Stalemate Sets Sequestration In Motion
President Barack Obama spoke to reporters Friday at the White House briefing
room, after winding down the meeting with congressional leaders at the White
House with no deal to eliminate the sequester, as the stalemate in Washington,
continues. Over the next nine years and ending in fiscal 2021, the sequester
would cut nearly $1 trillion in government spending. The next opportunity to
turn off sequester cuts may be the expiration of a stopgap government funding
bill on March 27. The President said he would honor previous commitments to
accept the level of spending cuts implied by the sequester. Obama pressed for
higher taxes to replace the cuts, in addition to spending cuts. “We can and must
replace these cuts with a balanced approach,” Obama said Friday. Emerging from
the meeting with a steadfast no-tax-increase pledge, Ohio Republican House
Speaker John Boehner said the House would vote next week on a funding bill that
will include spending reductions. “The discussion about revenue is over,”
Boehner said. “I know that this has been some of the conventional wisdom that’s
been floating around Washington that somehow, even though most people agree that
I’m being reasonable, that most people agree I’m presenting a fair deal, the
fact that they don’t take it means that I should somehow, you know, do a Jedi
mind meld with these folks and convince them to do what’s right,” Obama said.
The president said he didn’t have such hostage-taking powers. “I am not a
dictator, I’m the president,” he said. During his televised speech on Friday,
comments from the President included: Ordinary people will feel sequester
impact; cuts may trim GDP by 0.5 percentage points; he sees no financial crisis
from sequester; sequestration is 'dumb...inexcusable'; impact of cuts may cause
Republican rethink; many House Republicans demonize me; Republicans in Congress
refuse to budge and he will continue pushing his priorities.
The U.S. Commerce Department said Friday that consumer spending in the U.S. rose
by 0.2% on a seasonally adjusted basis during January for the third straight
month. Personal income marked its sharpest drop in 20 years, down a whopping
3.6%. Personal savings rate during January fell to 2.4%, striking the lowest in
six years. Inflation, gauged by the core PCE price index, moved slightly higher
by 0.1%. Over the past 12 months, core rate has risen just 1.3%.
The U.S. Commerce Department reported Friday, outlays for U.S. construction
projects unexpectedly declined by 2.1% in January, to an annualized rate of
$883.3 billion. During January, private construction spending fell 2.6%, private
non-residential construction outlays sank by 5.1%; public spending fell 1% and
spending on private homebuilding remained virtually unchanged.
Consumer-sentiment gauge, released Friday by the University of Michigan-Thomson
Reuters indicated an increase to a final February reading of 77.6, for the
highest level seen since November.
The Markit manufacturing purchasing managers index fell to 54.3 in February from
55.8 in January and a flash estimate of 55.2, per reports on Friday. Employment
gauge was reportedly the weakest since November and output rose to the fastest
rate since March 2012.
Milestone for Millennium-Traders, we are extremely proud to be one of the top 1%
most viewed LinkedIn profiles for 2012.
Offers on Subscriptions, monthly rates at low as $75 per month plus, weekly
subscriptions now available.
on Day Trading with confirmed subscription to our Free
One week trial
Day Trading Rooms
for stocks, futures, forex and options.
available for stocks, futures and forex traders.
Live Stocks trading
focus on NYSE, NASDAQ and AMEX.
Live Futures trading
focus on YM, NQ, TF and ES.
Live Forex trading
based on New York trading session focus on GBPUSD, USDCAD, USDJPY, EURUSD,
GBPJPY, USDCHF, EURJPY, EURAUD, AUDJPY, CHFJPY, EURCAD, GBPCAD and AUDUSD.
Live Options Trading
available to subscribers weekdays starting at 9am ET.
Detailed historic performance for all calls is available on our
Opt-in to our
sent via email, first trading day of the week which includes recap of markets
from previous week and what is ahead for the upcoming trading week.
provides new trading subject every month.
Free Chat Rooms
- penny stocks, options, stocks, futures and forex! Chat with other traders any
time, day or night, 24-hours a day.
Mar 1, 2013