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Gov't is about to reopen

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Topic: Gov't is about to reopen
Posted By: Albert
Subject: Gov't is about to reopen
Date Posted: October 15 2013 at 6:13am

Senate leaders within striking distance of deal to end shutdown, raise debt limit


Senate leaders said late Monday that they were closing in on a deal to raise the federal http://www.washingtonpost.com/business/economy/debt-ceiling-breach-would-push-economy-into-freefall-without-a-government-safety-net/2013/10/13/a4efd588-3287-11e3-8627-c5d7de0a046b_story.html" rel="nofollow - debt limit and end the two-week-old http://www.washingtonpost.com/wp-srv/special/politics/whats-open-whats-closed/" rel="nofollow - government shutdown , just days before the Treasury Department exhausts its ability to borrow.

The emerging agreement would extend the Treasury Department’s borrowing authority until Feb. 7, reopen the government and fund federal agencies through mid-January, according to aides and lawmakers familiar with the negotiations.

In the meantime, policymakers would launch a new round of talks over broader budget issues in hopes of developing a plan to replace deep automatic spending cuts known as the sequester before Jan. 15. That is when the next round of sequester cuts is scheduled to slice another $20 billion out of agency budgets, primarily from the Pentagon.

The framework under consideration includes only minor changes to President Obama’s signature health-care law, falling well short of defunding it or delaying major provisions as conservative Republicans initially sought. Instead, Republicans would get only new safeguards to ensure that people who receive federal subsidies to purchase health insurance under the law are eligible to receive them.

But talks were hung up over another provision, aides and lawmakers said: a demand by Democrats to delay the law’s “belly button tax,” a levy on existing policies that is set to add $63 per covered person — including spouses and dependents — to the cost of health insurance next year. Republicans derided the proposal as a special favor to organized labor.

Meanwhile, Democrats were resisting a GOP demand to deny http://www.washingtonpost.com/politics/jacob-lew/gIQAfaqw6O_topic.html" rel="nofollow - Treasury Secretary Jack Lew the use of special measures to extend his borrowing power past Feb. 7. That would give Congress a firm deadline for the next debt-limit increase, with no wiggle room for Treasury Department accountants.

Despite those points of contention, http://www.washingtonpost.com/politics/harry-m-reid-d-nev/gIQA8MlN9O_topic.html" rel="nofollow - Senate Majority Leader Harry M. Reid (D-Nev.) and http://www.washingtonpost.com/politics/mitch-mcconnell-r-ky/gIQAYR2b9O_topic.html" rel="nofollow - Minority Leader Mitch McConnell (R-Ky.) appeared confident that they had developed a framework that could win the approval of Congress and spare the country from a first-ever default on the national debt.

“We’ve had a good day,” McConnell said in a speech closing the Senate for the evening. “I think it’s safe to say we’ve made substantial progress and we look forward to making more progress in the future.”

Reid agreed. “We’ve made tremendous progress. We are not there yet, but tremendous progress. And everyone just needs to be patient,” he said. “Perhaps tomorrow will be a bright day.”

The big question mark Monday evening was whether the emerging agreement could win the approval of the Republican-controlled House, where a small bloc of conservatives has managed to direct GOP strategy.

While McConnell and Reid were at work on a bipartisan compromise, http://www.washingtonpost.com/politics/paul-ryan-r-wis/gIQAUWiV9O_topic.html" rel="nofollow - House Budget Committee Chairman Paul Ryan (R-Wis.) was continuing to promote a more partisan bill that would lift the debt limit for only six weeks.

http://www.washingtonpost.com/politics/john-a-boehner-r-ohio/gIQAzRvL9O_topic.html" rel="nofollow - House Speaker John A. Boehner (R-Ohio) met midafternoon with McConnell and then huddled with his own leadership team. Afterward, http://www.washingtonpost.com/politics/kevin-mccarthy-r-calif/gIQA7DQW9O_topic.html" rel="nofollow - Majority Whip Kevin McCarthy (R-Calif.) declined to say what path the House would take.



http://www.washingtonpost.com/politics/all-eyes-on-us-stock-markets-as-debt-deadline-draws-closer/2013/10/14/4a2a9992-34be-11e3-80c6-7e6dd8d22d8f_story.html


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Replies:
Posted By: coyote
Date Posted: October 15 2013 at 6:29am
Gov't is about to reopen......Maybe not...


