7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
1/19
March 1, 2013, 12:44 p.m. EST
shutdown
Boehner: House will act on stopgap budget; Obama urges balance
President Obama speaks after
Friday meeting withcongressional
leaders.
By Robert Schroeder, MarketWatch
WASHINGTON (MarketWatch) President Barack Obama said he wanted to avert a
government shutdown, suggesting a willingness to accept billions of dollars in
spending cuts that will start to be implemented Friday even as he seeks to reverse
them.
Obama spoke after congressional leaders wrapped up a meeting at the White House on
Friday with no deal to eliminate the sequester.
Appearing at the White House briefing room, a stern-facedObama warned of the effects the cuts will have and took
Republicans to task, saying: the caucus of common sense is
silent on Capitol Hill.
House Speaker John Boehner, an Ohio Republican, emerged
from the meeting sticking to a no-tax-increase pledge and said
the House would vote next week on a funding bill that will
include spending reductions.
The discussion about revenue is over, Boehner said.
U.S. stocks, SPX +0.14% meanwhile, posted modest gains on
Friday after suffering a drop of more than 100 points at the
opening bell. See Market Snapshot.
Congressional leaders and the White House had until Friday to strike adeal on averting the
cuts, which total $85 billion for the remainder of the 2013fiscal year. Altogether, the
sequester would cut about $1 trillion in government spending over nine years, ending in
fiscal 2021.
Competing bills offered by Democrats and Republicans failed Senate testvotes on
Thursday, paving the way for the onset of the cuts. Read: The sequester starts Friday. Then
what?
Obama warned about the effects on the U.S. economy and American citizens from the
sequester, saying the longer it goes on, the greater the damage to our economy.
Click to Play
Week ahead: Politics vs. Wall Street
If politics doesn't get in the way, we're looking at a retaking of the Dow and S&P 500 record highs. But there's
political gridlock looming in both the U.S. and Europe.Photo: AP
At a time when our businesses have finally begun to get some traction, hiring new workers,bringing jobs back to America, we shouldnt be making a series of dumb, arbitrary cuts to
things that businesses depend on and workers depend on, like education and research and
infrastructure and defense, Obama said.
For as long as the sequester exists, he added, it will show up in futureeconomic data. As
long as the sequesters in place, well know that thateconomic news could have been better
if Congress had not failed to act, he said. See MarketWatch Economic Calendar.
With the sequester cuts going into effect at least temporarily, the nextopportunity to turn
them off may be the expiration of a stopgap governmentfunding bill on March 27.
House Republicans want to make the sequester cuts part of a so-called continuing
resolution that would keep the government operating until the end of the fiscal year in
September. That is the bill Boehner said he aims to vote on next week.
Obama said he would honor previous commitments, which suggests a willingness to accept
the level of spending cuts implied by the sequester. The president specifically declined to
Most Popular
Breaking Insight
Video
[?]
Stories You Might Like
Bond links: Bill Gross's March outlook
Would new Dow record set a bear market trap?
Senate sequester bills look set to fail
Filing your taxes? 7 things tocheck first
ECONOMIC REPORT
Worst income dip in 20 yearsdoesnt stop spending
KEYNOTE SPEAKER
Sequester risks U.S. security:Simpson, Bowles
HOWARD GOLD'S NO-NONSENSE INVESTING
What Marty Zweig can teach usnow
INDICATIONS
U.S. stock futures drop on globaldata; ISM looms
MARK HULBERT
Stocks that perform in bull andbear markets
REX NUTTING
Break up the too-big, too-dangerous banks
AL LEWIS
Too-big-to-fail is too big to end
DARRELL DELAMAIDE'S POLITICAL CAPITAL
Questions to Bernanke reveallawmakers myopia
1.
2.
3.
4.
5.
Share 3
Share 12
Share 4
Share 4
Share 3
Getty Images Enlarge Image
U.S. EconomicCalendar Global Calendar WashingtonCalendar The Fed Irwin Kellner Rex Nutting
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 1of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
2/19
House Speaker J ohn Boehner talks
after a meeting withPresident
Obama.
Suggested Stories
Sequester cuts near as Senate bills fail
Sequester cuts will go ahead, senators say
Billionaire Louis Bacon's new stock picks
Content from our SponsorsWhat's this?
