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The Drama Is Back: Boehner To Hold Press Conference At Market Close

Submitted by Tyler Durden on 07/25/2011 13:56 -0400

For a day that was supposed to be full of drama, fury, margin calls and overall bloodshed, newsflow is so boring, for a second we wanted to demand our money back from management, or the kleptocracy, whoever it is that prints these things nowadays. However, some excitement may yet be salvaged now that Boehner has just called for a news conference precisely on the closing bell at 4pm. We assume this will be to present details of his two-tiered plan, which we touched upon earlier, and which Fox News now provides some additional details on. Suffice to say, if Obama were to accept the terms contained herein it would be complete embarrassment for the head executive, as Boehner is literally demanding everything, up to and including a balanced budget amendment, that Obama swore he would not cede.

Per Fox' Chad Pergram:

The approach was received from a senior GOP leadership aide and reads as follows:

Two-Step Approach to Hold President Obama Accountable

Republicans insisted if the President wants his debt ceiling increase, the American people will require serious spending cuts and reforms. This two-step approach meets House Republicans' criteria by (1) making spending cuts that are larger than any debt ceiling increase; (2) implementing spending caps to restrain future spending; and (3) advancing the cause of the Balanced Budget Amendment - without tax hikes on families and job creators. While this is not the House-passed "Cut, Cap, & Balance," it is a package that reflects the principles of Cut, Cap, & Balance. Here is more information on the plan:

--Cuts That Exceed The Debt Hike. The framework would cut and cap discretionary spending immediately, saving $1.2 trillion over 10 years (subject to CBO confirmation), and raise the debt ceiling by less - up to $1 trillion.

--Caps To Control Future Spending. The framework imposes spending caps that would establish clear limits on future spending and serve as a barrier against government expansion while the economy grows. Failure to remain below these caps will trigger automatic across-the-board cuts (otherwise known as sequestration).

--Balanced Budget Amendment. The framework advances the cause of the Balanced Budget Amendment by requiring the House and Senate to vote on the measure after October 1, 2011 but before the end of the year, allowing the American people time to build sufficient support for this popular reform.

--Entitlement Reforms & Savings. The framework creates a Joint Committee of Congress that is required to report legislation that would produce a proposal to reduce the deficit by at least $1.8 trillion over 10 years. Each Chamber would consider the proposal of the Joint Committee on an up-or-down basis without any amendments. If the proposal is enacted, then the President would be authorized to request a debt limit increase of $1.6 trillion.

--No Tax Hikes. The framework included no tax hikes, a key principle that Republicans have been fighting for since day one.

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Mon, 07/25/2011 - 14:42 | 1491371 youngandhealthy

These days the US smack of racism and now against the very top. If it wasn't for the ramification to the rest of the world I wouldn't care a single iota whether the Reps or the Dems get it their way.

The US is on a Rome path.

Tue, 07/26/2011 - 00:59 | 1493522 StychoKiller

These days the US smack of racism and now against the very top.

What?? These financial problems have been piling up since 1929, if not longer. Obamatron just happens to be in the wrong place at the right time!

"Dreams Come Due, Government and Economics as if Freedom Mattered",
ISBN: 0-671-61159-3, by John Galt The book is dated, but many of the things it talks about are still valid today

Mon, 07/25/2011 - 14:41 | 1491373 adr

Why don't we just have the government invest in Netfilx stock? After tonight's fantasy land BS earnings statement we will probably have $500 NFLX stock in after hours trading. I mean most of Netfilx's market cap is made out of money from the Fed to begin with. Why not just make it transparent.

Problem solved!!!

Mon, 07/25/2011 - 14:45 | 1491394 SheepDog-One

What do you think theyve been doing all along? Exactly that! ETF garbage 100 P/E stocks!

Mon, 07/25/2011 - 14:43 | 1491384 SmoothCoolSmoke

Reid's tank'n the market. You go Harry!

Mon, 07/25/2011 - 14:46 | 1491399 pauldia

How will Obama react to Boehners budget deal/offer? Here's is an armchair psychoanalytic opinion. Obama has a narcissistic personality and will not allow himself to be perceived as cow towing to "rich greedy wealthy white Republican men" & as such will not accept Boehner's ultimatum . Therefor, if necessary Obama will invoke the 14th amendment and unilaterally raise the debt ceiling. Let the courts decide. That folks, is how a imperious, demagogic, man-child with narcissistic personality disorder will react.

Mon, 07/25/2011 - 14:52 | 1491437 youngandhealthy

And you are probably burning crosses in the south of the US at night....AH

Mon, 07/25/2011 - 14:50 | 1491425 SheepDog-One

Whats 'total score' mean? ZH's opinion of your IQ?

Mon, 07/25/2011 - 14:55 | 1491457 pazmaker

other member's value on your post?.......but as everyone has total score of 1, I assume it is a feature in progress.

Mon, 07/25/2011 - 14:53 | 1491442 SRV - ES339

Yes Boehner will save the day... tanning beds in every driveway... no more taxes... no more spending... hand it all over to the corporations (sorry, job creators), the poor guys are really hurting and they need your help.

I'm "all in" on Obama over Boehner in this game of chicken.

Mon, 07/25/2011 - 15:00 | 1491481 newbee

This Martin Armstrong dude has some interesting ideas concerning the possibility that capital may start flowing from public / government to private / ES as a hedge against eroding government confidence.

http://www.10sigma.com/files/Borrowing%20from%20the%20Rich%2006-30-2011.pdf

Mon, 07/25/2011 - 15:06 | 1491506 gwar5

CATEGORY: INANIMATE OBJECTS

Jeopardy Question:

I feel naked. No plan. Everybody has a plan except me . No clue and no plan. Just a dumbass plan. Not too much to ask.

Jeopardy Answer:

"What is Obama's teleprompter thinking?"

Alex Trabek: "Correct for $1000!!"

Mon, 07/25/2011 - 15:10 | 1491525 AcidRastaHead

Listening to Boehner talk about the debt ceiling and economics in general is like being forced to listen to that classmate deliver his book report on the book he cleary didn't read.

Mon, 07/25/2011 - 16:47 | 1492029 andybev01

+1984

Mon, 07/25/2011 - 15:11 | 1491527 Eireann go Brach

I bet he goes tanning at 2pm before his live interview!

Mon, 07/25/2011 - 15:12 | 1491528 AcidRastaHead

Listening to Boehner talk about the debt ceiling and economics in general is like being forced to listen to that classmate deliver his book report on the book he cleary didn't read.

Ooops, sorry for the double save.

Mon, 07/25/2011 - 15:11 | 1491530 latizziforchizzi