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No U.S. debt deal; Obama meeting with Democrats [latest Sun. update]
Market Watch ^ | July 24, 2011 | Deborah Levine

Posted on 07/24/2011 2:37:04 PM PDT by La Enchiladita

NEW YORK (MarketWatch) — With no apparent deal to increase the U.S. debt limit in sight, President Barack Obama will be meeting with Congressional leaders of his own party later Sunday.

Throughout the weekend, lawmakers and officials expressed optimism that a deal would be done before trading in major Asian markets began to avoid the possible roiling of financial markets.

A White House spokesman said Obama would meet with House Democratic Leader Nancy Pelosi and Senate Majority Leader Harry Reid in the Oval Office at 6 p.m. Eastern.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Front Page News; Government; Politics/Elections
KEYWORDS: boehner; budget; debtceiling; spendingcuts
House Speaker John Boehner had scheduled a 4:30 p.m. conference call with his Republican colleagues. A 4 p.m. Eastern deadline set Saturday by Boehner for a report, on progress on a compromise plan to raise the nation’s $14.2 trillion debt limit to avert a potential Aug. 2 default, passed with no word.

I wonder what they talk about at these meetings, since they seem to get nowhere.

Heh.

1 posted on 07/24/2011 2:37:11 PM PDT by La Enchiladita
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To: La Enchiladita

Obama will meet with ONLY members of his own party...Sounds like that circa 1940’s German dude...what’s his name??


2 posted on 07/24/2011 2:42:15 PM PDT by Sacajaweau
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To: La Enchiladita
WSJ Live Blog: The U.S. Debt Battle
3 posted on 07/24/2011 2:47:18 PM PDT by La Enchiladita (I said it, I meant it and I represent it.)
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To: La Enchiladita
I wonder what they talk about at these meetings, since they seem to get nowhere.

No talk. Just dream...


4 posted on 07/24/2011 2:48:25 PM PDT by Nervous Tick (Trust in God, but row away from the rocks!)
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To: La Enchiladita

“Obama would meet with House Democratic Leader Nancy Pelosi and Senate Majority Leader Harry Reid”

Now that really gives one confidence in settling the debt issue. NOT! Three of the biggest spenders in the nations history.


5 posted on 07/24/2011 2:50:19 PM PDT by Parley Baer
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To: La Enchiladita
I fear what he is going to talk about with Reid - is absolute assurance that he will block any impeachment trial should Obama raise the debt limit by Executive order.

This probably has been his fall back position all along.

6 posted on 07/24/2011 2:50:43 PM PDT by Pebcak
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To: Nervous Tick

That looks like an opium den, lol.

I note that Boehner drinks a lot of tea* at those meetings and Ubama chews gum. I wonder if he pops the gum when he chews it.

*(secret signal to the Tea Party, hmmmmm??)


7 posted on 07/24/2011 2:51:33 PM PDT by La Enchiladita (I said it, I meant it and I represent it.)
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To: La Enchiladita

Screw the Reps if they cave in on this. No increase in debt ceiling. Enough is enough. Boehner and McConnel both need to go.


8 posted on 07/24/2011 2:51:40 PM PDT by Diggity
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To: La Enchiladita

The World hasn’t ended yet?


9 posted on 07/24/2011 2:51:52 PM PDT by McGruff (Don't go wobbly on me now GOP leadership)
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To: La Enchiladita

>> That looks like an opium den

So? You got a BETTER explanation for what’s going on? :-)


10 posted on 07/24/2011 2:53:50 PM PDT by Nervous Tick (Trust in God, but row away from the rocks!)
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To: Parley Baer
“Obama would meet with House Democratic Leader Nancy Pelosi and Senate Majority Leader Harry Reid”

If they really cared about the country, all three would resign immediately.

11 posted on 07/24/2011 2:55:21 PM PDT by oldbrowser (They're socialists don't call them liberals)
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To: McGruff; Candor7
The World hasn’t ended yet?

Candor7 is the expert on that topic, I believe. Come in, Candor....

12 posted on 07/24/2011 2:58:33 PM PDT by La Enchiladita (I said it, I meant it and I represent it.)
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To: Pebcak

Actually, some legal pundits claim under the 14th Admendment, obamma has all the authority he needs to raise the debt ceiling without Congress’s approval. I’m sure it would be challenged in court, after the deed is done. obamma has to be thinking about doing this, with claims he is saving the nation and it is for the children, and unions.