Investors Lose Interest in Gold (The
Financialist)
make himself more clear on the topic: I never want to make
myself 100% clear with you guys.
Obama has pressed for some higher taxes to replace the cuts,
in additionto spending cuts.
We can and must replace these cuts with a balanced
approach, Obama said Friday.
Without a new budget before March 27, a partial government
shutdown would ensue.
The sequester grew out of a failure by Obama and Boehner to
achieve a so-called grand bargain over taxes and spending
back in 2011.The House Republican continuing resolution would authorize full-year fiscal 2013
discretionary spending of between $970 billion and $980 billion, according to a House
Appropriations Committee spokeswoman. Thats down from the$1.04 trillion in discretionary
rose Friday overconcerns about the sequesters impact and
downbeat economic data from Europe. See Bond Report.
ADD TO PORTFOLIO SPX
S&P 500 IndexUS : S&P Base CME
1,516.77+2.09 +0.14%
Volume: 291.78M
March 1, 2013 2:55p
ADD TO PORTFOLIO 10_YEAR
10 Year TreasuryNoteUS : ICAP Sovereign Debt
1.85-0.03-1.38%
Volume: 0.00
March 1, 2013 2:39p
Robert Schroeder is a reporter for MarketWatch in Washington. Follow him on Twitter@mktwrobs.
This Story has 179Comments
Read them & join the conversation
More News In
Economy & PoliticsFind a Broker
McKayla Maroney Is Impressed With HerEndorsement
(WSJ .com: Live)
Why Is Gold Slumping Again?
(WSJ .com: Live)
Unsold iPhones P ile Up at Leap Wireless
(WSJ .com: Live)
CEO to France: 'How Stupid Do You ThinkWe Are?'
(WSJ .com: Live)
McKayla Maroney Is Impressed With HerEndorsement
(WSJ .com: Live)
Why Is Gold Slumping Again?
(WSJ .com: Live)
Unsold iPhones P ile Up at Leap Wireless
(WSJ .com: Live)
CEO to France: 'How Stupid Do You ThinkWe Are?'
(WSJ .com: Live)
PartnerCenter
Reuters Enlarge Image
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
1:46 PM EST
NewYork
Open
London
Closed
Tokyo
Closed
March 1, 2013
View All
2:54p
2:51p
2:45p
14,074.53
+20.04
+0.14%
DOW
3,165.66
+5.47
+0.17%
NASDAQ
1,516.77
+2.09
+0.14%
S&P 500
Latest NewsOil settles at the lowest of the year
The two cheapest big-cap tech stocks on theplanet
Gold ETP flows set for weakest month on record:Barclays
'The Markets Hub'
WSJ
WSJ
WSJ Live
WSJ Live
MarketWatch
MarketWatch
Barron's
Barron's
Portfolio
PortfolioFactiva
Factiva
Risk
Risk
More
WSJ X - Invitation Only
All Things Digital
WSJ Secure
BigCharts
Financial News
Professor J ournal
SmartMoney
StudentJ ournal
Virtual Stock Exchange
WSJ Classifieds
WSJ Classroom
WSJ Radio
WSJ Wine
Skills needed to run AMCCable-channel management isn't all
greenlighting the next "Walking Dead."
Why pension gap is widening
Bernanke: Fed is not easing off
Enter Symbols or Keywords SEARCH
Page 2of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
3/19
Sequestration: How big a drag?
Stanley Druckenmiller's new stock picks
Working from home is a dead-end job
MilitaryOneClick Announces DoD Military
Saves Week as Sequestration Approaches
(Military One Click)
If You Have Gmail... You Must Have This (The
Next Web)
Travel: Behavior, Location Tells Me Where
You\'re Going (eXelate)
You Are Micromanaging and Need to Stop
(The TIBCO Blog)
Video
[?]
Unsold iPhones P ile Up at Leap Wireless
(WSJ .com: Live)
Why Is Gold Slumping Again?
(WSJ .com: Live)
The Last American-made Running Shoe
(WSJ .com: Live)
CEO to France: 'How Stupid Do You Think We Are?'
(WSJ .com: Live)
Unsold iPhones P ile Up at Leap Wireless
(WSJ .com: Live)
Why Is Gold Slumping Again?
(WSJ .com: Live)
The Last American-made Running Shoe
(WSJ .com: Live)
Content From Sponsors [?]
