Congresswoman Renee Ellmers (R-NC) was on Fox News a while ago saying House Republicans are standing behind John Boehner and his proposal. They might want to think again. Having now reviewed it, it seems pretty clear that we will lose our credit rating as it does a lot of what the credit agencies have said not to do — mainly to punt. Beyond the Speaker’s | Read More »
In the past 48 hours I have had call after call after call from members of the United States Congress. They’ve read what I’ve written. They agree. But they feel the hour is short and the end is nigh. So some are calling looking for alternatives. Some are calling looking for energy. Many are calling looking for absolution. And so I address them and put | Read More »
The President has rejected the short-term bipartisan deal that Reid and Boehner concocted. Now Boehner is losing the headlines with the media claiming Reid will offer no tax increases and more spending cuts than Boehner, not that they are real. It’s just another reason the House needs to draw a line in the sand and demand Cut, Cap, and Balance. Stop negotiating. Fight. You can | Read More »
Download Podcast | iTunes | Podcast Feed On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the latest debt ceiling negotiation developments from this weekend, and how the markets will react if no deal is reached in time. We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like to | Read More »
The Wall Street Journal reports that Bank of America is probably going to cut the U.S. credit rating anyway. Bank of America-Merrill Lynch says in a note that the U.S. credit rating will likely be cut to AA by the end of the year. Even though the house believes a stopgap deal will come at the last minute, any follow-up deal is likely to be | Read More »
Currency markets are open in the Far East as I write this, and the dollar is a little weaker. No interest rates or commodity prices yet, but I’ll update you if anything exciting materializes. I must say that I found it weird to hear John Boehner and others talking about making a deal before the trading week starts. (And if you’re a long-time RedState reader, | Read More »
President Obama, fearing losing reelection more than default, threatens to veto any last-minute debt package from Congress unless it extends the nation’s borrowing limit beyond the 2012 elections. Treasury Secretary Timothy Geithner told ABC’s “This Week” that Obama demands that any agreement to increase the debt ceiling extend beyond the 2012 elections. Obama’s chief of staff, Bill Daley, confirmed the veto threat. Daley was asked on NBC’s “Meet the | Read More »
Having watched this debt ceiling fight play out over the past couple of months, I keep coming back to one inescapable conclusion: we need better generals. The Washington GOP wants to force another vote on the debt ceiling right before the election. That’s one of the ideas being kicked around in part of this grand deal. Let’s play this out: We get to the last | Read More »
A House Republican who is in leadership called me tonight. He said what we are hearing about — the two tier plan — is “sh*t” and he’s blaming Boehner. He agrees that Boehner is getting nervous and wants a deal. But this two tier plan seems to be the Republicans’ initial offer. Harry Reid is headed that way. Many Democrats want more. So keep in | Read More »
“The only reason this is a crisis and the only reason they now want a last minute deal is because while House Republicans were working to save the country Democrats were busy scoring cheap political points.” I’ve gotten lots of calls about compromise this weekend. Senators have called. Congressmen have called. Staffers have called. I try not to be too committal on these calls because | Read More »
Blame Obama’s insatiable insistence on more and more taxes for the collapse of the debt ceiling negotiations. In the Los Angeles Times, Peter Nicholas and Lisa Mascaro tell us that on Sunday, July 17, Obama and the Republicans had agreed upon “$800 billion in revenue increases.” On Tuesday, July 19, the Gang of Six unveiled its deficit reduction proposal that included more than $1 trillion in | Read More »
I think conservatives need to draw one more line in the sand on the debt ceiling. There is a growing worry that John Boehner and Eric Cantor will come up with a deal with the White House that will require Democrat votes to get through the House of Representatives. This would be a replay of the continuing resolution fiasco that cut little and cost much. | Read More »
Cut, Cap, and Balance failed in the United States Senate with four votes shy of 50. The vote was 51-46 to table. Hold the freaking line. You only need four votes in the Senate to have a majority. You do not need Plan B. You do not need to negotiate. You do not need to play Washington politics as usual. That got us to this | Read More »
Download Podcast | iTunes | Podcast Feed On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca and Congressman Paul Ryan to discuss the latest in the debt ceiling negotiations, the Senate’s Gang of Six plan, and the need to means test entitlement reform. We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If | Read More »
Here is the way things work in Washington. One group in Congress comes up with a bold plan to save the country. Let’s call it Cut, Cap, and Balance. Everyone else sets out to undermine their plan. Heck, most of the rest of Congress doesn’t have a plan at all — they just want to dump on the group that comes up with the plan. | Read More »
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