Obama reportedly rejects debt limit proposal, futures lower

The NYT reports Pres. Obama has rejected a Republican proposal for a 6-week debt ceiling hike (in exchange for negotiations) on grounds it wouldn't reopen the government. The proposal had fueled hopes a breakthrough might be on the way.

House Majority Leader Eric Cantor: "We expect further conversations tonight."

Equity futures have dropped on the report. S&P 500 (SPY) futures -0.6%. Dow (DIA) futures -0.5%. Nasdaq-100 (QQQ) futures -0.5%.

Update: Statement from The White House: "After a discussion about potential paths forward, no specific determination was made."

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Comments (12)
  • wheelz23
    , contributor
    Comments (66) | Send Message
    Republicans, Democrats...get rid of all of them
    10 Oct 2013, 06:42 PM Reply Like
  • Vick13
    , contributor
    Comments (124) | Send Message
    LOVE the volatility,,,great for trading;-0
    10 Oct 2013, 06:56 PM Reply Like
  • dennybribri
    , contributor
    Comments (5) | Send Message
    I agree. Today I was looking to place a short call spread on the SPX, but the implied volatility percentile fell below my 50% floor.
    10 Oct 2013, 09:46 PM Reply Like
  • miriam ledwith
    , contributor
    Comments (260) | Send Message
    You got that right!
    10 Oct 2013, 07:16 PM Reply Like
  • warrenrial
    , contributor
    Comments (537) | Send Message
    There is no negotiating with Obama unless it goes his way and only his way.
    10 Oct 2013, 08:18 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (10746) | Send Message
    ...and next November?


    This country will mostly elect the same clowns to head back to D.C.


    Its our own fault.
    10 Oct 2013, 08:36 PM Reply Like
  • Tactical111
    , contributor
    Comments (251) | Send Message
    GOP is at fault for wanting to dry gulch a law that has already passed. Time to do that was before it passed and uh, maybe read it too?
    10 Oct 2013, 09:05 PM Reply Like
  • khepp
    , contributor
    Comments (34) | Send Message
    Tactical pull your head out. Health benefits were passed during vacation time and no GOP was there. This is called being responsible for spending not just health care and our government has not had a budget since bush, the only time in the history of our country. Do it now before it is too late and you wake up and find out we no longer have dollars but some other named currency because the was worthless and everyone is unemployed.
    11 Oct 2013, 08:18 AM Reply Like
  • Tactical111
    , contributor
    Comments (251) | Send Message
    Waa, waa...make excuses. They should have been there then.
    13 Oct 2013, 06:46 PM Reply Like
  • Budavar
    , contributor
    Comments (1397) | Send Message
    60+ yrs invExp.TrusteeEndowment.


    the govt manipulates statistics/numbers, even timing of updates + most recently even delaying = like the negative rise in jobless claims! = i.e. bad news on the economy.
    Once published, reports are frequently if not always = downgraded/changed.
    Even the parameters are changed = that makes it virtually impossible to make valid comparisons with past numbers.
    11 Oct 2013, 02:40 AM Reply Like
  • Fanebrb
    , contributor
    Comments (660) | Send Message
    Yes = and important bad news is released on Sat. AM when the public is doing other things = and not watching news = so they are unaware !
    11 Oct 2013, 02:57 AM Reply Like
  • susanprieve
    , contributor
    Comments (5) | Send Message
    all those folks who went long today- of course, they KNEW that a deal was going to be brokered- HA- the market likes to trick as many people as they possibly can......as often as possible.....
    11 Oct 2013, 07:57 AM Reply Like
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