Chillin' out till it needs to be funded
Possibly scared by the specter of the GOP being marginalised by Democrats and even the Tea PartyMcConnell, and Behner trundled into Sunday after stumbling across and never hearing the Democrat proposal too.
Sen Harry Reids proposal fell by the wayside with the Senate yet to vote on it as Saturday combined a 59-41 denial for Boehner’s a dollar a month plan and a 246-173 loss for Reid’s $2.4 Trillion debt ceiling increase plan. Boehner and McConnell are thus seemingly at home only with Republican proposals that move an inch at a time on the debt ceiling going back for approvals every 6 months or maybe even less, even as spending cuts to $3 TLN have been discussed by the democrats yet
Meanwhile the debt impasse has earlier happened in 1979 and 1996 for more than two weeks each and Fixed income markets are rather unruffled despite the specter of a downgrade for the USA. Spending cuts are largely symbolic even in the Republican plans led by the Gang of Six’s discovery of $2 TLN behind the scrapping of the Alternate Minimum Tax, a dubious legislation at best..
Of course brinksmanship is no answer, but the politicians are somehow just ending up making sure their is enough egg to go around on everyone’s faces The big banks wrote a joint letter to Obama as a result on Friday from the Financial Services Forum Meanwhile banks continued to report good and bad in the results season with the weekend analysis of ICICI Bank from the subcontinent here