Oil and Gas Energy Industry: MarketResearch Reports, Statistics and
Analysis
ReportLinker
The Pipeline Alternative: Shale byRail
TheFinancialist
Why Did I Lose My Rankings inGoogle?
Wallaroo Media
Oil and Gas Energy Industry: MarketResearch Reports, Statistics and
Analysis
ReportLinker
The Pipeline Alternative: Shale byRail
TheFinancialist
Why Did I Lose My Rankings inGoogle?
Wallaroo Media
WSJ.com Financial News Online
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 3of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
4/19
CEO to France: 'How Stupid Do You Think We Are?'
(WSJ .com: Live)
Story Conversation Commenting FAQs
Barron's Online
BigCharts
Virtual Stock Exchange
All Things Digital
WSJ.com Small Business
NEWEST | OLDEST
36 PEOPLE LISTENING
justnowRon Miljkovich
This isn't the Reagan Republicans. This is the Grover Norquist, Rush Limblow, Eric
Cantor Republicans and Grover who wasn't elected to anything is really pulling all the
stings. Rush the blow heart will say anything to appose common sense.
I still can't believe their are so many people who appose tax hedge fund managers at
ordinary income like the rest of us. That don't hate US companys thatrenounce theircitizenship in order to have a PO Box in Ireland, Switerland or the Caymans.
That they supported a candidate who used Switerland and theCaymans to avoid
paying US taxes. That's about as unamerican as it gets
1 Like Reply
justnowAreYou MoreCarefull
Smart people aren't tuned to either channel. They just think they're fooling us.
The ONLY thing both parties agree upon, is there cant be a thirdparty.
1 Like Reply
8minutes agoAnita Blojob
Shutdown? What shutdown?
The Feds just have to learn to do with less.
State governments have to do this every year.
It's called living within a budget.
3 Like Reply
4minutes agoBrain Williams
@Anita Blojob Last time I tried a creative alias, MW booted me in less than 5
minutes.
Oh, and I do agree with you btw.
Like Reply
2minutes agoAreYou MoreCarefull
she gets a like for the name alone. Never mind the common sense.
1 Like Reply
19minutes agoLee Berle
179 comments
+FollowPost comment as...
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 4of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
5/19
Our governmentneeds to do whatever it takes to cause deflation. no, they won't,
because the Fed wouldn't be able to fleece america the way it does without inside
help. All those useless gaga in Congress work for the rich. Nobody cares if the
workingclass lives or dies.
Like Reply
19minutes agoEd Downs
Obama is a fraud at every turn.
Dumb and Dummer, Our politicians and the news media.
Reality is no longer important.
of government or was it for money to give control to the government over thecitizen?
You know France, Greece, Middle eastern countries, China, etc.
3 Like Reply
4minutes agoAreYou MoreCarefull
BINGO! Sorry I couldn't find a bigger font.
1 Like Reply
2minutes agoBrain Williams
@AreYou MoreCarefull
Obama is a fraud at every turn.
Bold works.... :)
2 Like Reply
justnowAreYou MoreCarefull
cool dude!
Like Reply
23minutes agoBrain Williams
"Where's the budget?"
We already know there's no beef......only PORK.
Like Reply
28minutes agoTheodore Shane Osborne II
As long as the Federal Reserve can print whatever the gubmint wants to spend thenthere is no reason for a budget or taxation... The debt ceiling will always be raised.
Like Reply
31minutes agofrank sparacino
that is very EXCITING, but we cant get past the big $$ squahing that.
Like Reply
33minutes agoGreg Brozek
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 5of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
6/19
What B. OhBummer (and all the other clowns calling for more taxes) can't seem to get
thru their thick skulls is that until you start to get a handle on spending (REDUCE
SPENDING), all the tax increases in the world are not going to solve theproblem!
3 Like Reply
28minutes agoEd Turner
From what I have read, Obama WAS trying to get a mix of spending cuts, along
with some morerevenue. Republicans were only for spending cuts, and even
Simpson and Bowles said that only spending cuts won't work either. It MUST be
both. The small increase of revenue from the previous negotiations won'tamount
Like Reply
26minutes agoAreYou MoreCarefull
IT MUST BE BOTH. We are far past the minor tweeking of things to get right
sideup.
Like Reply
24minutes agoWin Kay
@Ed TurnerThey gave him his revenue increase. He never came back with
spending cuts. "Fool me once, shame on you. Fool me twice, shame on
me!"
