in diapers crying on the cover of the popular press on Monday.    On second thought, maybe not.

Thu, 07/28/2011 - 10:05 | 1500902 Pchelar
Thu, 07/28/2011 - 10:12 | 1500933 dwdollar
Thu, 07/28/2011 - 10:22 | 1500980 Pchelar
Thu, 07/28/2011 - 11:17 | 1501179 caerus
caerus's picture

+ infinity morello's the shit...watched him play with cypress hill a while back

Thu, 07/28/2011 - 10:07 | 1500909 nah
nah's picture

they cant travel

.

900 billion dollars into the future

Thu, 07/28/2011 - 10:08 | 1500911 I am a Man I am...
I am a Man I am Forty's picture

the best thing that could possibly happen is nothing passes, they don't raise the debt ceiling, and they have to start prioritizing payments, now that would be something to watch

Thu, 07/28/2011 - 10:12 | 1500930 snowball777
snowball777's picture

Better get the EMS lined up for when the octogenarian gangs start to roll (some quite literally) on Washington for "my check" (if you've ever heard a retiree talk about their "check" as if the entire damn country works solely to support their prescription drug habit and condo lifestyle, you know from whence I speak).

 

Thu, 07/28/2011 - 10:27 | 1501003 WonderDawg
WonderDawg's picture

Not to be a bitch, but many of those retirees paid into SS for 40 years or so. I'd want my check, too. Hard to be pissed at someone who is pissed because the .gov stole their money.

Thu, 07/28/2011 - 10:40 | 1501072 Fish Gone Bad
Fish Gone Bad's picture

.gov has stolen a lot of people's money.  When 40 cents of every dollar spent, is borrowed, who pays for that?

Thu, 07/28/2011 - 10:46 | 1501098 WonderDawg
WonderDawg's picture

I'm not sure I understand your point. The people who lent money to the .gov pay for it. I know you're trying to make a point, but I don't see how it pertains to my point, which is if the .gov takes my money and promises to pay it back, I'll be understandably pissed if they don't pay me back.

Thu, 07/28/2011 - 11:01 | 1501145 Timmay
Timmay's picture

It's called INFLATION, that's where the Gov takes everyone's money (denominated in Fiat of course).

Thu, 07/28/2011 - 10:50 | 1501114 snowball777
snowball777's picture

I've paid my car insurance for 20 years and never received a check. If they'd paid in what they're taking out, they'd have reason to complain. Until then, means-testing.

Thu, 07/28/2011 - 11:41 | 1501225 dxj
dxj's picture

The people who paid into the Madoff Ponzi scheme want their check too. It doesn't change the fact that SS is a Ponzi scheme and that the "trust fund" was already spent on foreign adventures. Rape my grandkids if you must, but I want my check.

Thu, 07/28/2011 - 12:21 | 1501376 JimBowie1958
JimBowie1958's picture

The people who paid into the Madoff Ponzi scheme want their check too.

And guess what? They are getting a good chunk if not most of it back, too.

It doesn't change the fact that SS is a Ponzi scheme ...

You apparently dont know what a Ponzi scheme is.

... and that the "trust fund" was already spent on foreign adventures.

No, it was 'borrowed' and spent in the general treasury as has been done for decades. The only difference now is that SS is changing from a net gain in revenue to a net cost. Too bad that Congress has to actually pay back that money but they had damned well better carry through on their promises. If they just repay the stolen/borrowed money, SS is good for several more decades.

Rape my grandkids if you must, but I want my check.

How about we just stop baling out these damned Wall Street banks instead? No one wants to rape your grandkids.

 

Thu, 07/28/2011 - 10:13 | 1500935 Cole Younger
Cole Younger's picture

"the Treasury could print money to pay its bills, and the Fed could soak up the excess liquidity by selling its Treasury holdings. Between the Fed’s holdings of Treasurys, and Fannie Mae andFreddie Mac bonds and other securities held by the Fed, this drill could keep the government going and all creditors paid for another 18 months."

http://www.csmonitor.com/Business/Latest-News-Wires/2011/0728/Can-the-Treasury-Department-really-run-out-of-money/(page)/2

Thu, 07/28/2011 - 10:15 | 1500953 snowball777
snowball777's picture

Sell to whom?!

