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October 14, 2013 09:04 AM UTC

And Now, It Begins To Really Hurt

  • 21 Comments
  • by: Colorado Pols

UPDATE: Rumors of a new deal are, as can be expected, turning markets around–Politico:

Senate Majority Leader Harry Reid has privately offered Senate Minority Leader Mitch McConnell a deal that would reopen the government until mid-to-late December while extending the U.S. debt ceiling until next year, according to several sources familiar with the talks.

The proposal would set up a framework for larger budget negotiations with the House over the automatic sequestration spending cuts and other major deficit issues, the sources said. Moreover, Senate Democrats are open to delaying Obamacare’s medical device tax and a requirement that those receiving Obamacare subsidies be subject to income verification — but they would have to get something from Republicans in return, sources said.

—–

CNN Money:

The Dow Jones industrial average, S&P 500 and Nasdaq declined about 0.5% in early trading Monday. The sell-off erased some of last week's huge gains, when the Dow rallied 460 points over Wednesday, Thursday and Friday.

"Just when you thought it was safe to assume progress on the budget impasse, the weekend has proved to be frustratingly slow in terms of positive developments," wrote Deutsche Bank analyst Gael Gunubu, in a client note. "Markets are responding accordingly … as last week's hope that we would see an early-week deal has evaporated."

As The Hill reports, the ongoing dual crises over the shutdown of the federal government and the upcoming expiration of the government's borrowing authority is creating an unlikely alliance between Wall Street and Democrats: 

The White House has sought to enlist the financial industry in its effort to convince House Republicans to back a clean hike to the debt ceiling.

But while the financial industry has strong ties to many GOP lawmakers, it has struggled to break through to those fighting against a debt-limit boost the hardest. Conservative Republicans who rode the Tea Party wave to power have few ties to deep-pocketed financial interests. [Pols emphasis]

Before the strong close at the end of the week, the Dow had posted steady losses ever since Boehner agreed to push to defund the president’s healthcare law during the government funding fight.

As soon as a deal is reached on extending the nation's debt limit, the markets will immediately stabilize–just the increased likelihood of that, based on reported progress in negotiations, was enough to fuel last week's rally. On the other hand, if a deal isn't reached right away, the financial markets are likely to punish American lawmakers even more than the last GOP-engineered default crisis in 2011. This is the part we had hoped would be avoided by the apparent capitulation underway within the GOP last week, as new polls indicated a disastrous loss of support for them. Unfortunately, the weekend passed without agreement–and now, every day's negotiations begin to have real effects on the wealth of individual American citizens.

Here in Colorado, most Republican members of Congress have paid lip service to ending the shutdown, increasingly aware that they are being lopsidedly blamed for it. That lip service has not translated to successful action. In particular the unsteadiness of Rep. Mike Coffman has both weakened the Republican position by his publicly repudiating it after helping bring it about, and also marginalized Coffman by his being unable (or unwilling) to back up his newfound words. Among Democrats we've talked to, there's a recognition that they can't make anything more than token concessions in the face of a government shutdown and threats of default. If they do, they will legitimize the practice of high-stakes budgetary brinksmanship, and everyone will suffer the more for it. But what pound of flesh will Republicans ultimately need to save face?

It's an easy prediction that something will give, and soon, but beyond that we all have to wait and see.

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21 thoughts on “And Now, It Begins To Really Hurt”

  1. It seems to me that Colorado just recalled a couple of our representatives for something as simple as passing some gun control laws.  If that warrants recall, then failing to do thier job and plunging the nation into crisis certainly warrants doing so.  Why is there not a recall or impeachment effort being raised for both Republicans and Democrats who are refusing to negotiate in this manufactured crisis?

    Most of these politicians are feeling safe in being obstinate becuase it looks good to their base and they feel the public will have moved on and forgotten by the time they come up for reelection.  But if some the people at home start building fires on removing them from office, the story might change.

      2. This is my question is there some mechanism for a State to remove its representatives if they failing to represent the State's interests besides waiting for the next election?  I know that Congress can take action against its own members, it would seem odd that the State and public they represent could not also.

    1. Watch tomorrow's bond market, and Wed. or Thurs. stock market.

      Anarchy is fun, isn't it?  Especially when you think you personally aren't affected.  Can't wait to hear you squeal when it does directly affect you — like maybe getting salmonella poisoning, or something.

      1. It's time to stop thinking about handouts, and start thinking about our liberty being eroded. Stop bribing Americans and start expecting more of us than dependence!!

  3. The American people now hate the GOP House of Representatives more than hemorroids and dog crap.  That's what your party has done to itself neebkins, made people realize that comparatively–considering the House GOP and the nihilistic, sophmoric philosophy they represent–they have a higher opinion than dog crap and hemorroids.  And yet here you are, spitting back up the same tired talking points that Americans loathe. 

  5. Reid is giving up. GOP gets medical device tax repeal and income verification for Obamacare freebies. Why the hell wouldn't you libs want to verify income?

    1. I don't have any idea if this will be the final agreement but if it is I think its safe to call it a compromise.

      By the way, didn't your party, as late as two weeks ago today, demand that the Affordable Helathcare Act be repealed and then you demanded that it be delayed for one year. The compromise you describe is a far cry from that. Who did you say is giving up?

  6. N3B:

    Reid is giving up. GOP gets medical device tax repeal and income verification for Obamacare freebies. Why the hell wouldn't you libs want to verify income?

    If you know for sure that the medical device tax repeal is part of a deal, please post the link. I'd like to see it, as would others.  

    Income verification? Of course it's part of the deal. I just applied on line through connectforhealthcolorado.com, and since my income is low enough to qualify for a partial subsidy, it sent me to the Colorado Peak Force program to see if my income is low enough for Medicaid (it isn't).

    At some point, I'll be contacted and have to go in for a one on one appointment with a real person, who will definitely want to look at whatever proofs of income I can show. That's how we avoid fraud and waste.

    I don't think that any liberals are denying the necessity of income verification. If you do know that, again, please provide proof of your assertions.

     

     

  7. I don't think anyone is against income verification. No surprise it took 4 years for the baggers to find something legit to complain of. I'd be OK with the medical device tax being repealed as long as the baggers can bring the $30 B that was to be generated from that. Perhaps from O&G subsidies?

  8. Mike Coffman has not sponsored 1 bill to fixinfrastructure, or create jobs. He's wasted hsi time trying to tear down th economy by opposing health care, food stamps for hungry children, whil supporting tax breaks for the rich and oil compnaies,. He does not deserve another term.

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