4 Like Reply
13minutes agoTerry Klocke
@Ed TurnerThey got the $600B in revenue increases on 12/31/2012 with a
promise for spending cuts "later". Now they want more revenue witha
promise for spending cuts "later." That's why more revenue isn't on the table.
$600B isn't "small". Sequester will only cut $42B this fiscal year. That is"small" compared to $600B. It'a still a spendingproblem, not a revenue
problem.
4 Like Reply
23minutes agoLee Berle
Should the govenrment. Wait. Should you quit spending just because the price of
something keeps going up because of circumstances you can't control? Yes. then
stop buyinggas. Stop buying food. Then stop going to work because cars cost
too much. The Fed caused America to go down this path of everything costing
more and more, as Americans get less and less. Deal with the Fed. Don't force
your family to do without because the Fed is helping their rich friends to more and
more. Clean out the Fed before it cleans out America. Thats what is going on. Get
smartbefore it is too late.
Like Reply
15minutes agoAreYou MoreCarefull
Lee,
That is exactly what the prudent wage earning American is doing. Stop
buying what he cannot afford. Reallocationof resources. Estimating and
reprioritizing the economic value of thier money. Bear in mind I said prudent,
yet there is an increasing number of Americans which will charge to get
buy ... and we cant blame them much the same as an illegal alien trying to
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 6of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
7/19
feed his family by crossing the border. But we Americans are not obligated to
support the world through entitlements andwelfare.
2 Like Reply
35minutes agoPhil Bertoli
We can see why Chicken Little Obozo wants to avoid sequester. He has said the sky
is falling. Lets thousands of illegal aliens go, but disclaims any knowlegde. Its the
same old story with the Blamer in Chief. Whan it cuts against him or his
administration, nobody knows anything about how it happened!
The same willbe true when people find out all his prognostications of the end of the
world
jiving from this worthless whatever you want to call him. But
he is certainlynot presidential material.
2 Like Reply
25minutes agoEd Turner
Seems like it was some republican governors from states that get big defense
dollars that were squawking the other day (Virginia, South Carolina, and Iowa for
starters).
You go tell Nicki Haley that it's smoke andmirrors!
Like Reply
41minutes agoTheodore Shane Osborne II
Fifth, Public Law 95-435, which was signed into law by J immy Carter, requires a
balanced budget.
PL 95-435: "Sec. 7. Beginning in fiscal year 1981,the total budget outlays of the
Federal Government shall not exceed its receipts."
The Balanced Budget Amendment: "SECTION 1. Total outlays forany fiscal year
shall not exceed total receipts for that fiscal year."
Like Reply
41minutes agoKathy Rubin
Common Sense.....yes Mr. O you are lacking it. Did you furlough your personal butler
and cook. How about Michele's maid? Or just the janitors? I need my hankie.
2 Like Reply
42minutes agofrank sparacino
next election VOTE THE OPPOSITE. if who we r electing is wrong, the opposite HAS
to bRIGHT or at least better.
-with props to Larry David, g.costanza!
1 Like Reply
33minutes agoTheodore Shane Osborne II
Thirdparty!
Like Reply
44minutes agoglenn evans
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 7of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
8/19
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
9/19
1 Like Reply
52minutes agojeff post
So after all the banter and posturing the bottom line is no body is talking to each other
andnothing has gotten done. You can't compromise if you don't talk and listen. I
suggest that the congress, yes both the senate and the house get locked in to the
capital. No food, no water, no bathroom breaks, and most important NO SALARIES
and NO Benefits at all, nothing, nada! .When they have the deal they can come out to
play. Very simple to implement.
3 Like Reply
58minutes agoJ Wagner
I don't always use the word 'sequester', but when i do...I remember it was my idea in
the first place. Stay broke my frenz. Obama
3 Like Reply
1 houragobill chastain
Remember to say NO to the worthless people of NO in 2014.
2 Like Reply
1 houragoDon Skully
@bill chastain Oh brother. You'd better get off the computer before your teacher
catches you and you have to spend recess in the corner.
1 Like Reply
1 houragoD.A. E
On the Federal Government soap opera channel this month:
Synopsis:
Having jumped off the Fiscal Cliff into a steaming pile of Sequester, the US
Government now faces a partial shutdown as the stopgap government funding bill
passed last September expires on March 27.