Thu, 07/28/2011 - 10:25 | 1500993 Cole Younger
Cole Younger's picture

Good point....China?....It's the theorehtical stuff floating about...Not even sure if the numbers are correct...Maybe it's a hopey changy thing. I know I wouldn't buy them....

Thu, 07/28/2011 - 10:39 | 1501064 slaughterer
slaughterer's picture

FYI: I bought tons of "that stuff."  I have made over 500% gains on it. 

Thu, 07/28/2011 - 14:36 | 1501783 John_Coltrane
John_Coltrane's picture

A counterparty as always.  The price is the only issue.  Might not be what they're carrying them on their books though!

Thu, 07/28/2011 - 15:40 | 1501979 A Lunatic
A Lunatic's picture

Sell them to Sheeple in the form of "recovery bonds". It's all the rage you know. Patriotic too. Mandatory. Automatically deducted from their paycheck. Only a Terrorist could say no.

Thu, 07/28/2011 - 10:09 | 1500915 kaiten
kaiten's picture

It would be comical, if it wasnt so serious.

Thu, 07/28/2011 - 10:27 | 1501007 Pchelar
Pchelar's picture

Situation hopeless, but not serious...

Thu, 07/28/2011 - 10:09 | 1500916 DonnieD
DonnieD's picture

Exactly what Obama wants. Now he can invoke the 14th Amendment and pronounce himself Dictator of the United States.

Thu, 07/28/2011 - 10:14 | 1500948 i-dog
i-dog's picture

Exactly! (If not now--due to a last minute "compromise"--then most definitely next year).

Thu, 07/28/2011 - 10:42 | 1501085 MichaelG
MichaelG's picture

How does 'invocation' work exactly?  (Declare TARP, TALF and PPIP to be "incurred in aid of insurrection or rebellion against the United States" and hold them "illegal and void"?  Works for me...)

Thu, 07/28/2011 - 10:10 | 1500917 Doode
Doode's picture

How about passing that agreement that Boehner and Reid agreed on last last Sunday with 800 billion in tax base increase that president skuttled in the very last moment with an additional 400 billion in new taxes? It can possibly pass House and Senate. If Obama vetoes it - it is all on him. Fair and square - it would also avoid any downgrade I understand because cuts there are substantial.

Thu, 07/28/2011 - 10:16 | 1500955 Cole Younger
Cole Younger's picture

Nothing will make it to Obama's desk unless he wants it. The Senate is Obama's veto.

Thu, 07/28/2011 - 12:55 | 1501498 T-roll
T-roll's picture

Agreed.  I was making this point to someone yesterday. 

Thu, 07/28/2011 - 10:18 | 1500966 CrashisOptimistic
CrashisOptimistic's picture

 

The tax base increase was something that they were going to count explicitly, but not something that was going to result from action.

The GDP projections embedded in the CBO baseline presumes growth, and lower unemployment, and increased tax revenue as a result.  They were going to count that, even though it's in the CBO baseline (just as the war drawdown savings are in the CBO most plausible baseline).

Nothing new was going to happen.  It was window dressing to get Dem votes.

The truth of the matter is the Democrats had total control of Congress and the Presidency for 2.5 years and not once, not even once, did they pass any sort of sweeping tax increase.  They didn't do it for one reason: They could not have gotten it past their own caucus.  It would have been voted down by . . . themselves.

Now, they withdrew that request for that reason and another.  Tax increases are instant fiscal contraction.  No 10 year delay.  Instant.  It would crush GDP in FY2012 and jack up unemployment during the campaign.

They are all lying to some degree.

Thu, 07/28/2011 - 10:14 | 1500924 Chief KnocAHoma
Chief KnocAHoma's picture

I think these men should hold the line. There comes a time when people must restrict the errosion of our future to the hands of banking parasites and say ENOUGH.

Either we suffer the consequences now, or our children will face the hardship years from now. The one thing we should all pledge to do is leave this earth having done all we can for those we brought here.

Stay strong!

I am The Chief

Thu, 07/28/2011 - 10:36 | 1501051 Spastica Rex
Spastica Rex's picture

Either we suffer the consequences now, or our children will face the hardship years from now.

Yeah, about that - I think our children are going to "face hardships" regardless of what hocus-pocus comes out of this particular budgetary process.

