Posted on 07/24/2011 2:37:04 PM PDT by La Enchiladita
NEW YORK (MarketWatch) — With no apparent deal to increase the U.S. debt limit in sight, President Barack Obama will be meeting with Congressional leaders of his own party later Sunday.
Throughout the weekend, lawmakers and officials expressed optimism that a deal would be done before trading in major Asian markets began to avoid the possible roiling of financial markets.
A White House spokesman said Obama would meet with House Democratic Leader Nancy Pelosi and Senate Majority Leader Harry Reid in the Oval Office at 6 p.m. Eastern.
(Excerpt) Read more at marketwatch.com ...
As I pointed out elsewhere, an executive order attempt to raise the debt ceiling is pointless.
The FY2011 CR expires 1 October. He can’t spend money by executive order. His own party would prevent an attempt to completely dissolve Congress’ ability to control the purse.
If he were to raise the debt ceiling by decree for a lousy 2 months of spending, the GOP would retaliate with an immediate 500B cut in FY2012 spending in the subsequent authorization.
Boehner is playing a game of chicken with Obama, because zero won’t work with him. Maybe Obama’s threats are going to be tested....and the Republicans are going to offer that bill on cap, trade and debt Mon, that noone would allow on Senate floor last week.
Comment on “Huff-N-Puff”:
Just heard from CNN that Harry Reid and Nancy Pelosi are meeting with President Obama at 6pm EDT because Boehner would not accept any whitehouse proposal on raising the debt ceiling.
Boehner said he would not accept any deal that included an increase in revenue/tax hikes and when Reid sent word to the President, President Obama said there has to be revenue increases to any debt ceiling deal. Boehner called his caucus and conducted a teleconference with them and could not get any votes on raising the debt ceiling if it included revenues. So Reid came up with a proposal that would require $2.5 trillion in cuts, no increase in revenue and would raise the debt ceiling to 2013.
When word got out about this proposal, Pelosi and other dems weren’t happy and President Obama immediately summoned Reid and Pelosi to the whitehouse for a meeting. It’s a wait and see concept for now.
That sounds cute. Is this a real thing? I haven’t heard of it.
Boner said the original offer that obama accepted then reneged on, is still on the table.
Silver and gold is up but it’s not going crazy. I think this destroys the claim that the Asian markets will tank.
Why are we using the Kenyan's poll-tested term "revenue" to describe what he's demanding?
Words have meaning. Don't fall into the trap of agreeing to redefine the language so it benefits the Demonrats.
Also see WSJ live blog link in post #3 for updates.
Candor7 is the expert on that topic, I believe. Come in, Candor....>>>>>>>>>>>>>>>>>>>>>>>
I see that my rumored-at-an-end,post-default world has now been resurrected! Miracle !
Never again will I believe the cry of "Wolf!"
Even if it does escape the lips of a very beautiful woman, which neither Reid nor Obama are.
Obama simply must have more money to hand out, its the reason for the "end of the world!"
Its already been said:
Not unusual for an early morning trading...very volatile market!
Looks like whoever was telling boner the world would end was wrong or lying. I’d say lying. Then again the day ain’t over with yet.
I’d have to agree that, if Reid proposed it, the cuts are phony. The House won’t pass it. THE CRISIS CONTINUES!
btw, I lived in Buffalo for most of my life. Moved to my birth state of TX. So glad to be away from that liberal hell hole!
+22.30
a. No NEW taxes.
b. No tax RATE increases to existing taxes, but there might be completely NEW taxes.
???
That tea is nasty tasting, nothing like we expected.
Haven’t tried it, so I can’t comment.
just wait until christmas when he comes out with “one if by ham”
More importantly he looks the fool for worrying about 'the Asian Markets'. The markets may be worried about how we are handling the debt ceiling debate but I guarantee that they not worried about us defaulting on our debts. There is not a chance in a million that we would do so and the smart guys realize that.
I wonder if Boehner does. Somehow I doubt it. I think he still believes in the possibility of a default. That's just Obama propaganda and Boehner should be smart enough to recognize that. We need Cantor as Speaker of the House.
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