Gregor Peter ‏@L0gg0l 20 s
HOUSE GOP TO PUT OWN BILL ON FLOOR TODAY (via @robertcostanro)


Gregor Peter ‏@L0gg0l 1 min
HOUSE GOP STRATEGIST SAYS SENATE DEAL IS "DOA ON ARRIVAL AMONG BLOC OF 50"


another source

[link to www.politico.com]

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Posted By: coyote
Date Posted: October 15 2013 at 6:35am

DJ Industrial Average
($DJI)

   
15,240.00 Down -61.26 -0.40%


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Posted By: coyote
Date Posted: October 15 2013 at 6:37am
House conservatives are signaling their disapproval of a possible Senate deal that would reopen the government and raise the debt ceiling, providing expected complications just two days ahead of a Thursday deadline to raise the nation's borrowing limit.

Read more: [link to www.businessinsider.com]

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Long time lurker since day one to Member.


Posted By: Guests
Date Posted: October 15 2013 at 11:39am
what interests me about this situation is that the house is discussing raising the debt ceiling for another 6 weeks but then what? Shutdown, more discussions, then raise it for another 3 weeks perhaps?

At what point will they bite the bullet and restrict spending?

Six weeks takes you to after Thanksgiving which I know is an important holiday for Americans. But then you have Christmas, and so perhaps the additional few weeks will take you to the New Year. It can't continue indefinitely. Either America defaults or they strive to reduce spending so it comes in under income.


Posted By: Turboguy
Date Posted: October 15 2013 at 12:18pm
Originally posted by KiwiMum KiwiMum wrote:

what interests me about this situation is that the house is discussing raising the debt ceiling for another 6 weeks but then what? Shutdown, more discussions, then raise it for another 3 weeks perhaps?

At what point will they bite the bullet and restrict spending?

Six weeks takes you to after Thanksgiving which I know is an important holiday for Americans. But then you have Christmas, and so perhaps the additional few weeks will take you to the New Year. It can't continue indefinitely. Either America defaults or they strive to reduce spending so it comes in under income.
Nope!
 
Option C: Borrow our way out of this mess! We'll just use our credit card to pay off the credit card we used to pay off that one we cut up, which we used to pay off that other one...
 
We're going to raise the debt ceiling and put ourselves FURTHER in debt, if that's a possibility.
 
Eventually, they're going to have to raise interest rates and stop QE. Right now, when they even kind of hint at doing so, maybe, next thursday, please, the market drops 5%. This country is so far in debt that when our interest rate hits 2%, what we take in as taxes won't even pay 80% of the interest.
 
10% and our entire GDP would be needed just to pay the INTEREST alone.
 
And the saddest thing is that we're going to run into exactly this issue in what, six more months? Then three months after that because it's accelerating exponentially?


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Posted By: Guests
Date Posted: October 15 2013 at 5:20pm
Starting to look like a deal might not be reached.  Not looking good.  They have 24 hrs before the bottom of the market falls out, at record proportions. 

Washington (AFP) - A day of political disarray Tuesday thrust the United States to within hours of a debt default deadline, sparking fears of deep damage to a fragile US recovery and the global economy.

Just 29 hours before the US government begins to run short of money to pay its bills, there was no clear way out of a stalemate that has called the dollar's status as the world's reserve currency into question.

If Congress fails to raise US borrowing authority before midnight Wednesday (0400 GMT Thursday) the US Treasury would begin to run out of money to meet all US obligations and slip towards a historic debt default.

In the face of the deadline, the US political system, divided between President Barack Obama's Democrats and Republicans who run the House of Representatives, has effectively ground to a halt.

Republican leaders repeatedly tried and failed Tuesday to appease the party's conservative Tea Party faction with bills that would raise the debt ceiling and reopen the government but which had no chance of becoming law because they targeted Obama's signature health care law.

Major world powers meanwhile looked on in dismay at the brinkmanship and political recriminations in Washington, fearing reverberations that could wreak havoc in their own sometimes weakened economies.

"We're far from a deal at this point," White House spokesman Jay Carney admitted on Tuesday.

Amid rising anxiety on the markets, the financial rating agency Fitch put the United States on warning for a downgrade from its top grade AAA spot.

http:/ews.yahoo.com/photos/approaching-debt-celing-photo-203521772. -
View gallery."
http://l1.yimg.com/bt/api/res/1.2/A.2Sznr7E9FI6jL39rfvsg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTI1NjtxPTc1O3c9MzAw/http://media.zenfs.com/en_us/News/afp.com/8a32281d5c31b88708d9c995672a54af19b361c9.jpg - Graphic showing US debt and the make-up of the US Congress, …
Graphic showing US debt and the make-up of the US Congress, aswell as key dates in the US budget cri …

Despite the deepening impasse, Obama said he still expected the issue would be resolved in the end.