Thu, 07/28/2011 - 11:18 | 1501181 MachoMan
MachoMan's picture

Which is exactly why repudiation is the only reasonable choice...  although, I think it's a fair question to pose that if we are planning on repudiating, why not spend until we can spends no more?

Thu, 07/28/2011 - 12:24 | 1501392 JimBowie1958
JimBowie1958's picture

But while pile yet even more on top of the crap they are already destined to deal with?

Thu, 07/28/2011 - 11:07 | 1501156 karzai_luver
karzai_luver's picture

The bankers have taken your insipid pledge and will crush you with it.

The only feathers I see are the ones you have stuck up your ass.

 

Bankers welcome austerity under a FED system.

 

 

Thu, 07/28/2011 - 11:51 | 1501285 pods
pods's picture

Absolutely. The banksters have become "flush" with cash again, and are salivating at the thought of picking up some good bargains in the coming deflationary crunch.

When I say flush, I mean that relatively, as they still are holding a gazillion in mark to fantasy assets already that qualifies them as insolvent.  

They want blood in the streets, as the little guys will fail before they do.  They have the .gov to back them up, being TBTF and all.  They need deflationary times to acquire some valuable assets at pennies on the fractionally created dollar.  That is how the game is played.  They gorge themselves on interest during the boom times, then take possession of the real property during the bust times.

Fractional Reserve Banking 101.

pods

Thu, 07/28/2011 - 15:18 | 1501922 Chief KnocAHoma
Chief KnocAHoma's picture

karzi and pods -

It matters not how much cash they have if said cash becomes worthless. I hold no CDS or worthless loans or over valued real estate - They are holding that shit and are about to be forced to eat it. No more sucking us dry.

I am The Chief

Thu, 07/28/2011 - 10:12 | 1500927 youngman
youngman's picture

Obama wants the 14th admendment..it will make him look powerful and decisive......I just hope the Republicans immediatly start the impeachement...

Thu, 07/28/2011 - 10:14 | 1500943 snowball777
snowball777's picture

Yeah, that worked out great last time. LOL

Thu, 07/28/2011 - 10:21 | 1500976 CrashisOptimistic
CrashisOptimistic's picture

There will be no impeachment for such a reason.

The maneuver itself would be pointless and is unlikely for that reason.

You see, spending authority expires 1 October on the FY2011 continuing resolution.  He has to stop spending at that point regardless of the debt ceiling.

So the maneuver has no point.  It would buy only 6 weeks.

Thu, 07/28/2011 - 11:07 | 1501158 MobBarley
MobBarley's picture

Ah, the greatest lie ever told.

 

The point would be to put the power in POTUS hands.

 

It's a very big point , really.

 

When the President has the authoritah to arbitrarily raise

the debt ceiling and print fiat currency you have abolished

the final relationship between money and stored value

of work man hours.

He can buy as much time as he wants, anytime.

 

 

Thu, 07/28/2011 - 12:28 | 1501409 JimBowie1958
JimBowie1958's picture

You will have also just trash-canned the last vestife of restraint on the Oval Office as well as the Constitution itself in all practical terms.

Thu, 07/28/2011 - 10:13 | 1500939 deepsouthdoug
deepsouthdoug's picture

Thought it was 80 Repub nos on raising the debt increase? 

Thu, 07/28/2011 - 10:14 | 1500944 A Lunatic
A Lunatic's picture

Boehner is just a Pelosi in wolfs clothing, same shit different tyrant.

Thu, 07/28/2011 - 10:14 | 1500945 Wynn
Wynn's picture

"Obama has threatened veto."

 

I believe they said, "senior advisors to the president would recommend a veto". Thus, as always, meaning nothing.

Thu, 07/28/2011 - 10:31 | 1501023 SheepDog-One
SheepDog-One's picture

Who are the presidents senior advisors? The Wu Tang Clan?

Thu, 07/28/2011 - 10:42 | 1501076 Remo Williams
Remo Williams's picture

http://www.youtube.com/watch?v=YvY6DU-uEiw

double posts ain't nuttin ta fuck wit either...

Thu, 07/28/2011 - 10:43 | 1501088 slaughterer
slaughterer's picture

I heard Insane Clown Posse moved into that tent in the back of the White House.

