Thread: Breaking: NO DEAL! Last Minute Debt Ceiling Bill Defeated

Breaking: NO DEAL! Last Minute Debt Ceiling Bill To Avoid Default Defeated In Senate

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Alexander Higgins

Breaking: NO DEAL! Last Minute Debt Ceiling Bill To Avoid Default Defeated In Senate

Posted by Alexander Higgins - July 31, 2011 at 1:39 pm - Permalink - Source via Alexander Higgins Blog

Last Minute Debt Ceiling Deal To Avoid Default Defeated In Senate

Live from Washington: The U.S. Senate has just defeated a last minute debt ceiling bill deal to avoid a U.S. default.

The bill was defeated by a vote of 50 Yeas to 49 nays which is far short of the 60 vote 3/5ths majority needed to pass.

Last Minute Debt Ceiling Deal To Avoid Default Defeated In Senate

Senate Majority leader Harry Reid is arguing to hold the Senate in session until 4 P.M to re-vote on the issue but is facing steep resistance.

As I explained in my last post this is the last vote before Asian markets open and failure to pass will spark a massive sell-off with devastating consequences.

Source: http://blog.alexanderhiggins.com/2011/0 ... ate-46421/

related

LIVE COVERAGE OF US DEBT TALKS
http://live.reuters.com/Event/US_Debt_Crisis

UPDATE 1-Senate blocks Reid debt plan, bipartisan deal close

http://www.reuters.com/article/2011/07/ ... 8I20110731

related

Deal or no deal? Markets bracing for Monday
http://www.huffingtonpost.com/huff-wire ... ll-street/

If there is no agreement to raise the nation's borrowing limit and defuse the building financial crisis, analysts say they expect Monday to bring a steep slide in stocks across the globe.

In the U.S. that would add to six straight days of stock losses.

related

Boehner Balking?

Oops. From Washington Wire again:
http://blogs.wsj.com/washwire/2011/07/3 ... battle-2/#

"House Speaker John Boehner (R., Ohio) appears to be balking at the debt ceiling deal that Senate Democratic Majority Leader Harry Reid of Nevada has signed. Mr. Boehner is concerned about provisions in the deal that could lead to sharp cuts in military spending, say people familiar with the situation. House aides have warned that just because Mr. Reid has signed off on the deal doesn’t mean the deal is done." From limit up to limit down in one easy (yet unconfirmed) headline.

http://www.zerohedge.com/news/boehner-balking

related

Live Blog on the Deficit Battle
5:24 pm
Boehner Balking at Debt Deal

http://blogs.wsj.com/washwire/2011/07/3 ... battle-2/#

RELATED

5:29 P.M. update

Reid Backs Debt Deal and Hopes for Sunday Night Debt Vote

http://www.alipac.us/ftopict-245585.html

Originally Posted by JohnDoe2

Reid Backs Debt Deal and Hopes for Sunday Night Debt Vote

http://www.alipac.us/ftopict-245585.html

======================================

If you were a betting man John, would you wager a settlement will be reached before tomorrow night?

Originally Posted by HAPPY2BME

Originally Posted by JohnDoe2

Reid Backs Debt Deal and Hopes for Sunday Night Debt Vote

http://www.alipac.us/ftopict-245585.html

======================================

If you were a betting man John, would you wager a settlement will be reached before tomorrow night? 8O

50/50 chance.

RELATED

Debt ceiling talks have tea party ready for disappointment - and retribution

http://www.alipac.us/ftopict-245586.html