Market Currents

In a press briefing at the White House, President Obama says an agreement on debt limit...

Sunday, July 31, 2011, 8:47 PM ET
In a press briefing at the White House, President Obama says an agreement on debt limit legislation is a done deal. All that's left are votes in the House and Senate. S&P 500 futures remain about 1.3% higher.

Share this Market Current

Short URL:

Track new comments on this story

This news story has 24 comments:

cynic2011 Comments (652)

But the downgrade is still coming,and the underlying mess of increasing debt remains unchanged.

31 Jul 2011, 08:55 PM Reply Like

warrenrial Comments (536)

All this means is business as usual.

31 Jul 2011, 09:00 PM Reply Like

J 457 Comments (865)

The American people don't view this as a success, but rather another failure by the politicians to properly balance the budget and debt. Maybe next time they will actually show up at the polls and speak with their votes. But probably not, most are too busy texting and tweeting about Casy Anthony crap.

The harsh reality is;
1) This plan puts us further into debt
2) The unemployment rate is still 9.2%
3) GDP is at recession levels
4) State budgets will be decimated with the forthcoming cuts
5) Big oil and Wall St still retain complete control
6) 10 years to shave off less than 10% of the debt. That's nothing close to where it needs to be.
7) We're in big trouble here folks......
8) Stocks will rally for a few days, but don't be fooled as the reality and severity of our situation will ultimately cometh right quickly. Maybe as early as Aug 5 BLS unemployment report.

31 Jul 2011, 09:04 PM Reply Like

llostergaard Comments (31)

Thank you for speaking just what i would say......Its good to know there are people out there that know where the bear does it in the woods......This country has no use for the 500 plus bums in Washington.....My vote is ready to go for ever the new bums will be......
carry on......

31 Jul 2011, 09:15 PM Reply Like

mattyw Comments (125)

I agree, Republicans are screwed in 2012.

1 Aug 2011, 02:14 AM Reply Like

HiSpeed Comments (1062)

The "Deal" is watered down enough to drown a fish.

Without the $4 trillion in cuts, we've already been told to expect a downgrade....

31 Jul 2011, 09:06 PM Reply Like

wyostocks Comments (5349)

Republicans that vote in favor of this charade are doomed to defeat.
Thank the Tea Party for the fact that this debate is even occurring.
Remember we didn't get in this mess in one vote and we won't get out of it in one vote either.

31 Jul 2011, 09:20 PM Reply Like

JohnLocke Comments (381)

I'm sure the folks in DC will be patting each other on the back due to their "Hard Work"...

All that political maneuvering to simply kick the can down the road, political theater at it's finest.

31 Jul 2011, 09:20 PM Reply Like

warrenrial Comments (536)

What a lovely day in the neighborhood.

31 Jul 2011, 09:52 PM Reply Like

neutrinoman Comments (700)

Won't you be my neighbor? :)

The downgrade will probably be postponed until January. But it's coming. It won't have a big immediate impact, although rates will rise a bit and repo will become a little more expensive.

The longer-term effect will be corrosive, though, on the dollar. Of course, Europe might blow up by then, so it's complicated: look for the sow with the best lipstick!

31 Jul 2011, 10:27 PM Reply Like

jamesbwood Comments (305)

Not sure about that as the rating agencies already have egg on their collective faces due to mortgage backed securities. Their credibility is already on the line.

1 Aug 2011, 02:31 AM Reply Like

DianeLee Comments (295)

Asian markets began climbing as soon as the "deal" was announced....until our Petulant President spoke. If we listened, we heard exactly who he is. He's still angry, but at least now he can get back to campaigning, trashing those who pay taxes to support the 45% who pay nothing, and we can hope for some temporary sanity in the Market. Some reassurance would have been 'nice' and nobody is happy... but we are relieved. And we will remember.

31 Jul 2011, 10:30 PM Reply Like

kmi Comments (3844)

Another crisis gone to waste, and the novice first termers from the TP embarrassed by the political veterans.

31 Jul 2011, 10:56 PM Reply Like

wyostocks Comments (5349)

kmi, wrong. Without the teaparty people the debate would never have occurred in the first place. Also, it ain't voted on yet. Still hope.

1 Aug 2011, 09:43 AM Reply Like

FREE STOCK AUTO TRADING ROBOT Comments (7)

I hope a dollar will go back to normal... thanks gov

1 Aug 2011, 12:03 AM Reply Like

FREE STOCK AUTO TRADING ROBOT Comments (7)

Finally!

1 Aug 2011, 12:03 AM Reply Like

The Last Boomer Comments (792)

The rally will last about two days. Enough so I can sell into strength. The economy is shitty and the official start of the austerity in America will make it worse. Once the stimulus fades completely and the payroll tax cut expires in five months, there won't be much left to support final demand.

1 Aug 2011, 12:04 AM Reply Like

tclark13 Comments (115)

I believe this is the 4th agreement between the President and leaders of Congress. I guess the markets are assuming this one will go through because times up. Given that within the last 48 hours Reid's deal was soundly shot down in the Senate and it took Boehner two tries to barely squeeze his through the House I think I can stand to wait until the vote tomorrow before I put more money to work. This wreaks of buy the rumor sell the news.

1 Aug 2011, 12:04 AM Reply Like

zerosignal747 Comment (1)

All this political jousting is only doing one thing - decreasing investor confidence. Scary.

1 Aug 2011, 12:04 AM Reply Like

Allamad Comments (81)

The Republicans rolled Obama again. He caved on continuing the wars in Iraq & Afghanistan, he caved on single payer health care, he caved on extending the Bush tax cuts and now he's caved on any extra revenue to solve the debt (even though most of the deficit comes from the two wars, the tax cuts that weren't paid for and the bailouts of Wall Street in 2008-2009). This guy has one term president written all over him.

I get all my income from investments and live very comfortably. Thanks to all the tax breaks and credits for investors I have not paid a dime of Federal taxes over the last 10 years. I actually pay more taxes to China and Brazil (for foreign taxes on my overseas dividends and capital gains) than to the U.S. None of my cap gains or long term dividends get taxed by the U.S. because I make sure I stay in the lower brackets by using various deductions. Government by and for the wealthy!

1 Aug 2011, 12:08 AM Reply Like