Thu, 07/28/2011 - 11:35 | 1501226 gatorontheloose
gatorontheloose's picture

diversify your bonds, son

Thu, 07/28/2011 - 10:19 | 1500956 dwdollar
dwdollar's picture

I think some are starting from the false presumption that this thing can be turned around.

Sorry...  We crossed the point of no return years ago.

What you see now is nothing but a comedy routine before the end.

Thu, 07/28/2011 - 10:18 | 1500965 the phantom
the phantom's picture

Forgive the 1.2T  US owes the Fed and go from there...

Thu, 07/28/2011 - 10:21 | 1500967 DosZap
DosZap's picture

They have he funds to  pay necessary debts, and SS.

If they choose not to, it's ALL on the Obama Administration.

I recall the Health Care Bill, the Nazi's in control then, did not even allow the GOP in on the meetings, nor were they allowed time to read it. Even though liar Obama said it would be ONLINE for all Americans to read for 48 hrs before the vote.

No one was given time to read 2000+ pages of socialist/fascist shit.

As the Union's wrote it, and the Upper Echelon Dems.

60% + of Americans said NO, the Dem's did it anyway..............So who's ass is the blackest here?.

So funny, when the Dem's get their way, they always are happy.

The picture of Pelosi with the 30# Gavel w/ the $20k plastic smile marching to the Floor to vote the ObamaScam into place was Sooooooo wonderful.

Sorry puta.

Thu, 07/28/2011 - 10:57 | 1501128 snowball777
snowball777's picture

When given a choice between stiffing soldiers and old people with their hands out....go with the old people.

Thu, 07/28/2011 - 10:20 | 1500972 Herne the Hunter
Herne the Hunter's picture

It's like playing a game of chicken with an iceberg...

Thu, 07/28/2011 - 10:21 | 1500975 Putty
Putty's picture

This reminds me of the Greek austerity votes where the sole focus is on 5 or so votes.

Thu, 07/28/2011 - 10:33 | 1501038 SheepDog-One
SheepDog-One's picture

The dog and pony race always comes down to 'teetering on 2 votes, someones got to swing here theyre neck and neck' then last second the 1 vote to get over the finish line is always found!

Thu, 07/28/2011 - 10:22 | 1500981 Cone of Uncertainty
Cone of Uncertainty's picture

This will pass the House, which then puts the ball in Reids court.

If the Senate down votes this bitch it will be their asses on the line.

Of course, I would like to see something pass and go to Obama's house so he has to sign and look like like a little biatch.

Thu, 07/28/2011 - 10:27 | 1501000 bk1037
bk1037's picture

That's the attitude why this drama continues and escalates. It's not about addressing the issue, it's about attempts to make the other guy look bad. So much for being the United States of America.

Thu, 07/28/2011 - 10:31 | 1501027 Cone of Uncertainty
Cone of Uncertainty's picture

Well, the American ideal was lost a long time ago, and at this point I could give a flying fuck what happens with our economy and the debt and anything else.

I have my ducks in a row, which is all that matters.

Thu, 07/28/2011 - 10:37 | 1501058 jkruffin
jkruffin's picture

Amen to that Cone,  only ones in trouble are the crooks on Wall Street.  Default is good for every citizen across the board:

1. Lower taxes

2. Dollar stronger and gets a ton of buying power back

3. Wall Street euphoria gets pummeled

4. TBTF goes bankrupt and those worries end

5.  Oil prices, food prices, and other prices collapse

 

We can keep going about how good default really is, but the Wall Street politicans will lead you to believe it is bad...Ask all the previously defaulted countries that defaulted how much better everything is for them now.

Thu, 07/28/2011 - 10:52 | 1501115 bk1037
bk1037's picture

Sorry, all of this is in La-La land. No chance in hell of lower taxes for a long time no matter what happens. Wall St. may go through some uncertainty but will all the billions there, they will weather this. You forget the financial elite control the Congress, TBTF will not be allowed to go under. ANd it's a real dream for pricing to collapse. What you actually will get is a variation of more of the same, with America continuing on its diminished status, with people questioning their lending money to the USA, so interest rates certainly will climb or they won't lend money. All the other countries are not the United States, with its unique position in so many ways. They are afraid like hell of another destabilization, this time globally, a la Lehman. The fiat structure, or Ponzi, will continue.

