This page has been archived and commenting is disabled.

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.

 

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sun, 07/24/2011 - 11:48 | 1487256 vote_libertaria...
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

Sun, 07/24/2011 - 11:49 | 1487258 ratso
ratso's picture

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

Sun, 07/24/2011 - 12:05 | 1487306 cossack55
cossack55's picture

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

Sun, 07/24/2011 - 12:08 | 1487317 Sudden Debt
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...

Sun, 07/24/2011 - 11:49 | 1487259 Conrad Murray
Conrad Murray's picture

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

Sun, 07/24/2011 - 11:52 | 1487267 bugs_
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>

Sun, 07/24/2011 - 12:23 | 1487369 SheepDog-One
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.

Sun, 07/24/2011 - 12:36 | 1487404 Long-John-Silver
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.

 

Sun, 07/24/2011 - 13:23 | 1487565 franzpick
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.

Sun, 07/24/2011 - 13:10 | 1487503 baldski
baldski's picture

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

Sun, 07/24/2011 - 11:53 | 1487270 Spastica Rex
Spastica Rex's picture

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

Sun, 07/24/2011 - 12:46 | 1487422 DoChenRollingBearing
DoChenRollingBearing's picture

From CNBC:

Dow futures: -69

S&P futures: -1.70

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

Sun, 07/24/2011 - 11:55 | 1487275 John Law Lives
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.

Sun, 07/24/2011 - 11:56 | 1487277 slow_roast
slow_roast's picture

+1

Sun, 07/24/2011 - 12:06 | 1487313 DoChenRollingBearing
DoChenRollingBearing's picture

+0.0000001 tiny!

Sun, 07/24/2011 - 13:20 | 1487549 Mad Cow
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."

Sun, 07/24/2011 - 14:21 | 1487795 John Law Lives
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. 

 

Sun, 07/24/2011 - 12:01 | 1487290 Hansel
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.

Sun, 07/24/2011 - 12:04 | 1487305 redpill
redpill's picture

Which font is different?  Looks the same to me.

Sun, 07/24/2011 - 12:08 | 1487316 John Law Lives
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).

Sun, 07/24/2011 - 12:11 | 1487327 redpill
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."

Sun, 07/24/2011 - 12:28 | 1487380 1fortheroad
1fortheroad's picture

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

 

Sun, 07/24/2011 - 12:15 | 1487341 Sudden Debt
Sudden Debt's picture

Clear your cache and temp files and reload.

it worked for me.

 

Sun, 07/24/2011 - 12:52 | 1487444 Cdad
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.

Sun, 07/24/2011 - 11:59 | 1487285 Duuude
Duuude's picture

 

Brilliant misdirection play by the Banks.

 

 

 

 

 

Sun, 07/24/2011 - 12:13 | 1487334 tip e. canoe
tip e. canoe's picture

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

Sun, 07/24/2011 - 12:00 | 1487288 oogs66
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?

Sun, 07/24/2011 - 12:04 | 1487298 slow_roast
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. 

Sun, 07/24/2011 - 12:02 | 1487299 slow_roast
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. 

Sun, 07/24/2011 - 12:39 | 1487408 rajat_bhatia
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 ;)

Sun, 07/24/2011 - 12:05 | 1487308 DoChenRollingBearing
DoChenRollingBearing's picture

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

Sun, 07/24/2011 - 12:12 | 1487325 Sudden Debt
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...

 

Sun, 07/24/2011 - 12:13 | 1487333 Sudden Debt
Sudden Debt's picture

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

EVERYBODY WILL HAVE TO DO SPENDING CUTS!

 

Sun, 07/24/2011 - 12:34 | 1487398 DoChenRollingBearing
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!

Sun, 07/24/2011 - 13:45 | 1487655 Sudden Debt
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...

 

Sun, 07/24/2011 - 12:06 | 1487312 Sambo
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.

Sun, 07/24/2011 - 12:09 | 1487321 Boilermaker
Boilermaker's picture

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

Sun, 07/24/2011 - 12:18 | 1487354 Conrad Murray
Conrad Murray's picture

There's some money to be made on that stance - http://www.intrade.com/v4/markets/contract/?contractId=745701

Sun, 07/24/2011 - 12:08 | 1487318 Boilermaker
Boilermaker's picture

Man, this is some serious kabuki theatre.

Sun, 07/24/2011 - 12:16 | 1487345 vamoose1
vamoose1's picture

  someone  is  going fill that  can  with  concrete

Sun, 07/24/2011 - 12:19 | 1487360 SheepDog-One
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.

Sun, 07/24/2011 - 13:56 | 1487702 RockyRacoon
Sun, 07/24/2011 - 12:29 | 1487382 bayoutrader
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.

Sun, 07/24/2011 - 12:32 | 1487388 Cynical Centaur
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...

