Breakthrough in debt limit showdown


As previewed by Paul Ryan's WSJ op-ed, House Republicans plan to unveil an unconditional six-week debt ceiling increase, reports the WSJ.

The GOP leadership is expected to brief rank-and-file members this morning, before heading to the White House for a previously scheduled meeting with the President.

Comments (28)
  • Stone Fox Capital
    , contributor
    Comments (9107) | Send Message
     
    get out the duct tape
    10 Oct 2013, 10:11 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (10910) | Send Message
     
    I knew they'd cave.
    10 Oct 2013, 10:12 AM Reply Like
  • gsterling
    , contributor
    Comments (1176) | Send Message
     
    Why not let the gov't back to work too?
    10 Oct 2013, 10:12 AM Reply Like
  • jmjjmj1
    , contributor
    Comments (183) | Send Message
     
    maybe they will then hash it all out over a nice Thanksgiving meal...sure
    10 Oct 2013, 10:12 AM Reply Like
  • tom_t
    , contributor
    Comments (318) | Send Message
     
    I don't see why Obama is going to accept this without reopening the government.
    10 Oct 2013, 10:14 AM Reply Like
  • Lakeaffect
    , contributor
    Comments (1384) | Send Message
     
    The government isn't closed. Only the National Parks system is closed. A very small part of the government, actually.

     

    Government employees on furlough have already been advised they'll get paid anyhow, so in reality, it's an open ended paid vacation for them.

     

    It's all a farce, better to be celebrated as one more reason the populace will eventually tire of these games and throw the whole kit and caboodle of these clowns out on their bums. And I mean they're ALL clowns. They are two sides of the same coin. They're counting on unending patience (or ignorance) of the populace, but they will one day be surprised.
    10 Oct 2013, 10:44 AM Reply Like
  • Copious28
    , contributor
    Comments (442) | Send Message
     
    There is a lot more than National Parks...most govt offices, like the FAA (almost all administrative).

     

    Yes, they are clowns. All piled into a clown car.
    10 Oct 2013, 12:22 PM Reply Like
  • Deja Vu
    , contributor
    Comments (1774) | Send Message
     
    Cowards, better not expect to get more checks from me when they cave like dominoes.
    10 Oct 2013, 10:18 AM Reply Like
  • sbeardsley702
    , contributor
    Comments (65) | Send Message
     
    Is this sarcasm, or are you sincerely suffering from a form of sociopathy?
    10 Oct 2013, 10:23 AM Reply Like
  • Tricky
    , contributor
    Comments (2236) | Send Message
     
    I'm all for efforts to slim down spending, but threats to not fund authorized expenditures is an untenable and irresponsible strategy.
    10 Oct 2013, 10:32 AM Reply Like
  • Andysud
    , contributor
    Comments (273) | Send Message
     
    The GOP's attempt to use extortion to defund the ACA is crumbling. Good. That is not how adults and leaders are supposed to behave.
    10 Oct 2013, 10:18 AM Reply Like
  • J Mintzmyer
    , contributor
    Comments (7319) | Send Message
     
    I wouldn't describe this as "waving the white flag." GOP never threatened to hold up the debt limit. The government isn't reopening from as far as I can tell from reading the news...
    10 Oct 2013, 10:23 AM Reply Like
  • crash9010
    , contributor
    Comments (178) | Send Message
     
    I want to see these threats removed and have us work on tax reform, corp tax reform, long term budget, immigration reform, hey how about some jobs bills and American energy policy. All these things are big things both parties talk about but I want action.
    10 Oct 2013, 10:27 AM Reply Like
  • tomlos
    , contributor
    Comments (1292) | Send Message
     
    Yea how is this a white flag? Boehner said last week he will not let the US default. Boehner needs to stand up, raise the debt limit, remove that BS, and then work on substantive budget cuts.

     

    If they get to that stage, open the government with ZERO cuts, that is waving the white flag. This is not. He held out and he will get Obama to budge on cuts, come hell or high water.
    10 Oct 2013, 10:29 AM Reply Like
  • crash9010
    , contributor
    Comments (178) | Send Message
     
    The President hasn't held out because of cuts. If Chris Christie was pres and held the same position cause Dems wanted to hold hostages for things they couldn't win in election or normal process I would be supporting Christie.
    10 Oct 2013, 10:32 AM Reply Like
  • Lakeaffect
    , contributor
    Comments (1384) | Send Message
     
    "Normal Process"? ACA was slipped under the door in the dark of night via a Reconciliation vote in the Senate, after the Democrats lost their super majority in that chamber. The House didn't even get to vote on it's passage.

