MBS RECAP: “Totally Expected” Budget Bill Shocks Markets

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Posted To: MBS Commentary

There's a good video in the news stream with Austan Goolsbee going on a bit of rant about how the Senate's procedural vote on a budget resolution late last night was totally expected. Someone should have told financial markets ahead of time. Traders speak with dollars and their words were clear in response to the budget bill. Either it really was a surprise, or they were simply holding out for confirmation that the Senate could actually get the 51 votes needed. Indeed, Rand Paul's dissension made it a close call. Confused yet? The bottom line is that this procedural budget resolution contained language that will allow the Senate to pass tax legislation with 51 votes instead of 60. The fact that the Senate was able to get 51 votes together for this effort suggests to some that they…(read more)

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