For more than a century, the White House Easter Egg Roll has been insulated from the sort of partisan sniping that now dominates Washington politics.
That tradition ended Monday, when Republicans started complaining about a notice that the event could be canceled due to a potential government shutdown. The Obama administration has already come under GOP criticism for canceling White House tours due to the mandatory, across-the-board cuts known as sequestration.
The memo — which doesn’t actually [...]
Michael A. Gayed: Retailers look increasingly vulnerable
Yes, the Dow is over 14,000. Yes it sure feels like a bull market. Yes, the argument for the “Great Re-Allocation” out of bonds and into stocks is a powerful narrative and one that I believe is a longer-term theme for markets. Yes, I have been early in calling for a decline.
No, I am not changing my call for a correction based on [...]
The government managed to get us passed the “fiscal cliff.” But they did so by creating three more smaller, but still substantial “cliffs.”
And according to Morgan Stanley’s Vincent Reinhart we’re likely to go over one of those cliffs, and it’s unclear what the consequences will be.
First, let’s review how we got passed the “fiscal cliff.” Reinhart summarizes in a new research note:
The “resolution” of the sudden stop in the federal [...]
Dan Greenhaus of BTIG splashes some cold water on the idea that Washington is going to sail through the upcoming budget thicket:
Not unimportantly for stocks on Friday and in front of today’s inauguration ceremonies, Republicans emerged from their VA retreat seemingly realigned. The reporting since suggests that Republican leadership was able to convince the rank of rile that going to the mats over the debt ceiling at this point was foolish and [...]
What Happens If The Markets Crash In 2013?
GOLDMAN: Hide Your Kids, The Sequester Is Coming
Goldman’s Alec Phillips writes in a note that the automatic spending cuts required by the so-called “Sequester” (the spending caps imposed by the 2011 debt ceiling deal) are now a matter of “when” and not “if.”
He examines the sequester as part of the broader fiscal triple threat that we’re seeing right now: Debt ceiling + ongoing budget resolution [...]
Joe Weisenthal
Jan. 15, 2013, 5:15 AM
Goldman’s Alec Phillips writes in a note that the automatic spending cuts required by the so-called “Sequester” (the spending caps imposed by the 2011 debt ceiling deal) are now a matter of “when” and not “if.”
He examines the sequester as part of the broader fiscal triple threat that we’re seeing right now: Debt ceiling + ongoing budget resolution + sequester.
While the debt ceiling has the [...]
Dan Greenhaus of BTIG thinks that Wall Street might be sleepwalking into what’s looking more and more like a real economic disruption.
In his note tonight, he says that a government shutdown should practically be assumed, and that an increased fiscal drag (due to the sequester kicking in) should probably be factored in as well.
Read more: http://www.businessinsider.com/analyst-at-this-point-we-have-to-assume-that-the-government-is-going-to-shut-down-2013-1#ixzz2I0y5bgn0
A group of House conservatives is calling for foreign aid to Libya and Egypt to be stripped from a six-month federal funding bill set for a vote on Thursday.
A handful of lawmakers voiced outrage Wednesday at the Obama administration’s response to the attacks on the U.S. embassies in those countries, and suggested the inclusion of foreign aid could influence their votes.
“It makes it easier to vote ‘no’ ” on the [...]
WASHINGTON — House Republicans Tuesday unveiled legislation to get rid of AmeriCorps, the national service program, and cut off federal funding for National Public Radio, public television and Planned Parenthood.
The moves would come in a controversial spending bill that pays for labor, health and education programs for the budget year beginning Oct. 1.
The measure is dead on arrival with Democrats but contains many provisions to please tea party conservatives.
“This bill [...]
NOURIEL ROUBINI
Dark financial and economic clouds are, it seems, rolling in from every direction: the euro zone, the United States, China and elsewhere. The global economy in 2013 could be a very difficult environment in which to find shelter.
For starters, the euro zone crisis is worsening, as the euro remains too strong, front-loaded fiscal austerity deepens recession in many member countries, and a credit crunch in the periphery and high [...]
Dr. Doom Nouriel Roubini is once again warning of a perfect global storm in 2013.
In his latest Project Syndicate column Roubini warns of dark “financial and economic clouds” from Europe, the U.S., China and the Middle East.
First, he says the eurozone crisis is worsening, the fiscal and sovereign debt crisis and the problems in its banking sector are worsening. In fact he says, eurozone might need a bailout of its banks but also a sovereign [...]
TOKYO (AFP) – Japan on Thursday posted a record trade deficit for fiscal 2011 as the quake-tsunami disaster and ensuing nuclear crisis sent car and electronics exports tumbling and energy imports soaring.
