With 23 hours left until the Asian open (or, more importantly, 19 hours until FX trading resumes) and with today's round of talks now official over after a one hour meeting in Boehner's office with congressional leaders achieved nothing, it is becoming clear that the final debt ceiling outcome will be "no change" in spending or taxing habits and a temporary hike in the debt ceiling, so that the soap opera can be repeated again every three months... and again... and again... and so forth for an "extended period of time" as "transitory solutions' become the new grand consensus.ZHThe Hill Reports:
Reid, however, released a statement that was less than optimistic about reaching an agreement on the timeframe of a deal.
"I hope that Speaker Boehner and Leader McConnell will reconsider their intransigence," Reid said in his statement. "Their unwillingness to compromise is pushing us to the brink of a default on the full faith and credit of the United States. We have run out of time for politics. Now is the time for cooperation." The Hill
Reid's problem is that he is delivering, a Nevada middle class of 1% of the total American middle class, and a federal tax penalty of 30%. If anything is going to work, my 1/5 of a Senator, Babs Boxer, has to agree to deliver 12% of America's middle class using a methods of anti-democracy. Can she can deliver California debt service payments for another $4T? No, she has a state secession on her hands. She consistently promises large debt service payments from Southern California voters, who consistently say no!
The mere existence of anti-democracy in California is enough to downgrade DC.
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