Snapshot Update Of US Debt Talks

Tyler Durden's picture

Here is where the all too fluid situation is right about now, 8 hours away from the Asian open, courtesy of Reuters.

  • U.S. House of Representatives Speaker John Boehner tells Fox News Sunday that House Republicans are prepared to push through their own deficit reduction package if congressional leaders fail to produce a bipartisan plan by Sunday afternoon. That would be just hours before financial markets open in Asia. With time running out, the Democratic-led Senate might have no choice but to accept what the Republican-led House passes this week.
  • White House Chief of Staff Bill Daley tells NBC's "Meet the Press" that any short-term deal to raise the debt limit would harm the economy because financial markets and business leaders would not have the certainty they need to make investment decisions. Democrats want a debt limit extension through the 2012 presidential election year.
  • Treasury Secretary Timothy Geithner tells CNN's "State of the Union" that it is important to remove the threat of default for at least the next 18 months.
  • Senator Tom Coburn, who has shown a greater willingness to compromise on tax increases than many of his fellow Republicans, tells NBC's "Meet the Press" he sees only a short-term debt extension passing Congress and that President Barack Obama, who objects to a short-term deal, will have no choice but to sign it.
  • Congressional leaders are expected to continue negotiations on Sunday. Republicans are pushing a two-step plan that would raise the debt ceiling and cut deficits. The first step would provide a downpayment on spending cuts and provide the government with enough borrowing authority to get through the rest of the year while lawmakers work on additional deficit reduction.

 

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vote_libertarian_party's picture

The misses and I are going to Las Vegas for vacation this week.

 

I think I'll bet red....get it...losses....hahahahaha

ratso's picture

Can the urge to destroy Obama out weigh the fear of self destructing? 

cossack55's picture

The US self-destructed in 1913.  Just takes a while for dummies to figure it out.

Sudden Debt's picture

Doesn't it AMAZE you that this bill isn't passed despite the fact that It's a bill for national security blablabla?

it used to work so well in the past...

Conrad Murray's picture

We need a good old fashioned brawl in Congress like the Asians do. Paging Preston Brooks...

bugs_'s picture

Geither thinks its important to remove the threat of default for at least 18 months.  Now that sounds like he is concerned about America.  Who will be president in 18 months?  Who will be treasury secretary in 18 months?  Timmay, you are a great American <not>

SheepDog-One's picture

Yes now all our 'representatives' care at all about is to kick total collapse out past where theyre involved. 

Check Huffington this morning, 'our leaders' seek to create a 'Super Congress' totaly outside any Constitutional or other rules to just do what they see fit. Read it yourself!

Its rope and pitchfork time, well past it actually, and yet americans just sit marveling at the actions of their captors, just disgusting.

Long-John-Silver's picture

Ropes and Pitchforks would be far too slow. Thousands of politicians and lobbyists in and around D.C. need to be "taken care of".

We could get a good deal if we contract for 100 Guillotine machines which would fill one 50' container from China.

I'm sure there are plenty of people that would volunteer to staff and operate these machines.

It's time to "Party" like it's 1789 in Paris.

 

franzpick's picture

Barring some financial, trade or commerce collapse, 90% of Americans will continue to believe that everything is fine, or fixable, until they see the other 10% emptying the grocery shelves: seriously, it's going to take anarchy or some form of civil disobediance, by the few, to wake up the many.

baldski's picture

No, they are watching their favorite "reality show" and trying to figure out how they can get on it!

Spastica Rex's picture

Closer to the cliff, higher the relief pop Monday morning?

DoChenRollingBearing's picture

From CNBC:

Dow futures: -69

S&P futures: -1.70

Nobody seems to care (12:49 PM ET Sunday)

John Law Lives's picture

What a sad day that our politicians OPENLY state that the opening of the markets is a self-imposed deadline for action.

P.S.  The new font is lousy.

Mad Cow's picture

Use Firefox.