13 posted on 07/24/2011 2:59:38 PM PDT by rawhide
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To: La Enchiladita
I think the Asian markets open in 17 minutes. I'll be keeping a distant eye on the Nikkei ticker.
14 posted on 07/24/2011 2:59:54 PM PDT by camerongood210
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To: La Enchiladita

Sorry. Looks like the Nikkei won’t open for another 2+ hours.


15 posted on 07/24/2011 3:04:40 PM PDT by camerongood210
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To: rawhide

Exactly.


16 posted on 07/24/2011 3:06:09 PM PDT by Pebcak
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To: camerongood210

Japan = UTC +9


17 posted on 07/24/2011 3:09:05 PM PDT by tomkat ( Palin/West '12)
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To: Parley Baer
“Obama would meet with House Democratic Leader Nancy Pelosi and Senate Majority Leader Harry Reid”

I thought he was specifically told to let Congress work on the bills and he was to stay out of it. This kenyan reminds me of a pesky fly at a picnic.

18 posted on 07/24/2011 3:10:35 PM PDT by Evil Slayer (Onward, Christian soldiers, marching as to war)
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To: camerongood210
Boehner made a big mistake by announcing he was going to have and propose a plan before the Asian Markets opened today. Looks like he did not have all the Republican caucus with him at the end of the day.

Now obambi and pelosi and reid will meet and come out with a plan this evening to make the Repubs look like fools!

19 posted on 07/24/2011 3:11:49 PM PDT by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
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To: La Enchiladita
Boehner should bring a 12 pk. of Rush's “Two if by Tea” and pass it around. I think obama would really appreciate the gesture. : )
20 posted on 07/24/2011 3:15:03 PM PDT by lara
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To: All

As I pointed out elsewhere, an executive order attempt to raise the debt ceiling is pointless.

The FY2011 CR expires 1 October. He can’t spend money by executive order. His own party would prevent an attempt to completely dissolve Congress’ ability to control the purse.

If he were to raise the debt ceiling by decree for a lousy 2 months of spending, the GOP would retaliate with an immediate 500B cut in FY2012 spending in the subsequent authorization.


21 posted on 07/24/2011 3:16:03 PM PDT by Owen
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To: La Enchiladita

Boehner is playing a game of chicken with Obama, because zero won’t work with him. Maybe Obama’s threats are going to be tested....and the Republicans are going to offer that bill on cap, trade and debt Mon, that noone would allow on Senate floor last week.


22 posted on 07/24/2011 3:17:38 PM PDT by Kackikat
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To: La Enchiladita

Comment on “Huff-N-Puff”:

Just heard from CNN that Harry Reid and Nancy Pelosi are meeting with President Obama at 6pm EDT because Boehner would not accept any whitehouse proposal on raising the debt ceiling.

Boehner said he would not accept any deal that included an increase in revenue/ta­x hikes and when Reid sent word to the President, President Obama said there has to be revenue increases to any debt ceiling deal. Boehner called his caucus and conducted a teleconfer­ence with them and could not get any votes on raising the debt ceiling if it included revenues. So Reid came up with a proposal that would require $2.5 trillion in cuts, no increase in revenue and would raise the debt ceiling to 2013.

When word got out about this proposal, Pelosi and other dems weren’t happy and President Obama immediatel­y summoned Reid and Pelosi to the whitehouse for a meeting. It’s a wait and see concept for now.


23 posted on 07/24/2011 3:23:00 PM PDT by Beaten Valve
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To: lara

That sounds cute. Is this a real thing? I haven’t heard of it.


24 posted on 07/24/2011 3:29:32 PM PDT by La Enchiladita (I said it, I meant it and I represent it.)
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To: Red_Devil 232

Boner said the original offer that obama accepted then reneged on, is still on the table.

Silver and gold is up but it’s not going crazy. I think this destroys the claim that the Asian markets will tank.


25 posted on 07/24/2011 3:31:15 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: Beaten Valve
President Obama said there has to be revenue TAX increases

Why are we using the Kenyan's poll-tested term "revenue" to describe what he's demanding?

