Only Act 1 in the US default tragicomedy

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In the last few days we’ve had potential agreement from Boehner/Obama (markets got excited, but talks collapsed on Saturday), then to the Senate on Monday for debate between Reid and McConnell (markets got excited, again no agreement), this was subsequently pushed back to the House (no real excitement and no agreement), now it’s back to the Senate where apparently we should get a deal soon. This will then need to be pushed back to the House (which is closed tonight), where apparently they might not have the votes to pass anyhow; although it’s hard to see Mitch McConnell agree to anything that he doesn’t think will get the votes from Boehner and co! Then to the President for sign off….

Then when we finally get a deal, it will be pushed through to January 15, where we will debate and try and avoid a new government shutdown, which co-insides with the sequester spending cuts that kick in on that same day. Then February 7 for a new debt limit extension and boom we’re back to square one!!

Brilliant!

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