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House Democrat leader Steny Hoyer will today announce that the US will not pass a budget in 2010 as “It isn’t possible to debate and pass a realistic, long-term budget until we’ve considered the bipartisan commission’s deficit-reduction plan, which is expected in December.” Yet ”the House has never failed to pass an annual budget resolution since the current budget rules were put into place in 1974.”
The real reason of course is that the budget would indicate new and unprecedented trillions in deficits, which would wreak havoc on Democrat chances to contain their upcoming mid-term election loss to just “landslide” status, instead of what is increasingly shaping up as being more in the “apocalyptic” category. Those whose memory spans longer than 24 hours, will recall that Peter Orszag resigned yesterday. Something tells us these two events may be correlated. In the meantime, we are now convinced that realizing the hopelessness of its political situation, the administration and the Fed will now create the most ridiculous, unprecedented, destructive and historic market melt up in history to preserve any chances of demonstrating just how “effective” their market manipulation, pardon, economic resurgence efforts are.
If you are short, be ready to have all your shares forcibly called in over the next 4 months. At least the humor of the situation is not lost on one person: House Republican leader John Boehner has taken out a page on his website to lampoon the tragicomedy that US economic and fiscal reality has become.
This year’s budget collapse is an unprecedented failure. Even when previous Congresses have failed to pass budget conference reports, the House always completed and passed its own budget resolution. Not only will House Democrats fail to pass a budget resolution, they will make no attempt to even propose a budget.
Originally posted by ~Lucidity
Already posted here, with a less "politcally mad" titlle
[edit on 22-6-2010 by ~Lucidity]
Originally posted by DINSTAAR
mnemeth1, I am in agreement with you almost across the board, but I do not share your contempt for the current administration. They are a bunch of flat-earth Keynesians, but they are only killing themselves. I believe the glimmer of freedom still left in this world will not wane even if the masters and ambiguous borders change drastically.
They have already lost the intellectual battle and now the two sides are just trading blows on each other for sport.