“Yesterday, Citigroup floated the idea that a temporary government shutdown once the full array of debt ceiling extension measures expires some time in mid/late February, is possible, which would also mean the first technical default of the US depending on the prioritization of US debt payments. Now, Politico reports that this idea is rapidly gaining support within the GOP and that “more than half of GOP members are prepare to allow default unless Obama agress to dramatic cuts he has repeatedly said he opposes.” It gets better… or worse depending how many ES contracts on is long: “Many more members, including some party leaders, are prepared to shut down the government to make their point. House Speaker John Boehner “may need a shutdown just to get it out of their system,” said a top GOP leadership adviser. “We might need to do that for member-management purposes — so they have an endgame and can show their constituents they’re fighting.”” Of course, at this point not even a US government bankruptcy may send the ES more than one or two ticks lower. After all, there is no risk of anything happening anywhere, any time.
More from Politico….”
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