Sun, 07/24/2011 - 12:32 | 1487389 dp226
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

Sun, 07/24/2011 - 12:33 | 1487395 SuperRay
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...

Sun, 07/24/2011 - 12:49 | 1487425 warchopper
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.

Sun, 07/24/2011 - 12:47 | 1487429 Bobbyrib
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.

Sun, 07/24/2011 - 13:50 | 1487434 Dr Hackenbush
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


Sun, 07/24/2011 - 12:49 | 1487435 Bobbyrib
Bobbyrib'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. Democrats want a debt limit extension through the 2012 presidential election year."

 

They're not copying the exact same reasoning the Republicans use for permanently extending the Bush tax cuts, or anything. /sarcasm

Sun, 07/24/2011 - 12:55 | 1487451 caerus
caerus's picture

bear with gun

Sun, 07/24/2011 - 12:56 | 1487457 JJSF
JJSF's picture

This is all definetly market positive. S&P futures now positive .50 .

Even if there were a huge drop on the major indexes PPT still have some juice to bring out a positive close by end of day. There is no market.

 

 

Sun, 07/24/2011 - 12:57 | 1487458 Eireann go Brach
Eireann go Brach's picture

In other breaking news, Bwarney Fwank gets caught stuffing 2 live gerbils up Timmay Geitners arse, who in turn rams a goat up Fwanks arse!

Sun, 07/24/2011 - 13:03 | 1487475 Doyle Hargraves
Doyle Hargraves's picture

u will vote to increase all ur debt today

u will make teh asian markets go higher

u will screw ur people or we will crash ur economy...more than we already have

we own all ur treasury, money, and ss

signed ur masters at GS/JPM

 

Sun, 07/24/2011 - 13:10 | 1487497 thepigman
thepigman's picture

Guess what? The only guy who knows what he's talking about is

Coburn. Expect some mutant version of the McConnell plan within

a couple hours of the Asia open.

Sun, 07/24/2011 - 13:12 | 1487515 Bobbyrib
Bobbyrib's picture

What will pass eventually is Raise, Contribute, and Screw.

 

Raise the debt ceiling.

Contributes to corporations.

Screws the middle class.

Sun, 07/24/2011 - 13:14 | 1487528 Juice Box
Juice Box's picture

I have seen this play before - remember "we better pass TARP or the markets will cease to exist". Its all a setup which helps them sell another crappy deal to the public.

Like I said, its the same play - only the actors are different.

Sun, 07/24/2011 - 13:24 | 1487576 Calculated_Risk
Calculated_Risk's picture

yep... the louder the noise, the more they steal.

Sun, 07/24/2011 - 13:29 | 1487591 Doyle Hargraves
Doyle Hargraves's picture

Yeah but the public didn't buy TARP...89% were against it when it was passed...they (our masters) didn't care and used the old DC paradigm of 'we know better than you' and passed it anyway. Expect something from that playbook bitchez!

Sun, 07/24/2011 - 13:43 | 1487601 virgilcaine
virgilcaine's picture

I'm short 100 % the Us equity mkts.   Based on the dysfunctional debt situation and mkt that is as levareged as July 2007.

 

\No use stops Mkt is too volitile.. hold on for the ride.!

Sun, 07/24/2011 - 13:47 | 1487662 YHC-FTSE
YHC-FTSE's picture

We've already taken it as read that the debt ceiling will be raised, so all the bluster and hand wringing are window dressing?

Depending on your political POV

"Cutting deficit" = Austerity measures by another name = riots from the poorest with entitlements

"Tax Increases" = Taxing the paymasters = potential exodus of the rich

There is no quick fix, no way to wish away trillions, and no way to reduce the debt & simultaneously encourage growth safely.

 

If the republicans want to destroy the current administration, they could do no worse than what they are doing right now. Perhaps concede short term (enough for another month), then do the whole dance again next month. Not a bad strategy for them, except nothing changes for the average American.

 

Ideally, as many are now recognizing, the US should selectively default massively (50-80%) along political lines (ie pay back your friends but birdie your enemies), take the pain for a couple of years/decades, instead of bequesting a lifetime of misery to the future generation. But hey, one can never tell. This might be the start of an era of growth, wealth, and rainbows which proves Bernanke was right all along to play the delay game. Yeah right.

Sun, 07/24/2011 - 13:51 | 1487687 RockyRacoon
RockyRacoon's picture

From: Pushing Crisis: GOP Cries Wolf on Debt Ceiling in Order to Impose Radical Pro-Rich Agenda

MICHAEL HUDSON: ...when Sheila Bair finished her five-year term at the Federal Deposit Insurance Corporation. And now that she left, she was able to talk about the arguments that were going on while all of this money was being given away. She opposed it. She said none of this money, not a penny, had to be given away at all. She said the job of the FDIC was to do what it did with Washington Mutual and IndyMac. They could have closed down Citibank, they could have closed down AIG and the others. Depositors insured by the FDIC wouldn’t have lost a penny. She said, “That’s what the FDIC does.”

