They fought the good fight and got routed. Now, the losers will now pass a deal that is "far less than many of us hoped for," one they could have passed three weeks (or months) ago, avoided the whole mess and still got precisely the same thing: nothing.
Congressional Republican leaders conceded defeat Wednesday in their budget fight with President Obama over the new health care law, agreeing to support a reopening of the government and a lifting of the nation’s borrowing authority in exchange for future budget negotiations.
Speaker John A. Boehner, the leader of conservative House Republicans whose push to strip money for the health law led to the shuttering of much of the government on Oct. 1, said that the House would not block a bipartisan agreement reached in the Senate that yielded virtually no concessions to the Republicans.
So, let's take a moment to remember some of the things that this grand exercise in stupidity gave us: an opportunistic cash-grab by the CME, mystifying swings in gold prices, QE-finity, enough missing government reports to save a small forest, some more time with Rengan Rajaratnam and some less time with VIX futures.
Cherish the memories, at least until the government closes again on Jan. 8.
At 11th Hour, G.O.P. Blinks in Standoff [NYT]
CME Boosts Margin for Swaps, Citing Debt-Ceiling Uncertainty [WSJ]
Wait, Gold Is Up on the Senate Deal? [WSJ MoneyBeat blog]
QE3 Critic Fisher Says Hard to Argue for October Taper Amid Washington Showdown [WSJ Real Time Economics blog]