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DOW JONES     Dow jones, SP June 2011 (Christina)

Author Message ▼ Last message
Lara     posted : 28/07/11   09:01 pm


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i ve got the same plan but i m sure that Obama will find a solution and the market will become bull as natural




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Hi vador
Stephan     posted : 28/07/11   11:17 pm


member  
Reid to Move on Defeating House Debt Plan Tonight

Senate Majority Leader Harry Reid said he will move tonight to kill House Speaker John Boehner’s debt-ceiling plan, paving the way for Senate votes this weekend on a possible compromise to avert a potential U.S. default.

Republican House leaders expressed optimism their measure would pass today. If it does, Reid, a Nevada Democrat, said he plans to bring Boehner’s legislation immediately to the floor and “it will be defeated” because it would set up another congressional fight over the debt limit within months.

“No Democrat will vote for a short-term Band-Aid that would put our economy at risk and put the nation back in this untenable situation a few short months from now,” Reid said.

That would allow Reid to accelerate negotiations among leaders on both sides to raise the nation’s $14.3 trillion debt limit ahead of an Aug. 2 deadline.

The U.S. Treasury will give priority to making interest payments to holders of government bonds when due if lawmakers fail to raise the debt-ceiling, according to an administration official who requested anonymity because no announcement has been made. The Treasury has said about $90 billion in debt matures on Aug. 4 and more than $30 billion in interest comes due Aug. 15. Overall, more than $500 billion matures in August.

Boehner, an Ohio Republican, defended his plan, calling it “a sincere, honest effort to end this crisis in a bipartisan way.”
Votes This Weekend

The Senate is likely to begin voting this weekend on an alternative proposal from Reid to raise the debt ceiling by the full $2.4 trillion President Barack Obama has requested, while cutting $2.2 trillion over a decade. Senate leaders are working privately to reach a compromise that could clear Congress by Aug. 2, the date the Treasury Department says the nation will breach its borrowing limit and run out of options for avoiding default.

Senator Chuck Schumer of New York, the third-ranking Democrat, said Republicans should “sit down and negotiate.”

“Throwing a hot potato over to us that won’t pass just delays things a day, and we are simply four days away from one of the worst financial catastrophes that could face this country,” he said.

Boehner’s plan would provide an immediate $900 billion debt-ceiling boost, cut $915 billion in spending and tie a future borrowing increase to enactment of a deficit-slashing law late this year.
Budget-Cutting Committee

House Majority Leader Eric Cantor predicted Republicans would pass Boehner’s debt-limit increase plan. He sought to portray the House plan as a compromise because it would establish a special budget-cutting committee, which he said was a Democratic proposal.

“We don’t have all the cuts that we’d like in this bill,” Cantor said. “The president has asked for a compromise - this is a compromise.”

In a floor speech, second-ranking House Democrat Steny Hoyer of Maryland predicted “there will be no Democrat for this bill” because it “will put us right back here on the precipice of imminent default in just a few months.”

All 51 Senate Democrats and two independents have signed a letter pledging to oppose the Boehner plan.
Stock, Bond Prices

U.S. stocks, after rising earlier, fell for a fourth day.

The Standard & Poor’s 500 dropped 0.3 percent to 1,300.67, its lowest level for the month, at 4 p.m. in New York. The Dow slipped 62.44 points, or 0.5 percent, to 12,240.11.

Treasuries rose, pushing 10-year yields to a one-week low, on concern the deadlock will damage the economy.

Yields on the current 2.375 percent seven-year notes due in June 2018 fell three basis points, or 0.03 percentage point, to 2.23 percent at 4:01 p.m. in New York, according to Bloomberg Bond Trader prices. The yield had dropped to as low as 2.20 percent before the sale. The price of the security increased 5/32, or $1.56 per $1,000 face amount, to 100 29/32.

Ten-year note yields fell three basis points to 2.96 percent and touched 2.93 percent, the lowest since July 21.

Freshman House Republicans who had wanted deeper spending cuts rallied behind Boehner’s measure, saying it was the best deal possible.

“Was this as big as we wanted to go? Heck no,” said Wisconsin Republican Sean Duffy. “We think it’s a bill that will stave off a default and also work for the American people.”
Gaining Support

Boehner gained support among fellow Republicans for his plan after reworking it to cut $915 billion over 10 years, $65 billion more than his original approach.

The House plans to vote today around 6 p.m. on the Boehner plan.

As congressional leaders continue to wrangle, Obama administration officials will brief the public no earlier than after financial markets close tomorrow on priorities for paying the nation’s bills if the debt limit isn’t raised, a Democratic official said.

A Treasury official said in an e-mail the department would provide more information on how the government would operate in the absence of borrowing authority.

Bankers including Goldman Sachs Group Inc. Chairman and Chief Executive Officer Lloyd Blankfein and JPMorgan Chase & Co. chief Jamie Dimon called on Obama and Congress to raise the federal debt limit to steer the U.S. government away from the threat of default.
Reid, McConnell

Reid and his Republican counterpart, Minority Leader Mitch McConnell of Kentucky, maintained a private dialogue on developing a path to a debt-limit increase in the Senate, where bipartisan support is needed to gain the 60 votes necessary to ensure a vote on controversial legislation.

There is already overlap between Boehner’s plan and one that Reid offered on July 25. Reid dropped Democrats’ insistence on tax increases. His and Boehner’s proposals take as their starting points a cut of close to $1 trillion in discretionary spending cuts over 10 years, and both establish bipartisan committees to recommend future savings, with the results guaranteed a congressional vote.

The two sides are divided over a Republican demand for a second debt-limit vote tied to another $1.8 trillion in budget cuts that likely would come early next year, just as 2012 election campaigns are gearing up. Democrats would extend the debt ceiling until 2013 while making $2.2 trillion in total spending cuts, including $1 trillion from winding down the Iraq and Afghanistan wars, a savings Republicans criticized as a gimmick.
‘Go to Yes’

Representative Bill Flores of Texas said he was one of a group of freshman Republicans who decided to support Boehner’s plan after being promised a vote on a balanced budget to the Constitution. Lawmakers will vote tomorrow on a pair of proposals, Flores said, including one that mirrors a plan that almost won congressional approval in the 1990s.

“When they did that it was easy for me to go to ‘yes,’’ he said. He said some of his colleagues are ‘‘stuck at no’’ which he called ‘‘troubling.

‘‘We have to be practical about this and think: What is it that allows us to move the ball down the field?’’ he said.

To contact the reporters on this story: Peter Cook in Washington at pcook6@bloomberg.net; Catherine Dodge in Washington at cdodge1@bloomberg.net

Hedge21     posted : 29/07/11   09:09 pm


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