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It's Official (For the Nth Time): "No Deal"
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It's Official (For the Nth Time): "No Deal"

  #1 (permalink)
Quick Summary
It's Official (For the Nth Time): "No Deal"

Remember the massive market ramp that came in on "news" that the Stupor committee would actually have a resolution? It is now time to fade it. Reuters reports that "The co-chairs of the U.S. Congress "super committee" will announce that their panel has failed to reach a deal on at least $1.2 trillion in deficit reductions, a senior congressional aide said on Monday. The co-chairs, Republican Representative Jeb Hensarling and Democratic Senator Patty Murray, are expected to release their written statement soon, aides said." Now this is not any news, but the "faux" catalyst that was used by the FRBNY to send a massive market buy to Citadel was there, and was sufficiently credible to get the vacuum tubes to jump in the buying frenzy. Now let's see the reversal, or not. After all that would make too much sense for this busted market.

Full statement:

(Washington D.C.) – Today, the Co-Chairs of the Joint Select Committee on Deficit Reduction, Representative Jeb Hensarling and Senator Patty Murray, released the following statement.

"After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline.

"Despite our inability to bridge the committee's significant differences, we end this process united in our belief that the nation's fiscal crisis must be addressed and that we cannot leave it for the next generation to solve. We remain hopeful that Congress can build on this committee’s work and can find a way to tackle this issue in a way that works for the American people and our economy.

"We are deeply disappointed that we have been unable to come to a bipartisan deficit reduction agreement, but as we approach the uniquely American holiday of Thanksgiving, we want to express our appreciation to every member of this committee, each of whom came into the process committed to achieving a solution that has eluded many groups before us. Most importantly, we want to thank the American people for sharing thoughts and ideas and for providing support and good will as we worked to accomplish this difficult task.

"We would also like to thank our committee staff, in particular Staff Director Mark Prater and Deputy Staff Director Sarah Kuehl, as well as each committee member's staff for the tremendous work they contributed to this effort. We would also like to express our sincere gratitude to Dr. Douglas Elmendorf and Mr. Thomas Barthold and their teams at the Congressional Budget Office and Joint Committee on Taxation, respectively, for the technical support they provided to the committee and its members."

And the follow up

Statement by Speaker Boehner on the Announcement by Joint Select Committee Co-Chairs Jeb Hensarling & Patty Murray

Washington (Nov 21)

House Speaker John Boehner (R-OH) issued the following statement on the announcement by Joint Select Committee on Deficit Reduction co-chairs Jeb Hensarling (R-TX) and Patty Murray (D-WA):

"While I am disappointed, the House will forge ahead with the commitments we have made to reducing government spending and removing barriers standing in the way of private-sector job creation. Doing otherwise is not an option. This process did not end in the desired outcome, but it did bring our enormous fiscal challenges into greater focus. I am confident the work done by this committee will play a role in the solution we must eventually find as a nation.

"I commend both of the panel's leaders, Jeb Hensarling and Patty Murray, for the dignified and statesmanlike manner in which the committee carried out its difficult negotiations. I want to particularly thank Jeb for the principled leadership and love of country he consistently has demonstrated in leading Republicans on the Joint Select Committee, as well as Dave Camp and Fred Upton for the countless hours they invested in this process for a noble cause."



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  #2 (permalink)
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OMG!!! I am shocked. Congress couldn't do it's job.

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  #3 (permalink)
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I think they already made up their mind prior to the super committee ever being formed.

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