Today seems to be interesting.
Our friends across the pond are having a vote on the debt ceiling. The last time they got themselves in this tizz I think the pound rose about 25c on the dollar from July 2013 to July2014.
We've been seeing the dollar slowly peg back the pound again but today it jumped 1c perhaps some leaking of voting intentions and pricing in of a failure to agree a new debt ceiling?
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I don't know why the Republicans are so bad at negotiating, it looks as though Biden has got the better of this deal. Instead of holding the economy to ransom they would have done much better threatening to close down the government. I'm sure the fascist wing of the Republican party won't be happy with this deal, so fun times ahead. |
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"I don't know why the Republicans are so bad at negotiating, it looks as though Biden has got the better of this deal. Instead of holding the economy to ransom they would have done much better threatening to close down the government. I'm sure the fascist wing of the Republican party won't be happy with this deal, so fun times ahead. "
Apparently Biden's clinching argument was that if there was a default The USA would have to revert back to its previous owner.  |
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By *abioMan 47 weeks ago
Newcastle and Gateshead |
"Today seems to be interesting.
Our friends across the pond are having a vote on the debt ceiling. The last time they got themselves in this tizz I think the pound rose about 25c on the dollar from July 2013 to July2014.
We've been seeing the dollar slowly peg back the pound again but today it jumped 1c perhaps some leaking of voting intentions and pricing in of a failure to agree a new debt ceiling?
"
This is going to take a bit of political wonk explanation…
Biden and McCarthy agreed a deal.. but neither those on the liberal left or the Maga right are happy with it… they are banking on enough moderates on both sides to get the deal through..
The problem McCarthy has as part of his deal to get elected speaker he had to put 3 members of the freedom caucus (the maga tea party far right) on the rules committee to get any bill on the floor …. If all three voted against to bill would not even be voted on…
But because everyone would point fingers at them for basically taking down the economy and defaulting .. they won’t do it! So if it gets to a vote on the floor it will pass as enough people on both sides will hold their noses and do it…
So… who do they take it out on.. who’s head goes?
This is where it gets interesting…..
Because it took McCarthy 15 rounds of voting to become speaker in the 1st place because a chunk of his own party wouldn’t support him.. one of the concessions he made was to change the rules on ‘vacating the chair’ …
In the past if people wanted to try and get rid of the speaker you needed 15 people to support a motion to vacate, and then get the majority of members to agree
Because McCarthy position was so weak… he agreed to change the number needed to present the motion from 15…….. to 1!
Yes … 1 member!
And then remember the republican majority in the house is 6! … so it would only take 3 republicans to vote with all the democrats to get the speaker removed! |
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"Today seems to be interesting.
Our friends across the pond are having a vote on the debt ceiling. The last time they got themselves in this tizz I think the pound rose about 25c on the dollar from July 2013 to July2014.
We've been seeing the dollar slowly peg back the pound again but today it jumped 1c perhaps some leaking of voting intentions and pricing in of a failure to agree a new debt ceiling?
This is going to take a bit of political wonk explanation…
Biden and McCarthy agreed a deal.. but neither those on the liberal left or the Maga right are happy with it… they are banking on enough moderates on both sides to get the deal through..
The problem McCarthy has as part of his deal to get elected speaker he had to put 3 members of the freedom caucus (the maga tea party far right) on the rules committee to get any bill on the floor …. If all three voted against to bill would not even be voted on…
But because everyone would point fingers at them for basically taking down the economy and defaulting .. they won’t do it! So if it gets to a vote on the floor it will pass as enough people on both sides will hold their noses and do it…
So… who do they take it out on.. who’s head goes?
This is where it gets interesting…..
Because it took McCarthy 15 rounds of voting to become speaker in the 1st place because a chunk of his own party wouldn’t support him.. one of the concessions he made was to change the rules on ‘vacating the chair’ …
In the past if people wanted to try and get rid of the speaker you needed 15 people to support a motion to vacate, and then get the majority of members to agree
Because McCarthy position was so weak… he agreed to change the number needed to present the motion from 15…….. to 1!
Yes … 1 member!
And then remember the republican majority in the house is 6! … so it would only take 3 republicans to vote with all the democrats to get the speaker removed!"
I reckon any motion to vacate against Speaker McCarthy will fail, the Democrats will save him, not because they like him but because it would be good politics as it would be damaging to the far right of the Republican party, as it shows they can't deliver what they promised their base.
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"I don't know why the Republicans are so bad at negotiating, it looks as though Biden has got the better of this deal. Instead of holding the economy to ransom they would have done much better threatening to close down the government. I'm sure the fascist wing of the Republican party won't be happy with this deal, so fun times ahead.
Apparently Biden's clinching argument was that if there was a default The USA would have to revert back to its previous owner. "
I would assume many have a vested interest in tbe dollar being stronger. But given that last year this seemed to take an entire year to sort out and this time it is see.ingky much quicker.
I think there's a fair few stages before it's full approval? |
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