     

    The current histrionics by the Republicans are the price they were willing to pay to shove the ACA through without normal process back in 2010.

     

    I think ACA is going to blow up big time once they get the computers to work. All the Republicans have to do is stand back and say "I told you so", and reap the victory in the upcoming mid terms. They don't really expect to defund ACA, they're only shining the spotlight on the unfolding train wreck and making it very clear where they stand on the issue, in anticipation of November 2014.

     

    10 Oct 2013, 10:52 AM Reply Like
  • tomlos
    , contributor
    Comments (1292) | Send Message
     
    Problem with standing back and letting it happen is like every other entitlement, it's harder to take something away from the masses than it is to give it.

     

    Look at the hysterics democrats put up to cut 1% of the SNAP budget, which everyone knows is riddled with fraud. Harry Reid said yesterday on TV "Millions of women, and children, infants are dying because of this. They are going hungry and mass famine in the streets".

     

    I agree with you, this is going to blow up in their faces though.
    10 Oct 2013, 10:55 AM Reply Like
  • kingoflucerne
    , contributor
    Comments (22) | Send Message
     
    The vote was 219 to 212 in the House. The House definitely voted on it. http://1.usa.gov/1gtyl2C. If you got a computer, try using it some time.
    10 Oct 2013, 12:30 PM Reply Like
  • Marco Mazzocco, CFA
    , contributor
    Comments (190) | Send Message
     
    so we can relive the whole thing over again in 6 weeks. Thats a joke. So including the shutdown so far, we are looking at almost 2 months of uncertainty. Not good for equities.
    10 Oct 2013, 10:37 AM Reply Like
  • Marc Freeman
    , contributor
    Comments (125) | Send Message
     
    Obama and the GOP leadership need time to cut future Social Security benefits. That's what both parties want: "A Grand Bargain". This whole sorry affair is a smoke screen for further US austerity. Mark my words.
    10 Oct 2013, 10:37 AM Reply Like
  • cyrus trask
    , contributor
    Comments (171) | Send Message
     
    "This whole sorry affair is a smoke screen for further US austerity. Mark my words."

     

    And that's a bad thing? Without dramatic entitlement reform, we're all just spitting in the wind.

     

    At the very least, current Social Security benefits need to be frozen and, of course, future benefits will have to be cut. It's an inconvenient mathematical fact.
    10 Oct 2013, 11:45 AM Reply Like
  • StepUp
    , contributor
    Comments (546) | Send Message
     
    Six whole weeks huh? What a joke. And Mr. Market gobbles it up. Another joke.
    10 Oct 2013, 10:39 AM Reply Like
  • SA_Member_4576931
    , contributor
    Comments (19) | Send Message
     
    Well, not unexpected listening to their speeches yesterday. Obama opened the window to negotiate with this clean CR. I guess that turns out to be about six weeks. ;-) I guess it helps save face for all...
    10 Oct 2013, 10:49 AM Reply Like
  • SA_Member_4576931
    , contributor
    Comments (19) | Send Message
     
    Say goodbye to those IRS loopholes/incentives in the tax code. They have to pay for this somehow. Who wins/loses? ;-) If the housing deduction goes away? I perceive a lot of whining to ensue? but then Obama's not up for election next time around?
    10 Oct 2013, 10:52 AM Reply Like
  • Marc Freeman
    , contributor
    Comments (125) | Send Message
     
    Obama has said since 2008 that Social Security "reform" is in "our" best interests. The Dems and GOP spent all of the money paid into the SS fund. We are talking trillions. There is nothing left (this is public record) and no one will pay it back. The "reform" will cut the costs of government as they see it.
    10 Oct 2013, 11:04 AM Reply Like
  • cyrus trask
    , contributor
    Comments (171) | Send Message
     
    Sure was hoping this would drag on until the 17th. With another week of media hysterics, I thought we may be able to muster a decent market pullback.

     

    Oh well, maybe next year.
    10 Oct 2013, 11:34 AM Reply Like
  • gsterling
    , contributor
    Comments (1176) | Send Message
     
    Next year? The way things work in Washington now we might go through this whole scenario again in a few weeks!
    10 Oct 2013, 11:41 AM Reply Like
  • Donomited
    , contributor
    Comment (1) | Send Message
     
    The people voted for the President. The people also voted for Congress. They are both doing the people's business. The only way out is a comprimise.

     

    Unfortunately the President does not want to compromise nor does he want to honor previous compromises such as the sequestration that he asked for.
    10 Oct 2013, 10:00 PM Reply Like
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