"My expectation is that this gets solved, but we don't have a lot of time," he told an ABC television affiliate in New York.

"What I'm suggesting to the congressional caucus is to avoid any posturing … do what's right, open the government and make sure we pay our bills."

Overnight hopes for an agreement between Senate Republicans and Democrats on raising US borrowing faded when conservative Republicans in the House seized back the initiative after daybreak.

The party made several new attempts to constrain Obamacare -- defying White House demands for a bill lifting the debt ceiling without conditions.

The latest Republican measure would have raised borrowing authority until February 7 and reopen the government until December 15.

In turn, the bill would demand an end to health care subsidies for members of Congress, aides and White House and cabinet officials and stripped the Treasury's power to take special measures to manage US debt obligations.

But Republican leaders pulled the measure late Tuesday after failing to secure enough Republican votes.

http:/ews.yahoo.com/photos/us-congressman-eric-cantor-talks-reers-departs-capitol-photo-234726763. -
View gallery."
http://l3.yimg.com/bt/api/res/1.2/f823W5h6deFoTnarcqNr.g--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTE5OTtxPTc1O3c9MzAw/http://media.zenfs.com/en_us/News/afp.com/f8ff2eabdaff0b482173747a1ab7158d8dc8bd8a.jpg - US Congressman Eric Cantor talks with reporters as …
US Congressman Eric Cantor talks with reporters as he departs the Capitol after a meeting with the S …

"There will be no action, no votes and the rules committee will not be in tonight," Republican lawmaker Pete Sessions told reporters.

Senate talks, which had been on hold all day pending developments in the House, were quickly resumed on Tuesday evening.

Leadership aides on both sides said they were "optimistic" that an agreement was in reach.

Earlier, Senate Democratic leader Harry Reid furiously accused Republican House Speaker John Boehner of seeking to save his own political skin at the expense of the United States.

"Let's be clear: the House legislation will not pass the Senate," Reid said. "I am very disappointed with John Boehner, who would once again try to preserve his role at the expense of the country."

Boehner was left once again with the unenviable choice that has come to define his speakership in Washington's divided government.

Does he stick with the Tea Party faction of his party, and possibly save his job but risk culpability in sending the US economy into a first default of modern times?

Or does he try to pass a compromise plan acceptable to Senate Democrats and Obama, with the help of minority Democratic votes -- a scenario that could fritter away his party power base and possibly cost him his job?

http:/ews.yahoo.com/photos/speaker-house-john-boehner-departs-speaking-reers-following-photo-234726182. -
View gallery."
http://l3.yimg.com/bt/api/res/1.2/tM_GMVZ_Of_nAx_nnw1Xuw--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTE5NTtxPTc1O3c9MzAw/http://media.zenfs.com/en_us/News/afp.com/1cb6aacff1cc85e8159b167d68e150288a3b2b6a.jpg - Speaker of the House John Boehner departs after speaking …
Speaker of the House John Boehner departs after speaking to reporters following a House Republican m …

Republican Senator John McCain, who has been critical of his own party's conduct in seeking to use the debt limit as leverage, turned fire on the White House and Democrats, calling on them to negotiate an exit strategy with Boehner.

"It's piling on and it's not right," McCain said.

China and Japan, which between them hold $2.4 trillion in US Treasuries, are already alarmed at the implications of the crisis.

Japan's Finance Minister Taro Aso said many US politicians "don't seem to understand well the magnitude of the international impact this problem could have".

And China's Vice Finance Minister Zhu Guangyao, in Beijing, said: "We demand that the US side, as the issuing country of the major reserve currency... should undertake its due responsibility."

Investors endured a roller coaster day. US stock markets closed down after a day of wild fluctuations, with the Dow Jones Industrial Average shedding 133.25 points (0.87 percent) to 15,168.01.

The broader S&P 500 fell 12.08 (0.71 percent) to 1,698.06, and the Nasdaq Composite lost 21.26 (0.56 percent) at 3,794.01.

The State Department, meanwhile, warned that dysfunction in Washington undermined America's image abroad.



http://news.yahoo.com/senate-leader-confident-us-debt-ceiling-deal-week-182824487.html


Posted By: Pixie
Date Posted: October 15 2013 at 5:53pm


DISASTER: HOUSE GOP PULLS VOTE ON BUDGET PLAN TWO DAYS BEFORE DEBT CEILING DEADLINE
BRETT LOGIURATO OCT. 15, 2013, 7:30 PM 43,451 187

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John Boehner
AP
House Republicans have shelved a vote on legislation to reopen the government and raise the debt ceiling. 