Words have meaning. Don't fall into the trap of agreeing to redefine the language so it benefits the Demonrats.

26 posted on 07/24/2011 3:31:45 PM PDT by peyton randolph (Barack was Mohammed's horse. Obama is a horse's back side.)
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To: Beaten Valve

Also see WSJ live blog link in post #3 for updates.


27 posted on 07/24/2011 3:33:11 PM PDT by La Enchiladita (I said it, I meant it and I represent it.)
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To: La Enchiladita

28 posted on 07/24/2011 3:33:17 PM PDT by NYTexan
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To: NYTexan

Gold is now up $15

http://www.kitco.com/market/


29 posted on 07/24/2011 3:38:11 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: La Enchiladita; McGruff
The World hasn’t ended yet?>>>>>>>>>>>>>>>>>>

Candor7 is the expert on that topic, I believe. Come in, Candor....>>>>>>>>>>>>>>>>>>>>>>>

I see that my rumored-at-an-end,post-default world has now been resurrected! Miracle !

Never again will I believe the cry of "Wolf!"

Even if it does escape the lips of a very beautiful woman, which neither Reid nor Obama are.

Photobucket

Obama simply must have more money to hand out, its the reason for the "end of the world!"

Photobucket

Its already been said:

Photobucket

30 posted on 07/24/2011 3:40:57 PM PDT by Candor7 (Obama fascist info..http://www.americanthinker.com/2009/05/barack_obama_the_quintessentia_1.html)
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To: Terry Mross

Not unusual for an early morning trading...very volatile market!


31 posted on 07/24/2011 3:42:45 PM PDT by NYTexan
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To: NYTexan

Looks like whoever was telling boner the world would end was wrong or lying. I’d say lying. Then again the day ain’t over with yet.


32 posted on 07/24/2011 3:45:03 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: La Enchiladita

I’d have to agree that, if Reid proposed it, the cuts are phony. The House won’t pass it. THE CRISIS CONTINUES!


33 posted on 07/24/2011 3:47:33 PM PDT by BfloGuy (The final outcome of the credit expansion is general impoverishment. -- L. Von Mises)
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To: BfloGuy
I hope NO deal is made...let the feds go on a diet!

btw, I lived in Buffalo for most of my life. Moved to my birth state of TX. So glad to be away from that liberal hell hole!

34 posted on 07/24/2011 3:52:59 PM PDT by NYTexan
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To: Terry Mross

+22.30


35 posted on 07/24/2011 4:00:50 PM PDT by NYTexan
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To: La Enchiladita
I'm confused. Is it....

a. No NEW taxes.

b. No tax RATE increases to existing taxes, but there might be completely NEW taxes.

???

36 posted on 07/24/2011 4:01:30 PM PDT by CanaGuy (Go Harper! We gave you a majority, now get busy!)
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To: NYTexan

That tea is nasty tasting, nothing like we expected.


37 posted on 07/24/2011 4:06:53 PM PDT by kcvl
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To: kcvl

Haven’t tried it, so I can’t comment.


38 posted on 07/24/2011 4:11:18 PM PDT by NYTexan
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To: kcvl

just wait until christmas when he comes out with “one if by ham”


39 posted on 07/24/2011 4:16:02 PM PDT by jeltz25
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To: Red_Devil 232
Boehner made a big mistake by announcing he was going to have and propose a plan before the Asian Markets opened today. Looks like he did not have all the Republican caucus with him at the end of the day.

More importantly he looks the fool for worrying about 'the Asian Markets'. The markets may be worried about how we are handling the debt ceiling debate but I guarantee that they not worried about us defaulting on our debts. There is not a chance in a million that we would do so and the smart guys realize that.

I wonder if Boehner does. Somehow I doubt it. I think he still believes in the possibility of a default. That's just Obama propaganda and Boehner should be smart enough to recognize that. We need Cantor as Speaker of the House.

40 posted on 07/24/2011 4:28:38 PM PDT by InterceptPoint (w)
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To: InterceptPoint

Cantor? Well I would like to see Allen West as speaker of the house.