1 Like Reply
1 houragoDaniel Anonymous
I saw an article in which was written a list of possible cuts with the sequester. What
was missing was the furloughing of these incompetent politicians nor any cut in their
pay. The Supreme Court wasn't on the list either, nor our president's salary. This is
where it should start. I didn't see anyforeign aid on the list, either. So, if I read the
article correctly, some Americans may see their unemployment checks reduced while
we still funnel billions in foreign aid out the door. And the American Public still puts
these people back in charge to continue foisting their stupidity upon us.
2 Like Reply
1 houragoLester Bujko
@Daniel Anonymous With unemployment benefits increased to 2 years from 26
weeks, cutting the time back to historical 26 weeks makes sense. I'd even say
make it a full year. Our economic numbers are improving so start here.
1 Like Reply
1 houragoAreYou MoreCarefull
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 9of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
10/19
PresidentObama : Where is your budget??? You show us the American public that
you arewilling to put us on the right track and THEN and only then ask us to trust
you. You are so busy pandering to the gay, illegal and radical left you cannot see
common sense for what it is! The middle class are expected to suffer greatly atyour
misappropriations yet you do not get it! Go ahead make my day shut the disfunctional,
wastefull, lying governement DOWN!
5 Like Reply
1 houragoTheodore Shane Osborne II
Congress is responsable for a budget not that Obama isn't part of the BS that is
the US government.
Like Reply
1 houragoAreYou MoreCarefull
The President, in accordance with to theBudget and Accounting Act of
1921, must submit a budget to Congress each year. In its current form,
federal budget legislationlaw (31 U.S.C. 1105(a)) specifies that the President
submit a budget between the first Monday in J anuary and the first Monday in
February. In recent times, the President's budget submission, entitled Budget
of the U.S. Government, has been issued in the first week of February.
1 Like Reply
1 houragoTheodore Shane Osborne II
TheCongressional Budget and Impoundment Control Act of 1974 (P.L.
93-344, 88 Stat. 297) established thestatutory basis for a congressional
budget process, and provided for the annual adoption of a concurrent
resolution on the budget as a mechanism for facilitating congressional
budgetary decision making. It also established theHouse and Senate
Budget Committees, and created the Congressional Budget Office (CBO)
to provide budgetary information to Congress independent of the
executive branch.
Like Reply
56minutes agoAreYou MoreCarefull
Congressional consideration of the federal budget begins once the
President of the United States submits a budget request, which is
formulated over a period of months with the assistance of the Office of
Management and Budget, the largest office within the Executive Office
of the President. The budget request includes funding requests for all
federal executive departments and independent agencies.
1 Like Reply
54minutes agoTheodore Shane Osborne II
Section 302(b) of the Budget Act further requires the House and Senate
Appropriations Committees to subdivide the amounts allocated to them
under the budget resolution among their subcommittees. These
suballocations are to be made "as soon as practicable after a concurrentresolution on the budget is agreed to." Because each subcommittee is
responsible for developing a single general appropriations bill, the
process of making suballocations effectively determines the spending
level for each of the regular annual appropriations bills. Legislation (or
amendments) that would cause the suballocations made under302(b) to
be exceeded is subject to a point of order. The Appropriations
Committees can (and do) issue revised subdivisions over the course of
appropriations actions to reflect changes in spending priorities effected
duringfloor consideration or in conference.
Like Reply
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 10of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
11/19
48minutes agoTheodore Shane Osborne II
Discretionaryspending,2 in the form of appropriation bills, involves annual
actions that must be completed before the beginning of a new fiscal year
on October 1. Changes in direct spending3 or revenue laws may also be
a part of budgetary actions in any given year. When these changes are
directly tied to implementingthe fiscal policies in the budget resolution for
that year, the reconciliationprocess may be used. Reconciliation typically
follows a timetable established in the budget resolution. Other budgetary
legislation, such as changes in directspending or revenue laws separatefrom the reconciliation process, changes in the public debt limit, or
authorizing legislation, are not tied directly to theannual budget cycle.
However, such legislation may be a necessary part of budgetary actions
Like Reply
48minutes agoEd Turner
Remember what happened before when Obama submitted a budget?
There was NO "Congressional consideration" to amend it, per usual.