The country’s trade shortfall hit 4.410 trillion yen ($54.2 billion) in the 12 months to March, the finance ministry said, amid continuing worries about the recovery in the world’s third-largest economy.
For decades, Japan enjoyed huge trade surpluses owing to [...]
At a hearing of the House Energy and Commerce Committee, Secretary of HHS Kathleen Sebelius confirmed the fears of many pro-life advocates who worry that the recent HHS mandate requiring all insurance plans to cover contraception and sterilization, regardless of an employer’s moral objection, is just the beginning.
The same statutory authority of the Administration to mandate contraception could just as easily mandate abortion on demand. The Administration believes in essence [...]
(ABC News)
Senate Minority Leader Mitch McConnell said he is so confident that Democrats will not support President Obama’s budget, he plans to introduce the bill himself.
With Obama set to release his 2013 budget Monday, the Kentucky Republican said he will do the same thing he did last year when the Senate was trying to pass a budget.
“I offered President Obama’s budget, since the Democrats didn’t seem to want to develop their own budget [...]
WASHINGTON (AP) – A dispute over a Canada to Texas oil pipeline threatened to complicate efforts in Congress to pass legislation that would avert a New Year‘s tax increase for millions of Americans and extend government benefits to the unemployed.
Separately, the House of Representatives, in a rare bipartisan vote, passed a $1 trillion spending bill on Friday, after an agreement was reached preventing a potential government shutdown. Senate paassage was expected Saturday.
But [...]
Congressional lawmakers reached an agreement late Thursday to avoid a government shutdown this weekend, Democratic and Republican leaders will push for a final vote on the $1 trillion spending bill on Friday morning — hours before much of the federal government would have been forced to turn out the lights.
The final bill removes several provisions of concern to President Barack Obama — including a measure to reinstate travel restrictions on [...]
By Jeffrey Sparshott, MarketWatch
–About 99,000 of department’s 119,000 workers would be told to stay home if there’s a shutdown
–International banking reform would be discontinued, attention to other policy issues reduced
–IRS would see biggest staffing impact
WASHINGTON — The U.S. Treasury Department Thursday said it would tell about 99,000 federal workers to stay home if Congress reaches an impasse and forces a government shutdown.
Treasury [...]
By David Nakamura, Washington Post
First lady Michelle Obama and first daughters Sasha and Malia are headed to Honolulu on Friday for a 17-day vacation — without the president.
At least for now.
With the White House and Congress embroiled in a standoff over a spending bill and payroll tax cut proposal that could lead to agovernment shutdown Saturday, Obama appears ready to make good on his promise to stay in Washington until the issues are resolved.
The [...]
Rep. Steve King (R-Iowa) says that Congress is not going to cut off funding for Obamacare or Planned Parenthood because House Republican leadership is afraid of the threat of a showdown with Senate Democrats and the president – they’re afraid that Republicans would be blamed for a government shutdown.
King said the House GOP leadership, if asked, would say that they did pass a repeal of Obamacare – and would blame [...]
President Barack Obama left on a nine-day trip Friday just as the deficit-cutting supercommittee stumbles into its critical final phase and lawmakers race to avert a government shutdown.
And neither Congress nor the White House really seem to care.
It’s the latest sign that the two ends of Pennsylvania Avenue, once locked in a co-dependent relationship, are officially in the breakup phase.
Obama has embraced his single status over the past two months by mocking Congress [...]
Reporting from Washington—
Bringing a tense debate to a quiet close, the House approved legislation Tuesday to fund the government and replenish disaster aid into next month, ending for now the threat of a government shutdown.
The House voted 352 to 66 to fund the government through Nov. 18. At that time, Congress is expected to be at a standoff again as conservative Republicans push for deeper [...]
New York City Mayor Michael Bloomberg told NBC News’ David Gregory that he is troubled by President Barack Obama’s rhetoric on the so-called ‘Buffet Rule.’
On Meet the Press, Bloomberg criticized Obama for theatrics, pushing a tax law that would by the administration’s own admission, impact just a few Americans.
“You can’t define what is middle class, what is wealthy, what is poor,” he said. “It’s not fair to [...]
1) Massive bank capital gap looms in Europe
“Europe’s banks face a capital hole of at least 200 billion euros ($404 billion) if Greece forces them to slash the value of its debt and other troubled euro-zone countries like Italy and Ireland follow suit.
Talk that Europe needs to shore up its banks — if necessary with capital from taxpayers’ pockets — is gathering steam as talk of a [...]