Rep. Pete Sessions (R-Texas), the chair of the House Rules Committee, told reporters Tuesday night that there would be "no action" on the legislation Tuesday night.

"We are going to be prepared tomorrow to make some decisions," Sessions said.

The Rules Committee abruptly postponed a hearing on the legislation earlier Tuesday, because Republican leadership didn't have the votes to pass its own plan.

The House of Representatives had planned earlier Tuesday afternoon to go ahead the vote, which featured an Obamacare-related provision. With the failure in the House, the action now shifts back to the Senate. Majority Leader Harry Reid and Minority Leader Mitch McConnell are already talking, and aides close to both are "optimistic" a deal will be reached.

House conservatives signaled early Tuesday morning their disapproval of a possible Senate deal that would reopen the government and raise the debt ceiling.

House Leadership went ahead with plans to move its own legislation, despite no support from Democrats and conservative opposition. Heritage Action, a conservative group that has pushed the "defund Obamacare" movement over the past few months, announced Tuesday evening that it is advising House Republicans to vote "no" on the measure.

The details of the House plan changed significantly since the morning. Originally, the plan was to fund the government through Jan. 15 and raise the debt ceiling through Feb. 7. The GOP's final legislation keeps the government funded only through Dec. 15.

It also originally included three Affordable Care Act-related provisions — a two-year delay of the tax on medical devices, an income-verification process for people applying for subsidies, and a version of the "Vitter amendment" that would bar just lawmakers (not congressional and White House staff) from receiving subsidies for federal health insurance under Obamacare. 

Two of those — the medical-device tax and income verification — have been stripped from the legislation. Another — the Vitter amendment — has been altered back to its original version, which bars staffers from receiving subsidies.

House Speaker John Boehner said at a press conference Tuesday morning that "there have been no decisions about what exactly we will do."

"We are talking with our members on both sides of the aisle to try to find a way to move forward today," Boehner said. Later, House Minority Leader Nancy Pelosi told reporters in a press conference that Boehner didn't have the votes for the plan.

The White House blasted the reported original plan in a statement late Tuesday morning, saying it was a "ransom" designed to "appease a small group of Tea Party Republicans who forced the government shutdown in the first place."

"The president has said repeatedly that members of Congress don't get to demand ransom for fulfilling their basic responsibilities to pass a budget and pay the nation's bills," White House spokeswoman Amy Brundage said in the statement. 

On the Senate floor Thursday morning, Majority Leader Harry Reid said that the new House proposal "blindsided" him and others in the Senate negotiations.

"I'm very disappointed with John Boehner, who would once again try to preserve his role at the expense of this country," Reid said.

Boehner spokesman Michael Steel, responded to Reid's comments minutes later, saying that he is "so blinded by partisanship that he is willing to risk default on our debt to protect a 'pacemaker tax.'"

President Obama is meeting with House Democratic leaders on Tuesday afternoon, the White House said.

Before they walked into the 9 a.m. House Republican conference meeting Tuesday morning, House conservatives complained to Costa. One Tea Party congressman called the Senate plan a "mushy piece of s—." Another said that if House Speaker John Boehner backs the deal, "he's in trouble."

"That seems to be an oxymoron. 'Senate,' then 'plan,'" said Rep. Louie Gohmert (R-Texas).

The opposition to the Senate plan is not really a surprise. House Republicans en masse won't be thrilled that the only thing they're "getting" out of this is an income-verification measure for people obtaining subsidies through the Affordable Care Act. It's not a policy victory with which they can go home to their constituents after a more than two-week shutdown. 

According to Roll Call, about 15-20 House conservatives met in secret with Sen. Ted Cruz (R-Texas) Monday night at the Capitol Hill watering hole Tortilla Coast, where they plotted how to respond to the Senate deal. Given the reactions from House conservatives Tuesday, it's likely that they discussed how to hold firm on their opposition to any deal that does not fundamentally alter Obamacare.

And it appears that House leadership is not yet ready to give in to the Senate plan



Read more: http://www.businessinsider.com/debt-ceiling-shutdown-deal-house-boehner-2013-10#ixzz2hqFJkIhu


Posted By: jacksdad
Date Posted: October 15 2013 at 6:14pm
                   


                    

LOLLOLLOLLOL


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"Buy it cheap. Stack it deep"
"Any community that fails to prepare, with the expectation that the federal government will come to the rescue, will be tragically wrong." Michael Leavitt, HHS Secretary.


