Tuesday, March 10, 2009

Omnibus to pass - market rallies, the connection

Senate Dems say they have the votes to pass the omnibus spending bill. "Specifically, GOP Sens. Chuck Grassley of Iowa and Kit Bond of Missouri may be thawing their opposition to the bill… Crossover support could also come from Sen. Arlen Specter (R-Pa.); a senior GOP aide said he would be surprised if Bond and Specter don’t support the omnibus. Support from Florida’s other senator, Republican Mel Martinez, could also come because of the Cuba provision concessions, as well as from Sen. Robert Menendez (D-N.J.), who had also announced opposition because of the provisions."

The budget battle ahead: It looks like some of the tax deduction provisions in the Obama budget will be undone on the Hill. The New York Times front-pages, “What the Democratic barons of Congress liked best about President Obama’s audacious budget was his invitation to fill in the details. They have started by erasing some of his. The apparent first casualty is a big one: a proposal to limit tax deductions for the wealthiest 1.2 percent of taxpayers. Mr. Obama says the plan would produce $318 billion over the next decade as a down payment for overhauling health care.”

Specifically - erasing the socialist agenda, the market rockets up today! Get it?! The market tanked because of Obama, and is rocketing up today upon reversal of idiotic socialist agenda.

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