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Monday, October 14, 2013

Daily Political Wire

George Wenschhof 

Manchin: Senate 70-80% to a Deal - Sen. Joe Manchin (D-WV) said Monday that the upper chamber is very close to striking a deal that will increase the debt limit and re-open the shuttered government.
“I think we're 70%-80% there, putting the extra 20-25% to it,” Manchin said on CNN's "New Day." “When should the (continuing resolution) come due, when should the debt ceiling come due, and does that give that time for the budget conference, the budget committees to sit down and work through this? Those are the details that have to be worked out.” has more here.

Reid/McConnell Rift Complicates Budget Deal - Senate Majority Leader Harry Reid (Nev.) and Senate Minority Leader Mitch McConnell (Ky.) may well hold the fiscal future of the country in their hands since everyone involved in the shutdown/debt ceiling talks now acknowledges that the other attempts to craft a solution — including by House Speaker John Boehner (R-Ohio) and the White House — have fallen apart. But, for the same reason we were always skeptical that Boehner and President Obama would find a way to a deal — they don’t trust one another and have little to no relationship — there’s reason to be skeptical about whether Reid and McConnell can negotiate a compromise.

Here’s why. McConnell is up for re-election in 2014, a race that is expected to be close and is already contentious. And, for McConnell and Reid, it has gotten personal. After the Senate Majority PAC, a Democratic super PAC for which Reid has helped raise money, began advertising against McConnell over the summer, the Kentucky Senator confronted his Nevada colleague on the Senate floor — telling him “I see your super PAC is up in Kentucky. Come on down, I hope you spend it all down there,” according to Politico’s Manu Raju and John Bresnahan. Reid denied any involvement.  The Washington Post has more here.


Wall Street Volatile as Worries Mount Over Debt Deal - U.S. stock markets dropped sharply at the opening bell Monday as worries that Congress will fail to raise the debt ceiling by the Thursday deadline set by the Treasury Department settled in.

The Dow Jones Industrial average fell 100 points minutes after it opened, while the broader S&P quickly dropped .65 percent. Stocks then quickly gained back some of those losses, with the Dow down 68 points at 9:37 a.m.

Wall Street watchers are expecting a volatile Monday, with the possibility that the gains realized at the end of last week could be quickly given back.

“This feels a lot like Sunday night on Lehman weekend,” Westwood Capital Managing Partner Daniel Alpert said Sunday night, in a reference to the September 2008 collapse of the Wall Street giant that ushered in steep losses on Wall Street. has more here.


World Bank Leaders Call on U.S. to Raise Debt Ceiling - Leaders at World Bank and International Monetary Fund meetings on Sunday pleaded, warned and cajoled: the United States must raise its debt ceiling and reopen its government or risk “massive disruption the world over,” as Christine Lagarde, the fund’s managing director, put it.

The fiscal problems of the United States overshadowed the official agendas for the meetings, with representatives from dozens of countries — including two of Washington’s most important economic partners, Saudi Arabia and China — publicly expressing worries about what was happening on Capitol Hill and in the White House. The NY Times has more here.


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