For someone like Cone who is self-insulated, I'm not going to debate that. But I'm willing to bet you there are a lot more people in this country who are interested in the economy, and much of the drama is intended for those people instead of those that have concluded it's over and have shut themselves down. I am not one of those.

Thu, 07/28/2011 - 10:53 | 1501116 bk1037
bk1037's picture

Sorry, all of this is in La-La land. No chance in hell of lower taxes for a long time no matter what happens. Wall St. may go through some uncertainty but will all the billions there, they will weather this. You forget the financial elite control the Congress, TBTF will not be allowed to go under. ANd it's a real dream for pricing to collapse. What you actually will get is a variation of more of the same, with America continuing on its diminished status, with people questioning their lending money to the USA, so interest rates certainly will climb or they won't lend money. All the other countries are not the United States, with its unique position in so many ways. They are afraid like hell of another destabilization, this time globally, a la Lehman. The fiat structure, or Ponzi, will continue.

For someone like Cone who is self-insulated, I'm not going to debate that. But I'm willing to bet you there are a lot more people in this country who are interested in the economy, and much of the drama is intended for those people instead of those that have concluded it's over and have shut themselves down. I am not one of those.

Thu, 07/28/2011 - 10:28 | 1501008 jkruffin
jkruffin's picture

I guess all the politicans need to go back in and come up with another plan, they forgot this........

 

Gov't: Health tab to hit $4.6 trillion in 2020
Thu, 07/28/2011 - 10:29 | 1501010 Bama
Bama's picture

Any way to find out who the 17 are? 

Thu, 07/28/2011 - 10:30 | 1501019 savagegoose
savagegoose's picture

no ceiling raise, infers cuts. it infers the spending will be cut as of tommorrow , and all planned spending increases will be cut forthwith. the tea party have the best plan of all.

now its ju7st upto to president " the buck stops with you" obamma. to sit back and wait for someone to actually work out where the cutsa are going to come from.

Thu, 07/28/2011 - 10:30 | 1501020 youngman
youngman's picture

and gold and silver are down.......buy those treasuries...yeah right

Thu, 07/28/2011 - 10:32 | 1501021 savagegoose
savagegoose's picture

oops .

Thu, 07/28/2011 - 10:34 | 1501043 AngleBangle
AngleBangle's picture

Boehner's plan will pass the House.  Reid will hijack it in the Senate over the weekend and send it back amended as his plan / plus the Gang of 6 provisions, forcing Boehner to capitutalte or accept the role of being the first to call out the King for not wearing any pants.  And nobody in Congress wants to play that role because that's what Ron Paul does and look at what everybody thinks of him.

End result: no real cuts, a debt limit that doesn't have to be re-addressed until after November 2012 and 4 more years of, "OMMFG, we have to fix this crisis..."

Of course, the House already passed a plan.  Why Boehner is continuing to compromise with himself is anybody's guess.

Thu, 07/28/2011 - 12:37 | 1501438 JimBowie1958
JimBowie1958's picture

Yes, doesnt this second bill amount to a pre-emptive compromise with the Democrats prior to a reconciliation of opposite bills?

Negotiating successfully requires one get the other side to compromise along with you and doing it prior to their offers is just a good way to lose the negotiations.

Thu, 07/28/2011 - 10:49 | 1501110 lizzy36
lizzy36's picture

You know what the President should do?

American Idol....the Debt Ceiling Edition.

Sunday night, Reid gets 15 mins Boehner gets 15 mins, each to explain plan. Five mins for J-Lo to explain CBO scoring. Phone banks open for 2 hours.

At the end the winner is declared.

Problem solved.

Thu, 07/28/2011 - 10:58 | 1501129 Boom_Bust_Babe
Boom_Bust_Babe's picture

I think it is interesting that we are so willing to blame our politicians for everything and so easily forget who it is that got them into office in the first place.  It takes a special kind of person to be a politician - you have to have ego that needs more constant attention and affirmation than a Holywood Actor and, given the plutocracy we live in, a set of principles bundled for sale to the highest bidder.  It is no small wonder that the policital class is not made of the stuff to make real decisions.  Until we, the American people, decide to vote for independent candidates that do not feel the need for a permanent job on the Hill and until we the American people are willing to make the sacrifies we need to make now - we derve what we get - every selfish, over-indulgent, greedy, privilged, hypocritical, ignorant, intolerant, superficial one of us.