Instead, they made a mockery of it and put it up for a vote "as is". Then
it was sent to the Senate, where Mitch McConnell edited it down to 60
pages of ridiculousness and insisted upon a vote...where of course it gotno votes.
So you want to go through that chirade again? If that's the way the
republicans want toplay it, why bother helping them?
Like Reply
46minutes agoJay Bennett
@AreYou MoreCarefull I do believe he submitted a budget last year
and every Senator who was there voted against it; I believe it was 99 - 0.
This man has no financial sense and his advisers are left wing loons
trying to bankrupt this country and doing one hell of a job.
2 Like Reply
45minutes agoEd Turner
J ay, read my post above that addresses your very point.
Like Reply
44minutes agoJay Bennett
@Ed TurnerWOWZA !! Last time anyone intelligent looked Harry Reid
was the Senate leader during that vote but thanks for following the liberal
line and blaming the Republicans.
Like Reply
43minutes agoEd Turner
You need to look up what happened J ay before you go assuming you
"think" youknow.
Like Reply
41minutes agoAreYou MoreCarefull
Thanks J ay,
All I am trying to say is everyone of us trying to live an honest life expect
through a tranferrence of values to see the government not squander our
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 11of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
12/19
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
13/19
And yet you watch...
Like Reply
1 houragoAliquis Sweden
Can't handle 1 trillion (public or private) in less spanding in 9 years.
Can print 4 in 5 (?)
Like Reply
1 houragoTheodore Shane Osborne II
the 11th hour deal... We will all be saved by our great masters in government!!! All
hail our great masters!!! Stupid non-sense...
1 Like Reply
1 houragoAliquis Sweden
Raise banktaxes and cut salaries for politicans ;D
3 Like Reply
1 houragoTheodore Shane Osborne II
Their salariesare payed by lobbyists and back door deals... How do you intend
to cuttheir salaries? They are going to eventually voluntarily take one for the
team by not taking the tax payer money (which is $174,000)
Like Reply
1 houragoDon Skully
@Aliquis Sweden The banks will simply pass on any increase to the consumers.
This is the part about raising taxes on the wealthy corporations that the libs won't
talk about. it's essentially an indirect tax hike to all of us.
1 Like Reply
1 houragoCHRIS JOHNSON
I'm glad to see the absolute failure of our Congress to agree on anything.
We deserve this disgrace.
Like Reply
1 houragoAliquis Sweden
@CHRIS JOHNSONYeah, it's the same in the EU.
Meanwhile China with their one-party solution show how it's done and decide
whatever they want:D
Like Reply
1 houragoTheodore Shane Osborne II
Yeah thebarrel of a gun is the way to do things!
Like Reply
1 houragoDon Skully
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 1 of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
14/19
@CHRIS JOHNSON If only they can stay gridlocked for 4 more years we may be
able to bypass any more damage from the community organizer in chief.
2 Like Reply
1 houragoChris Berg
This is all so exciting!
Like Reply
1 houragoBill H Illify
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=arHHMwWnKeDU
Invest/trade wisely
Like Reply
1 houragoAliquis Sweden
@Bill H Illify Bullishness is far from what it seem to have been in 2007though. If
I look at the Internet forums.
Or well, maybe that's just because I spam a lot.. :D, and I hadn't registrered back
then ;)
1 Like Reply
1 houragoBill H Illify
@Aliquis Sweden @Bill H Illify .......to a degree I believe you are correct....
Like Reply
1 houragoChristopher Popham Smith
Mr. Obama sir: You initiated the sequester, along with your top White Houseeconomic advisers.
It was unanimously voted upon and you signed it into law. And now you are trying to
go back on
your committment and blame theRepublicans? That's not nice, Mr. Obama.
By law, yes by law Mr. President, you must sign the order by midnight tonight, which
implements
yoursequester. The fear-mongering and hysteria are over. Let the sequesterbegin.
4 Like Reply
1 houragoKorre Olagh
@Christopher Popham Smith LAW is only there for the general populace to be
kept in their place. Politicians and Bankers need not worry aboutaccountability.
2 Like Reply
1 houragoFelix Mackie
`But when I fell into the mistake I have so long remained in, at least you led me
on?' saidI.
`Yes,' she returned, again nodding steadily, I let you go on.'
`Was that kind?'
