However, the markets really, I humbly submit, cannot handle any more "roller coasters". If all the leadership in Congress did not believe there was a genuine tentative agreement then silence is literally golden. Again, why do we care about markets? Because all the people that these lawmakers represent have their savings and investments tied up in them. So, part of the lawmakers responsibility is to act responsibly with respect to the markets.
There is an expression I am so fond of: "You are trespassing on my patience". And I suspect if the markets could talk, that's what they would say. Confidence and credibility are very low, for good reason.
So, my two cents here:
- Having made this announcement, no matter what, I repeat - no matter what - find a way to work out the details - constructively
- Then vote as quickly - but responsibly - as you possibly can.
- Do not come back with another "the deal fell apart", "there was really no deal" "we are not talking". The markets have already heard those messages - they do not like them.
- Threats to "veto" are not helpful, to be diplomatic
- If the US really wants to build credibility and confidence, it would be the BEST signal for every single person to vote for the new bill. This is not the time to score cheap points. If someone really cannot live with it, no person should have to vote against his or her conscience. But people need to understand the magnitude of what is riding on the ability of the US to restore confidence in the US governance system and prospects for the financial markets and economy - not only as a leader in the global economy, but even as a participant in the global economy. The world is watching every move, and fortunately still waiting - but it won't wait forever.