Image: AP
An already contentious debate over funding the government past September 30 intensified Thursday as Republicans amended their bill to be more amenable to GOP lawmakers and Democrats pledged to oppose it.
In what is at latest government shutdown threat this year, without action by the start of the new fiscal year, all but the most essential government services will cease on October 1 until a [...]
by ZH
Luckily the US has everything else in order, which is why it can afford to shut down the government… Again. Per Bloomberg:
HOUSE REJECTS BILL CONTAINING DISASTER RELIEF AID
REPUBLICAN DEFECTIONS LEAD TO DEFEAT OF BUDGET BILL
SPENDING BILL NEEDED TO FUND GOVERNMENT PAST SEPT. 30
REPUBLICANS OBJECTED TO OVERALL COST OF SPENDING BILL
Yep, looks like it: From Reuters:
A bill that would fund the U.S. government past Sept. [...]
-Federal debt quickly approaching 100% of GDP and projected to be 110.74% of GDP in 2015.
-Unfunded Social Security, Medicare and Medicaid liabilities of up to $200 trillion.
-A huge federal deficit of 10.91 percent, that’s much bigger even than that of Greece.
-Many U.S. states in ruins, with Minnesota having a total government shutdown, to name just one.
-The dollar being destroyed with ultra-low Federal Reserve rates and rounds of money creation.
-Consumers drowned [...]
WASHINGTON (AP) — President Barack Obama on Friday scrapped his administration’s controversial plans to tighten smog rules, bowing to the demands of congressional Republicans and some business leaders.
Obama overruled the Environmental Protection Agency — and the unanimous opinion of its independent panel of scientific advisers — and directed administrator Lisa Jackson to withdraw the proposed regulation to reduce concentrations of ground-level ozone, smog’s [...]
by ZH
From Joseph LaVorgna, Deutsche Bank
Growth recession confirmed; H2 dims; waiting to see jobs
Commentary for Monday: Previously, we highlighted the possibility that the economy was on the brink of a growth recession—a sustained period of below trend growth typically accompanied by rising unemployment. The disappointing Q2 GDP results and downward revisions to the prior three quarters lead us to believe that this indeed is the [...]
by Frank James
Enlarge J. Scott Applewhite/APRepublican congressmen Jeff Flake of Arizona, (l) a publicly announced “no” vote; John Sullivan of Oklahoma (c), and Bill Shuster of Pennsylvania, Wednesday, July 27, 2011.
Just as the Washington narrative had started to shift a bit from “House Speaker John Boehner doesn’t have the juice to get his conference to support him” to “Boehner is getting his fellow Republicans [...]
Today, it seems like our federal government, our state governments and most American families live in a constant state of crisis. Everywhere you look there are major problems. Right now everyone is stressed out because of the “debt ceiling deadline”. Earlier this year everyone was freaked out about the possibility of a “government shutdown”. If by some miracle Barack Obama and the Republicans are [...]
(Reuters) – New claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, pointing to a labor market that is struggling to regain momentum after job growth faltered in the last two months.
Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 418,000, the Labor Department said.
Economists polled by Reuters had forecast claims rising to 410,000. The [...]
COMPTON (CBS) — The Compton City Council has diverted a potential government shutdown by approving a budget Tuesday night that calls for massive layoffs.
The new budget would require the city to slash 30 percent of its workforce.
CBS
from left to right: Kurt Zellers, Amy Koch, and Governor Mark Dayton met with the media Tuesday morning July 19, 2011, to announce the special session to begin at 3 p.m. today. Zellers is Speaker of the House and his colleague Koch is Senate Majority Leader. (Pioneer Press: Chris Polydoroff) (Chris Polydoroff)
After 19 days of unwanted world attention, Minnesota’s historic state government shutdown is on [...]
Alexander Eichler
The Huffington Post
Of the 22 percent of Americans who want the federal government to raise the debt ceiling, less than a third say that “economic catastrophe” would result from not doing so, according to a Gallup poll released Wednesday.
The poll examines Americans’ reasons for why they do or don’t want to see the debt ceiling raised. Only 22 percent of Americans want their [...]
ST. PAUL, Minn. (FOX 9) – Minnesota Gov. Mark Dayton sent a letter Thursday to House Speaker Kurt Zellers and Senate Majority Leader Amy Koch, saying he “reluctantly” agrees to accept the Republican budget proposal from June 30.
Dayton said accepting the offer would bridge a $1.4 billion gap between him and the Republican leadership. The governor says he has “serious reservations” about the GOP plan, [...]
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