Posted By: Medclinician2013
Date Posted: October 16 2013 at 3:05am
It's not looking good Albert. My latest data after a bad day on Tuesday on the Stock Market
is that people are very effected by bad news, and a default will kill our credit and the cost of the loans will go up. We have danced this dance since October 1st with almost daily proclamations of hope despite dismal realities. There are still huge differences and simply too many variables to accurately state we will see a miracle on this. One can hope...  desire to solve the problem and the belief of the speakers does not guarantee votes.  One thing is for sure. In about 21 hours we will know for sure.

Medclinician


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Medclinician - not if but when - original


Posted By: Albert
Date Posted: October 16 2013 at 6:13am
Today is the big day.  At midnight tonight, the default begins.  If that happens, the market will begin to crash.  - 500 to 1,000 tomorrow, and so on... 


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Posted By: coyote
Date Posted: October 16 2013 at 6:24am
Dow futures is up around 100 now. What the hell is up with that? Makes no sense!

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Posted By: Albert
Date Posted: October 16 2013 at 6:44am
They feel a deal will be reached.  Talks begin at 10am this morning.


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Posted By: Albert
Date Posted: October 16 2013 at 7:24am

NEW YORK (MarketWatch) — U.S. stocks jumped on Wednesday as Senate leaders rushed to seal a budget deal after a last-ditch measure by House Republicans fell apart.

“Let’s just hope that sense will prevail in Washington today,” wrote Andrew Wilkinson, chief economic strategist at Miller Tabak & Co., in emailed commentary.

http://www.marketwatch.com/story/stocks-surge-on-hopes-for-fiscal-agreement-2013-10-16#" rel="nofollow"> Click to Play

Watch Intel, Bank of America

Polya Lesova takes a look at which stocks traders will be watching during market action, including Intel, Yahoo, and Bank of America. Photo: Getty Images.

The http://www.marketwatch.com/investing/index/DJIA?lc=int_mb_1001" rel="nofollow - Dow Jones Industrial Average http://www.marketwatch.com/investing/index/DJIA" rel="nofollow - DJIA +1.14% rose 178 points, or 1.2%, to 15,346.

The S&P 500 index http://www.marketwatch.com/investing/index/SPX" rel="nofollow - SPX +1.13%   climbed 14.62 points, or 0.9%, to 1,712.68.

The http://www.marketwatch.com/investing/index/comp?lc=int_mb_1001" rel="nofollow - Nasdaq Composite http://www.marketwatch.com/investing/index/COMP" rel="nofollow - COMP +1.07%   gained 29.74 points, or 0.8%, to 3,823.75.

For every stock falling, nearly three gained on the http://www.marketwatch.com/organizations/New_York_Stock_Exchange?lc=int_mb_1001" rel="nofollow - New York Stock Exchange , where 99 million shares traded as of 9:50 a.m. Eastern. Composite volume surpassed 377 million.

On Capitol Hill, the Senate is reported to be readying a bipartisan measure to hike the http://www.marketwatch.com/Subjects/Debt_Ceiling?lc=int_mb_1001" rel="nofollow - debt ceiling and restart partially closed government operations, one day before the nation’s borrowing authority is set to expire.

Late Tuesday, http://www.marketwatch.com/organizations/Fitch_Ratings?lc=int_mb_1001" rel="nofollow - Fitch Ratings wared it might downgrade the sovereign credit rating of the U.S. from AAA as a result of the standoff over the nation’s debt limit.

http://www.marketwatch.com/companies/Bank_of_America_Corp?lc=int_mb_1001" rel="nofollow - Bank of America Corp. http://www.marketwatch.com/investing/stock/BAC" rel="nofollow - BAC +1.55% climbed 1.4% after reporting a third-quarter profit of $2.22 billion versus a loss a year earlier.

Stanley Black & Decker Inc. http://www.marketwatch.com/investing/stock/SWK" rel="nofollow - SWK -14.33%  declined 14% after the tool maker reduced its outlook for the year.

Yields on Treasury bills coming due on Thursday http://www.marketwatch.com/story/t-bill-yields-spike-on-debt-ceiling-fears-2013-10-16" rel="nofollow - jumped on investor concern they might not get paid.

“Near-term Treasury bill yields are rising to 2008 levels, as investors climb the wall of worry about repayment of those T-bills,” emailed Kevin Giddis, head of fixed-income capital markets at Raymond James. While convinced the debt ceiling will be raised, a budget deal or a negotiated settlement is less likely, wrote Giddis.

“While the short end of the curve is under pressure, the middle to long end of the yield curve is remarkably calm. We can only hope that the confidence that the bond market is showing translates into a deal,” Giddis said.

Kate Gibson is a reporter for MarketWatch, based in New York. Follow her on Twitter http://twitter.com/MWKateGibson" rel="nofollow - @MWKateGibson .



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