Ares
22nd June 2010, 11:59 AM
Says Republican House Leader John Boehner
House Democrat leader Steny Hoyer will today announce that the US will not pass a budget in 2010 as “It isn’t possible to debate and pass a realistic, long-term budget until we’ve considered the bipartisan commission’s deficit-reduction plan, which is expected in December." Yet "the House has never failed to pass an annual budget resolution since the current budget rules were put into place in 1974." The real reason of course is that the budget would indicate new and unprecedented trillions in deficits, which would wreak havoc on Democrat chances to contain their upcoming mid-term election loss to just "landslide" status, instead of what is increasingly shaping up as being more in the "apocalyptic" category. Those whose memory spans longer than 24 hours, will recall that Peter Orszag resigned yesterday. Something tells us these two events may be correlated. In the meantime, we are now convinced that realizing the hopelessness of its political situation, the administration and the Fed will now create the most ridiculous, unprecedented, destructive and historic market melt up in history to preserve any chances of demonstrating just how "effective" their market manipulation, pardon, economic resurgence efforts are. If you are short, be ready to have all your shares forcibly called in over the next 4 months. At least the humor of the situation is not lost on one person: House Republican leader John Boehner has taken out a page on his website to lampoon the tragicomedy that US economic and fiscal reality has become.
From John Boehner's Website
Cancelled: There Will Be No Congressional Budget This Year
***The Following Is An Important Fiscal Health Announcement***
Washington (Jun 22)
In light of House Majority Leader Steny Hoyer’s (D-MD) announcement this morning that House Democrats will not pass a budget this year – failing to fulfill what he has called “the most basic responsibility†of governing – the following important fiscal health warning has been issued:
THE BUDGET HAS BEEN
CANCELLED
WE REGRET TO INFORM YOU THAT
THE CONGRESSIONAL BUDGET
PLANNED FOR FISCAL YEAR 2011 HAS BEEN CANCELLED DUE TO WASHINGTON DEMOCRATS’ OUT-OF-CONTROL SPENDING SPREE.
AN APOLOGY FOR THIS BETRAYAL OF AMERICAN TAXPAYERS DOES NOT APPEAR TO BE FORTHCOMING AT THIS TIME.
BE ADVISED THAT THE FOLLOWING SERVICES WILL BE INTERRUPTED:
Imposing the fiscal discipline economists say is needed to create jobs and boost our economy
Reining in the out-of-control spending spree that is killing American jobs
Carrying out the “most basic responsibility of governingâ€
Stopping middle-class tax hikes that will sock family budgets at the worst possible time
Providing the leadership on jobs and the economy that Americans say is sorely lacking
Protecting our kids and grandkids from the enormous debt burden Washington has placed on them
We reserve the right to notify you of additional consequences that may arise in light of this budget failure, which is unprecedented in the modern era. In the interim, please brace for more spending, more debt, more tax hikes, more broken promises.
For families and small businesses looking for a government that listens to the people it serves and respects their hard-earned money, House Republicans are offering better solutions to cut spending now and help small businesses put people back to work.
http://www.zerohedge.com/article/americas-new-budgetless-reality-betrayal-american-taxpayers-says-republican-house-leader-joh
House Democrat leader Steny Hoyer will today announce that the US will not pass a budget in 2010 as “It isn’t possible to debate and pass a realistic, long-term budget until we’ve considered the bipartisan commission’s deficit-reduction plan, which is expected in December." Yet "the House has never failed to pass an annual budget resolution since the current budget rules were put into place in 1974." The real reason of course is that the budget would indicate new and unprecedented trillions in deficits, which would wreak havoc on Democrat chances to contain their upcoming mid-term election loss to just "landslide" status, instead of what is increasingly shaping up as being more in the "apocalyptic" category. Those whose memory spans longer than 24 hours, will recall that Peter Orszag resigned yesterday. Something tells us these two events may be correlated. In the meantime, we are now convinced that realizing the hopelessness of its political situation, the administration and the Fed will now create the most ridiculous, unprecedented, destructive and historic market melt up in history to preserve any chances of demonstrating just how "effective" their market manipulation, pardon, economic resurgence efforts are. If you are short, be ready to have all your shares forcibly called in over the next 4 months. At least the humor of the situation is not lost on one person: House Republican leader John Boehner has taken out a page on his website to lampoon the tragicomedy that US economic and fiscal reality has become.
From John Boehner's Website
Cancelled: There Will Be No Congressional Budget This Year
***The Following Is An Important Fiscal Health Announcement***
Washington (Jun 22)
In light of House Majority Leader Steny Hoyer’s (D-MD) announcement this morning that House Democrats will not pass a budget this year – failing to fulfill what he has called “the most basic responsibility†of governing – the following important fiscal health warning has been issued:
THE BUDGET HAS BEEN
CANCELLED
WE REGRET TO INFORM YOU THAT
THE CONGRESSIONAL BUDGET
PLANNED FOR FISCAL YEAR 2011 HAS BEEN CANCELLED DUE TO WASHINGTON DEMOCRATS’ OUT-OF-CONTROL SPENDING SPREE.
AN APOLOGY FOR THIS BETRAYAL OF AMERICAN TAXPAYERS DOES NOT APPEAR TO BE FORTHCOMING AT THIS TIME.
BE ADVISED THAT THE FOLLOWING SERVICES WILL BE INTERRUPTED:
Imposing the fiscal discipline economists say is needed to create jobs and boost our economy
Reining in the out-of-control spending spree that is killing American jobs
Carrying out the “most basic responsibility of governingâ€
Stopping middle-class tax hikes that will sock family budgets at the worst possible time
Providing the leadership on jobs and the economy that Americans say is sorely lacking
Protecting our kids and grandkids from the enormous debt burden Washington has placed on them
We reserve the right to notify you of additional consequences that may arise in light of this budget failure, which is unprecedented in the modern era. In the interim, please brace for more spending, more debt, more tax hikes, more broken promises.
For families and small businesses looking for a government that listens to the people it serves and respects their hard-earned money, House Republicans are offering better solutions to cut spending now and help small businesses put people back to work.
http://www.zerohedge.com/article/americas-new-budgetless-reality-betrayal-american-taxpayers-says-republican-house-leader-joh