Thursday, October 17, 2013

Boehner Caves In To Obamacare, Dollar Falls



WASHINGTON, D.C. -- Speaker of the House John Boehner (R-OH) convinced 87 Republican members in the U.S. House of Representatives Wednesday night to vote along with 198 Democrats in approving a House version of the U.S. Senate deal which funds the federal government through January 15, 2014 and raises the debt limit while leaving the Affordable Care Act, also known as Obamacare, intact.


U.S. Representative Bill Posey (R-Rockledge), whose district represents Brevard County on Florida's Space Coast,  was one of the 144 Republicans who voted against the compromise that left Obamacare untouched.


“Once again Washington has kicked the can down the road saddling our children and grandchildren with hundreds of billions more in debt, and no accountability,” said Congressman Posey.  “I have heard from scores of constituents who have already begun to feel the negative effects of the health care law including lost hours and wages, big premium increases, and policy changes. Yet while touting how important it is for others to comply, the Administration continues to reward its favorite special interests, doling out hundreds of Obamacare exemptions, once again granting special rights to an elite few. The American people deserve the same treatment and the same rights as the well connected Washington elite. This appalling disparity in treatment among Americans in the health care law is wrong and I will continue fighting to end this special treatment.” 

European and Asian market reaction overnight to Congress' failure to curb the U.S. national debt was a decline of the U.S. dollar against all major currencies because it is expected that the Federal Reserve will have to continue printing dollars to buy U.S. Treasuries in order to finance the increased federal debt.  The declining dollar also helped gold to break through $1,300 an ounce in overnight trading.