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 1 of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
15/19
`Who am I,' cried Miss Havisham, striking herstick upon the floor and flashing into
wrath so suddenly that Estella glanced upat her in surprise, who am I, for God's
sake, that I should be kind?'
Like Reply
1 houragoburt garman
Obamawants, wants, wants;
I am getting so sick of what Obama wants...
Best of Luck!
3 Like Reply
1 houragoD.A. E
Next time on the Federal Government soap opera channel:
Government shutdownon March 27th when the Sept 2012 stopgap expires.
2 Like Reply
1 houragoBilal Jafar
Markets Damn Care About Politics
They only need FED, for more QE
http://wallstnews.blogspot.com/
1 Like Reply
1 houragoLee Sanders
To be honest, the sequester action may be the ONLY way to get government
spendingreduced. Since the government is spending 3X its revenue, something
drastic had to be done. It'd be nice now if Congress did their job of putting forth a
responsible budget for FY2014 so at least there can be advancedplanning. That
said, I find it regretable that such a huge number of government workers are taking
the direct hit so immediately, with little time to transition to the private sector and
escape the furlough mess.
5 Like Reply
1 houragoCHRIS JOHNSON
Lee, does anyone show any compassion toward the private sector workers when
they get laid off.
I'm glad to see the govt. gravy train slow down. It ain't stopped.
3 Like Reply
1 houragoDan Sullivan
@Lee Sanders It might be the only way but it's not nearly enough. The growth of
entitlement spending will make things a lot worse than situation which Greece is
in today. But if the republicans push for it they will be totally destroyed and the US
will become a one party system.
1 Like Reply
1 houragoTheodore Shane Osborne II
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 1 of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
16/19
Federal government workers are overpayed. As they slowly lay off the
contractors and have to do real work they will all decide to quit but when they
realize theyare payed 50% more than the private sector they will stay put and just
complain.
2 Like Reply
1 houragoEd Turner
wrong on everything there, Theo. Try Google and search for a private
sector/public sector comparison of equal or same job positions.
Like Reply
1 hourago
The obomb is not the Anti Christ...islam is!!!! Biggest threat to the US and Peace in
theworld....this budget crisis is child's play compared to what islam will bring.
3 Like Reply
1 houragoJohn Warren
balance approach is code for gimme mo and i'll think about cutting...what an arrogant
narcissistic underachiever.
5 Like Reply
1 houragoVito Spago
Obama does notcare or he would give in.
4 Like Reply
1 houragoBob Bloviate
Finally, a step in the correct direction!
5 Like Reply
1 houragoCHRIS BOLLINGER
I never want to make myself 100% clear with you guys. - This clown just refuses to
take a stand on anything (except raising taxes).
6 Like Reply
1 houragoHarry Johnson
I fail to see how a 2% reduction in expenses could cause such a calamity. If my family
had to remove 2% from our budget, we could do it with relative ease. This whole thing
is stupid, fear mongering and is about power rather than common sense leadership.
That being said, now that Obama is on record with his doomsday predictions I won'tput it past him to do everything he can to make them cometrue, citizens be damned.
If nothing happens like it should, he'll look the fool.
6 Like Reply
1 houragoDan Sullivan
Obama says he wants to avoid shutdown. But how can he not know that going around
the country calling the other guy stupid or not fair won't help reach compromise? Yes
the media take at face value whatever Obama says. That's why he is so high up in the
air while doing all the damage.
2 Like Reply
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 1 of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
17/19
1 houragoEd dante
I really hate to beat a dead horse, but I wouldn't be doing my job for you if I didn't
point out some of the most intellectually dishonest, self-aggrandizing Bernanke-speak
to come out of the Fed Chairman's testimony yesterday:
1. "[The Federal Reserve has] 25 years of success in keeping inflation low and
stable, not just in the United States but around the world."
Translation: "I have not set footin a grocery store or gas station in decades."
government jobs to support the economy quite significantly."
Translation: "In my sole discretion where I get to completely ignore all data points I
don't like, I am doing a heck of a job."
3. "I am very much in favor of getting our fiscal house in order but I think it's a
long run issue and I would be supportive of a less front-loaded set of
measures."
Translation: "Feel free to continue kicking the can down the road."
4. "The best way to get interest rates up is to not raise them too quickly."
Translation: "No matter what, I'm going to continue printing money and justify it with
puzzling drivel."