She was overruled by Geithner and by the Treasury Department, and especially by Bernanke, who essentially said, “We have to save the rich first. We have to save the gamblers.” There was plenty of money in all of the banks to cover all of the retail vanilla deposits for businesses and families. What there was not money for was for all the cross-gambles that they had made on derivatives—that is, which way interest rates would go, which way currencies would go. And so, this was really a casino. These were bets. And people like the AIG couldn’t pay. And the question is, how are you going to get the winners in this casino to get money from the losers, who are broke? So these $16 trillion worth of loans were all for junk securities. They weren’t for the solid securities that did back out the deposits. These were all for junk gambles, having nothing to do with the real economy at all.

And the result was that while many of the $16 trillion have been repaid, there has been a residue of $13 trillion added to the government debt since September 2008, when all of this began. All this was created simply on a computer keyboard at the Treasury. So the question is, if they can create a $13 trillion on a computer keyboard, taking over Fannie Mae and Freddie Mac, and the Federal Reserve can simply give this money, why can’t they, over 50 years, pay the trillion dollars for the Medicare and the Social Security? It’s—obviously, it’s a charade.

Sun, 07/24/2011 - 14:03 | 1487737 Greenhead
Greenhead's picture

Rocky, obviously they can make "magic money" with the keyboard, we've had Continentals and Greenbacks and have experienced what happens with this approach.  They destroy the value of the currency slowly or rapidly, depending on the degree of self control of the printers.  Well, actually, in most cases self control doesn't really exist which is why fiat currencies never last. 

Sun, 07/24/2011 - 15:00 | 1487912 bullet357
bullet357's picture

Per Reuters: "White House Chief of Staff Bill Daley said on Sunday there will be a few stressful days ahead for financial markets but that a U.S. debt deal will ultimately be reached. "In the end, we may have a few stressful days coming up -- stressful for the markets of the world and the American people," he said on the CBS program "Face the Nation. Daley quickly added that he is confident a deal will be reached to raise the debt ceiling. We are confident he is right. We are also confident that if it takes a 200 point plunge in the S&P to achieve that target, well, so be it.

A few stressfull days my arse....Just love his attitude ..."Well so be It!!"  what a crock of sh*T.  We all can see how the King Obummer feel about the little people.  I say game on as*H(o)le.  Bring it!!

Sun, 07/24/2011 - 15:18 | 1487983 DosZap
DosZap's picture

Has the ability to CUT & PASTE been removed?.

Pls say no.

Sun, 07/24/2011 - 15:31 | 1488018 DosZap
DosZap's picture

Bill Daley, W of Staff ,is FOS................

Business is not stable, not hiring because of exactly what STEVE WYNN said in his rant on Obama's policies last week.

They do not know how, when, or where the next club is coming from.How can anyone INVEST in an Unknown quanity?.

THEY cannot.

Sun, 08/21/2011 - 22:57 | 1584874 karmete
karmete's picture

Great!!! thanks for sharing this information to us! sesli siteler

Wed, 09/14/2011 - 02:22 | 1666729 chinawholesaler
chinawholesaler's picture

Wholesale Cooler Wholesale Fan
Wholesale Tableware

Personal Safety Products
Flash Gift Home Appliances
Photo Frame

Wholesale Halloween Gift
Wholesale Kitchenware Wholesale Tag
Wholesale First Aid Kit

Wholesale Cards
Wholesale Puzzle Wholesale Massager
Wholesale Furniture

Wholesale Tableware
Wholesale Shoe Wholesale lable
Wholesale Keyboard

China Wholesale
Wholesale Candle Wholesale Glove
China Wholesale

Giveaway Material
Wholesale Mouse Wholesale Puzzle
Wholesale Fan

Wholesale Scissors
Wholesale Umbrella Electroluminescent
Entertainment Supplies

Wholesale First Aid Kit
Health Care Products Wholesale Hardware Tools
Recorder Pen

Wholesale Pin
CD Holde Wholesale USB Flash Drive
Wholesale Cap

Writing Instrument
Giveaway Material Wine Set
Promotional Products

Wholesale Badge
Tape Measure Wholesale Sticker
Wholesale Halloween Gift

Wholesale Lighter
Recorder Pen Promotional Gifts
Cleaner Products

Wholesale Coaster
Wholesale Dartboard Wholesale Lanyard
Wholesale Toys

Wholesale Tellurion
Wholesale Waterproof Case Wholesale Stationery
Promotional Products

Wholesale Bedding

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