41 posted on 07/24/2011 5:54:05 PM PDT by Candor7 (Obama fascist info..http://www.americanthinker.com/2009/05/barack_obama_the_quintessentia_1.html)
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To: Beaten Valve

So, obama plans on taking the dems down with him. It’s his way or the highway?

Stay strong Boehner. These morons think they can bluff their way to get you to fold.

Pass the bill that allocates where spending must be spent first if the debt limit is reached. Be prepared.


42 posted on 07/24/2011 6:01:01 PM PDT by Girlene (Hey, Girls just wanna have fun!)
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To: Girlene

“So, obama plans on taking the dems down with him.”

Seems to me he wants to take everyone down with him. He even said, “All change comes from me.” Right around the election. He’s NWO’s poster child for every year since 2007.


43 posted on 07/24/2011 6:05:02 PM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: La Enchiladita
I just recieved this from Congressman Michael McCaul (10th TX):

Dear Friends,

I want to forward you Speaker John Boehner's remarks, below, from a conference call with House Republicans Sunday. I remain optimistic that we will find an agreeable, long-term solution that will avoid default without causing more damage to our economy. I will continue to keep you updated.

With Best Regards,

Michael T. McCaul Member of Congress

-------------------------------------------------------------------------------- Speaker Boehner’s Excerpts From Sunday’s Member Conference Call

(Courtesy of the Speaker’s Office)

“I went on Fox News Sunday this morning because it was the most effective way to tell everyone where things stand. It boils down to this: The president wants his $2.4 trillion debt limit increase all at once, without any guarantees that we’re going to cut more than $2.4 trillion in spending. The administration says they it all upfront so we don’t have to deal with this again until after the next election. You heard the president say that himself on TV the other night.

“We’ve seen this coming all year long. But here’s the challenge: to stop him, we need a vehicle that can pass in both houses. “You know, last week we passed the Cut, Cap & Balance Act and showed America our solution, our vision, as we did months ago with our budget. So we’ve done our job. And I think the nation knows it. But as you all know, the Senate tabled the Cut, Cap & Balance Act. And I think the nation knows that, too. So the question becomes – if it’s not the Cut, Cap & Balance Act itself – what CAN we pass that will protect our country from what the president is trying to orchestrate?

“The White House has never gotten serious about tackling the serious issues our nation faces – not without tax hikes – and I don’t think they ever will. The path forward, I believe, is that we pull together as a team behind a new measure that has a shot at getting to the president’s desk. It’s won’t be Cut, Cap, & Balance as we passed it, but it should be a package that reflects the principles of Cut, Cap, & Balance. We’re committed to working with you – and with our Republican colleagues in the Senate – to get it done. No one is willing to default on the full faith and credit of the United States.

“And I think the leaders in both parties and both houses of Congress already agree that we need significant reductions. But if we stick together, I think we can win this for the American people. . .because I do think there is a path. But it’s gonna require us to stand together as a team. It’s gonna require some of you to make some sacrifices. If we stand together as a team, our leverage is maximized, and they have to deal with us. If we’re divided, our leverage gets minimized.

“Before I close, let me thank all of you for your patience, and for your confidence, and for your commitment to our country. We’re doing the right thing, and you all know that the right thing isn’t always the easiest thing to do.” # # #

44 posted on 07/24/2011 10:17:08 PM PDT by matthew fuller (Forget impeachment- Extradite obama, biden, napolitano, muller, clinton and holder. Country saved!)
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To: Parley Baer
Yup, scary since all three of them don't read the bills they sign until after they sign them.
45 posted on 07/24/2011 10:28:47 PM PDT by Chgogal (Krauthammer, Rove et. al., STFU. Thank you.)
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To: matthew fuller

Thanks for the post. And thank your Congressman for keeping you (and us) informed.


46 posted on 07/24/2011 10:51:08 PM PDT by okie01 (THE MAINSTREAM MEDIA: Ignorance On Parade)
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To: okie01

I apologize for neglecting to furnish this:
http://mccaul.congressnewsletter.net/mail/util.cfm?gpiv=2100075686.31840.166&gen=1
Anyone can sign up for his emails. I can’t ask for a better Congresscritter.


47 posted on 07/25/2011 2:04:36 AM PDT by matthew fuller (Forget impeachment- Extradite obama, biden, napolitano, muller, clinton and holder. Country saved!)
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