5. "I don't see any sign that that's happening (the U.S. dollar losing status as
world's reserve currency)."
Translation: "I pay absolutely no attention to what's going on in Russia, China, the
Middle East, or the gold market."
6. "[S]avers have many hats. They may own fixed income instruments, likebonds, but they also may own stocks or a house or a business. . . And those
values have gone up, the stock market has roughly doubled, as you know, in
the past few years."
Translation: "In order to not get eaten alive by inflation, I will force responsible savers
to assumeunnecessary risks in an overinflated stock market that has just now, finally,
reached its nominal highs from 2007 thanks to my money printing."
from soverieign man
9 Like Reply
1 houragoBill H Illify
@Ed dante Very good
Like Reply
1 houragoKorre Olagh
@Ed dante well done Ed
Like Reply
1 houragoCurtis Vaughan
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 17of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
18/19
Powered by Livefyre
Show MoreComments
There will bean onslaught of "I told you so's" from liberal media. They will hunt down,
embellish then publish or televise anything negative that might soil moderates and
conservatives. In the long term, entitlements regarding our monstrous
public/government sectors will be reviewed. Hopefully with proper custodianshipour
elected officials, city, state and federal can find it within themselves to maintain what
will be a trimmer more sustainable system ofgovernment.
3 Like Reply
1 houragojohn burke
Sequestration would work much better if it stopped payments to senators and
congressmen andtheir staff for salary and expenses., they need more of a vested
interest in
4 Like Reply
1 houragoBob Bloviate
Oh no! will the Big-O still be able to take golf vacations?
1 Like Reply
46minutes agoDeloris Linam
@Bob BloviateBut of course, while at the same time the Big-M will also take her
separatecostly vacations.
Like Reply
1 houragoBrian Lambert
Wow what has happened to the market: I know the GOV has shut down but it looks
the market has stalled or they are just trying to digest what has just happened and
what is thenext move. UP? DOWN? or just side ways?
Like Reply
1 houragoTrent Wilcox
Markets move higher, yawns at Obama and sequester.
2 Like Reply
1 houragoJohn Tarver
QE drives markets higher by expanding the money supply.
2 Like Reply
1 houragoChip Wilson
This market is in it's own world. When we were red over 100 points this morning,
I said we would be green by the close. Dont bet against Uncle Benny and his 85b
Benny Bucks per month....
Like Reply
Featured Stories
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 18of 1Obama says he wants to avoid shutdown - MarketWatch
3/1/201http://www.marketwatch.com/story/obam -says-h -wants-t -avoi -shutdown-201 -0 -01?s...
7/29/2019 Obama Says He Wants to Avoid shutdown of the Market
19/19
Site Index
Feedback
Newsroom Roster
Media Archive
Premium Products
Mobile
Company Info
Code of Conduct
Corrections
Advertising Media Kit
Advertise Locally
License our Content
BrokerCenter
Your Ad Choices
MarketWatch on Facebook
MarketWatch on Twitter
RSS
Podcasts
MarketWatch.com Enter Symbols or Keywords SEARCH
Copyright 2013 MarketWatch, Inc. All rightsreserved.By using this site, you agree to theTerms of ServiceandPrivacy Policy - UPDATED10/18/2011.
Intraday Data providedby SIX Financial Information and subject toterms of use. Historical and current end-of-day data provided by SIXFinancial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow J ones & Company, Inc. Allquotes are in local exchange time. Real time last sale data provided by NASDAQ. More information onNASDAQ tradedsymbols and theircurrent financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow J ones Indices (SM) fromDow J ones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are inlocal exchange time.
The return of interest-
only mortgages
Sequester risks U.S.
security: Simpson,Bowles
Obama says he wants to
avoid shutdown
The states with the most
expensive gas
Home News Viewer Markets Investing Trading Deck Personal Finance Retirement Economy/Politics Industries Log In GamesAlertsPortfolio
179 Comments
new
Portfolio Relevance
LEARNMORE
Want to see how this storyrelates to your portfolio?
J ust add items to create a portfolionow:X Add
S&P 500 Index (SPX)
X Add
10 YearTreasury Note (10_YEAR)
Enter any symbol or com Add
Create Portfolio orCancel Already have a portfolio? Log In
2
Share
Page 1 of 1Obama says he wants to avoid shutdown - MarketWatch