In the menu:
View>Zoom>Zoom In/Out (be sure you have the "Zoom Text Only" option checked.)

Don't like the Font?
In Firefox menu:
Tools>Options>Content Tab>Font & Colors>Choose your font
Then click the "Advanced" button and un-check where it says:
"Allow pages to choose their own font, instead of my selections above."

John Law Lives's picture

<<<  Don't like the Font?  >>>

No.

<<<  In Firefox menu:
Tools>Options>Content Tab>Font & Colors>Choose your font
Then click the "Advanced" button and un-check where it says:
 "Allow pages to choose their own font, instead of my selections above."  >>>

This worked well.  Thanks. 

 

Hansel's picture

Yep, please Wall St and make sure to extend the debt ceiling through the next election.  Wall St -> Reelection -> Wall St -> Reelection -> Wall St -> Reelection.  Politicians care about nothing else.

redpill's picture

Which font is different?  Looks the same to me.

John Law Lives's picture

The font for every character on the ZH screen looks different to me that it did yesterday.  Perhaps it is the browser I am using (Opera 11.50).

redpill's picture

Yep I think it's a browser issue for you, per Sacrilege's post:

http://www.zerohedge.com/news/new-user-interface

"11. Just to clarify, aside from some sidebar stuff, the CSS on the font stayed exactly the same."

1fortheroad's picture

The font is different on my chrome browser, almost unreadable. I have never seen this font before on this browser.

 

Sudden Debt's picture

Clear your cache and temp files and reload.

it worked for me.

 

Cdad's picture

our politicians OPENLY state that the opening of the markets is a self-imposed deadline for action.

Exactly!  Here we are again, Wall Street with a gun to Timmay's head.  "Bail us out again or Timmay takes a bullet."

I say...pull the figurative trigger.  Moody's and S&P will, and so last second nonsense will ultimately represent disaster anyway.  With the equity market improperly priced by multiples in a forward sense, I don't think anything will "save the day" for them anyway.  The credit markets have been saying so for weeks...even longer when you remove the false bid in T bills resulting from QE2 nonsense.

Here we are again, and again, and again, our Republic threatened by corruption in the banking industry.  This nation will not heal until the criminal syndicate is hit with the fire hose, and capital can once again form upon a stable and legitimate financial foundation.

Duuude's picture

 

Brilliant misdirection play by the Banks.

 

 

 

 

 

tip e. canoe's picture

absolutely...helps to have those choke chains on nice & tight.

oogs66's picture

wake me up when they approve it :)  will they haul kids in to drink beer on the white house lawn like after we got osama?

slow_roast's picture

Where's that idiot who was gloating about having shorted gold on Friday?  He might not be getting the fall he was hoping to see if the GOP isn't even phone conferencing until later in the day. 

slow_roast's picture

Where's that idiot
who was gloating about having shorted gold on Friday?  He might not be getting the fall he was hoping to see if the GOP isn't even phone conferencing until later in the day. 

rajat_bhatia's picture

Here i am fellas, and i'm so excited to go into the 11th hour when there's gonna be a deal. We'll see who'll be the one laughing at the End (of tom trading ;)

DoChenRollingBearing's picture

The ONLY thing that would impress me is immediate spending cuts.  Across the board.  Starting right away, and cutting big.

Sudden Debt's picture

YOU'LL GET YOUR SPENDING CUTS FOR SURE!!!

Once your taxes will explode higher to downpay this shit, YOUR SPENDING WILL TAKE A NICE CUT!

 

OBAMA PROMISES SPENDING CUTS, OBAMA WILL GIVE SPENDING CUTS!

to your spendings...

 

Sudden Debt's picture

Just kidding when I said you would have to take spending cuts...

EVERYBODY WILL HAVE TO DO SPENDING CUTS!