Kennedy said it best people.

Ask not what your country can do for you - ask what you can do for your country

Thu, 07/28/2011 - 11:07 | 1501157 Timmay
Timmay's picture

Umm, that's called TERM LIMITS.

 

Good luck with that.

Thu, 07/28/2011 - 12:12 | 1501347 Thisson
Thisson's picture

Then how do you explain Ron Paul and Chris Christie?

Thu, 07/28/2011 - 13:00 | 1501514 T-roll
T-roll's picture

Ask not why your country is so screwed up...ask how you can take your country back!  Revolution bitchez!

Thu, 07/28/2011 - 15:35 | 1501969 ZeroAffect
ZeroAffect's picture

Politicians are easy to blame - they help draw voting districts to get themselves re-elected, they favor big contributors with pork barrel spending, they foster voter fraud, they thumb their noses at the sheeple (mostly in private), when a good solid candidate finally makes it they are often co-opted by the Elites into becoming a Wannabee Elite, male politicans are comprimised by some sexual encounter (good for blackmailing), then if they are ever voted out they get huge payoffs from lobbying firms. The list goes on and on. So yeah, you're right-on but even courts shoot down the voters all the time on stuff that passes by huge majorities.

Bottom-line - we are in the last stages where TYRANNY will finally rule the country. Then, there might be REAL trouble coming down the pike.

Thu, 07/28/2011 - 11:18 | 1501182 Catullus
Catullus's picture

So those republicans who vote against it should also respond and say "I have no confidence in the leadership of the republicans on the Hill to construct policy that is befitting the tenents of the party. Mr. Boehner has had his chance. It's time to step aside."

Then they need to change the tenor of this debate and propose lowering the debt ceiling to improve the country's credit rating overtime.

Thu, 07/28/2011 - 11:18 | 1501183 agNau
agNau's picture

This whole process for many years is like running your washer without adding detergent.
Wash, rinse, repeat.
You end the cycle with dirty clothes, and more waiting to be "cleaned"!
We are Greece. Unable to make payment, Greece is bailed out by Germany.
Three months later, Greece is again unable to make payments, and is bailed by Germany........repeat.
Problem is the creator of debt. The US Dollar.
We will add more clothes to the next load. We will be promised detergent this time. We all know we will see.......wash, rinse, repeat!
The ONLY solution is to neuter the Dollar. When the dollar can no longer be created, this will end.
Two party system = polarized Nation and distraction from real problem. This has been nurtured for many years. It will be maintained at any cost!

Thu, 07/28/2011 - 11:39 | 1501232 overmedicatedun...
overmedicatedundersexed's picture

This current government in DC is not My Government..they are the cause and result of the corruption of the constitution and founding documents.

fundamental reforms will not happen with the current elite  who are there in DC to promote the NWO.

the new congressmen are trying to stop the madness of spending and

growth of government..they are being sterilized as we watch.

NWO elite bankster and gov elite must grow government and spending  they will block any attempt to down size either.

debt and government will grow until they consume us all.

a one eyed man in the land of the blind

Thu, 07/28/2011 - 11:38 | 1501236 DeadFinks
DeadFinks's picture

DC lights little farts for our amusement while the buildup that will blow their arms off continues.

Thu, 07/28/2011 - 12:41 | 1501446 jmc8888
jmc8888's picture

Boehner passing an austerity plan (none of which changes the structure that got us here, nor changes our fate one fucking bit), that HE KNOWS NOW has no shot to be passed in the senate, nor signed by the whitehouse (so he's playing political games), so when the zero hour comes, he can claim in pure boehner bullshit fashion, that the house did their job...except they didn't.

What a farce.

Glass-Steagall, wipe out the debt, change the structure, or you're just fucking the hole in the ground your head normally rests in.

Why are we about to possibly fuck with our obligations? Because we added a bunch of fraudulent ones to the mix, and are pretending they're all legitimate and even steven.  Sorry.  They're not, and if we just got rid of the fraud, we'd be nowhere near the debt ceiling, and could still pay the honorable portions of our debt.  

It's not spending or lack of taxes that is going to destroy our needless credit rating.  It's the desire to make bad debt good that is.

Glass-Steagall 

 

Fri, 07/29/2011 - 03:47 | 1503656 qing
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