Global Economic
Trend Analysis

Recent Posts

Saturday, October 12, 2013 11:46 AM

Silliness From Boehner Rejected by Obama; Cut Losses, End the Madness

Mish Moved to MishTalk.Com Click to Visit.

Bloomberg reports Boehner Said Obama Rejected Fiscal Offer.

House Speaker John Boehner told fellow Republicans today that President Barack Obama rejected his latest fiscal offer, said Representative Raul Labrador, an Idaho Republican.

“The president rejected our deal,” Labrador told reporters after leaving Republicans’ closed-door meeting in Washington.

House Republican leaders’ plan would extend U.S. borrowing authority to Nov. 22 from Oct. 17 and would make some changes to Obama’s health-care law, structured in a way that could meet the political needs of each side to claim success.
The Deal

  1. Boehner wants to end a tax on medical devices
  2. Extend the debt ceiling limit to November 22

Why bother? Does anyone think an agreement of substance can be hammered out by November 22.

Amusingly, Boehner's proposal increases the deficit by $32 billion.

So much for fiscal prudence.

I still expect six Senate Republicans to pass a clean measure and send it to the House where it would pass if Boehner allowed a vote.

Cut Losses, End the Madness
Republicans should just concede and allow a vote to end the shutdown without conditions, Representative Peter King, a New York Republican, said in an interview yesterday.

“We should cut our losses and get it over with,” he said. “It’s madness to keep the government closed any longer.”
As I mentioned before, the risk to Boehner, is House members use a discharge petition to force a vote. There are close to 30 Republicans willing to extend the debt ceiling, and the measure only needs about 17 to pass.

As it stands, Republicans do not want to overrule Boehner via discharge petition to force the vote. If the Senate passes a clean bill, pressure on Boehner will be intense.

I strongly support a balanced budget, reduced spending, and other things Republicans want, but the battle is not going to be won this way.

In case you missed it, please consider Pragmatic Look at the Debt Ceiling Debate; Who Broke Washington?

Mike "Mish" Shedlock

Last 10 Posts

Copyright 2009 Mike Shedlock. All Rights Reserved.
View My Stats