 

DoChenRollingBearing's picture

I hear you Sudden re spending cuts at home.  Every time Mrs. Bearing wants to go on a trip, Mr. Bearing buys about that much (very roughly) in gold.  Buying gold is spending and saving at the same time!  What's more fun than that (other than in the bedroom or doing Tai Chi)?

You raised a great point.  EVERYBODY will indeed have less to spend pretty soon.  And the sad things is we did to ourselves.  We get the government we deserve.  Certainly NOT the one I chose...

Is it REALLY the Banksters and the Rothschilds?  I doubt it (could be though)?  I think it is the stupidity of the average voters who believe promises (essentially lies) that their politicians will GIVE them more then they TAKE AWAY.

That's my story, and I'm sticking to it!

Sudden Debt's picture

Yep, there aren't just a few individuals who are doing this big "new world order" crap.

The real problem is that there are to many greedy politicians who try to scim the milk and a lot more. And when the milk ran out they now killed the cow and are selling the meat.

It simply is "to normal" that EVERY politician takes a piece for his own grill.

Why not use new laws against politicians who are crooked? Those who steal or take bribes = terrorisme and act of war against the country = Hanging or execution through a needle. = 1 sentence for every dollar they took!

How many people have you ever heard of that would go prostesting when a politician is cought shitting arround?

How many would answer you "I would do the same"?

To many who believe that stealing from the country is not that bad "because they have enough".

They also think that it's very patriotic to join the army and fight for your country, but none will fight against the real terrorists in the senate or white house or any other government that is.

Same in every EU country (even worse actually), US, Azia...

 

Sambo's picture

Expect a blood bath in the Asian markets. In the US markets it will be less gory but it will be volatile tomorrow morning. Just remember to wear your seat belts.

Boilermaker's picture

Horseshit, they'll come up with a 'death snatching' plan roundabout 3:45 p.m. for the 'sake of the country'.

Boilermaker's picture

Man, this is some serious kabuki theatre.

vamoose1's picture

  someone  is  going fill that  can  with  concrete

SheepDog-One's picture

No one cares that traitors McConnell and Boehner say theyll just create a new 'Super Congress' out of thin air totaly beyond any constitutional autheority to just do as they see fit, Roman congress of elite traitors now rule over you america. Enjoy the very last few days.

bayoutrader's picture

Congress and the "government" got us into this mess and we expect them to get us out of it. Get back to me after the 2012 elections and like any good soap opera, we'll be just where we left off....that is if we are stll able to access the internet.

Cynical Centaur's picture

I'm glad that i'm not the only one who procrastinates.

 

Tyler you are going to have a busy week ahead...

dp226's picture

"White House Chief of Staff Bill Daley tells NBC's "Meet the Press" that any short-term deal to raise the debt limit would harm the economy because financial markets and business leaders would not have the certainty they need to make investment decisions"

 

Hurt the economy maybe, Hurt their chances of re-election (R&D) definately

SuperRay's picture

Not a word about cuts in military or defense spending.  Guess we know who the puppetmasters are.

 

btw, don't like this new format at all. too compartmentalized, like the consciousness of the average american...

warchopper's picture

I work for the government and I received an email on Thursday asking how much money I could spend by the end of the day. All I can think is wow, gotta love Amerika. Here we are in the middle of "debt crisis" and I'm being asked how much money I can spend by close of business. As sad as it is, right now, everyoneis just waiting for money to start flowing so we can spend it.

Bobbyrib's picture

"U.S. House of Representatives Speaker John Boehner tells Fox News Sunday that House Republicans are prepared to push through their own deficit reduction package if congressional leaders fail to produce a bipartisan plan by Sunday afternoon."

 

They can call it "Cut, Cap, and Balance." It won't make it a difference if it is any more fair, it will never pass.

Dr Hackenbush's picture

I really admire the open transparency of this admin and especially that of Tim Geithner.  "it's important to remove the threat of default for at least the next 18 months"  

- bwahahahaha bwahahaha