House Republicans Leaders Refuse to Bring Hurricane Sandy Relief Bill to a Vote

For comparison, $64 billion was allocated for Katrina in 10 days.

Shame.

House Leaders Draw Ire for Dropping Sandy Relief Package

House Republicans have reversed their pledge to take up an emergency aid bill this week for states devastated by Superstorm Sandy. The move potentially leaves the $60 billion aid package to die at the end of the legislative session Thursday.

The House was expected to consider the bill today but dropped it following lengthy talks on the "fiscal cliff." The decision drew harsh condemnation from both sides of the aisle.

Republican Rep. Michael Grimm of Staten Island — one of the areas hardest hit by Superstorm Sandy — said, "It is with an extremely heavy heart that I stand here almost in disbelief and somewhat ashamed." Democratic Rep. Jerrold Nadler of New York blasted his colleagues for failing to take urgent action.

"Hurricane Sandy struck on October 29th, eight, nine weeks ago. It’s unprecedented that it should take so long. I can understand — I would not sympathize, but I can understand — with members who might say the amount requested is too much, we should change it, we should quibble with it, we should debate it.

Fine. But to ignore it, to ignore the plight of millions of American citizens? Unprecedented, disgusting, unworthy of the leadership of this House. They should reconsider, or they should hang their heads in shame, Mr. Speaker."

Net Asset Value Premiums of Certain Precious Metal Trusts and Funds

The end of year precious metals smackdown seems to have eased on schedule.

How unusual.

Premiums are still very guarded. Although stocks may not see it yet, the money sector including the metals knows that the budget discussions are still in the path ahead.

A Closer Look at the SP 500 Futures - Crisis Deferred, Not Resolved

Looks like a 'gappy New Year' from here.

The deal just kick the can down the road. Can meets foot again fairly soon when the 'debt ceiling' discussions get underway, and the intractable issue of spending cuts and 'entitlement reform' hits the table once again.

The December precious metals smackdown has certainly faded away on schedule.

There will be no sustainable recovery without reform. Stagflation still seems to be the most likely outcome, within a continuing series of 'crises' and confrontations.

Roosevelt and Lincoln both faced similar problems, with equally unruly Congresses. This is nothing new. Hard problems call out for great leadership.

So far there is little to be seen. This is the age of the modern manager and the pampered princes of the professional elite. Even the 'party of the people' has largely abandoned them.

"Why has the Democratic Party become so arrogantly detached from ordinary Americans? Though they claim to speak for the poor and dispossessed, Democrats have increasingly become the party of an upper-middle-class professional elite, top-heavy with journalists, academics and lawyers."

Camille Paglia

US House of Representatives Passes the Tax Increases Without Amendment

I have to admit that I did not think the House had it in them to take the deal as crafted by the Senate and the President, especially after having rejected Boehner's famous 'Plan B.'

The House did not insist on or even offer a single change. I am surprised.  I was expecting at least some fight.  Actually, I am astonished.

The spending cut discussion will be deferred for later, most likely as part of some debt ceiling fandango near the end of January.  Obama has threatened to ignore them.  Let's see how that one plays out.

One might expect the Congressional conservatives to be a bit irritable after eating crow on this deal, raising taxes on their wealthiest constituents with no spending cuts.

After all, the conservatives adamantly rejected a much better deal a year or so ago when Obama served up a good portion of his own constituency in a shockingly lopsided offer of cuts for revenue.

McConnell and Boehner and their Tea Party brain trust did not want to give Obama any deal at any price in order to smooth the way for their own powerful presidential play, the Mittster, riding a wave of money to victory.

I think they call this kind of a play turning chicken salad into chicken something else.

Obama was playing chess, but the loudest guys in the room thought that they were playing checkers.

And as they say in the American vernacular, You got served.

But it was not all tax increases. There were some corporate entitlements and subsidies rolled up in that bill as well.

U.S. House Passes Budget Bill, Averts Most Tax Increases
By James Rowley & Roxana Tiron
Jan 1, 2013 11:06 PM ET

The House of Representatives passed legislation averting income tax increases for most U.S. workers after Republicans abandoned their effort to attach spending cuts that would have been rejected by the Senate.

The 257-167 bipartisan vote breaks a yearlong impasse over how to head off $600 billion in tax increases and spending cuts set to begin taking effect today. The Senate passed the bill early this morning, 89-8, and it goes to President Barack Obama for his signature...