25 Sep 2013
Senator Ted Cruz continues to hold the floor in mammoth speech. Debt ceiling concerns weigh on USD.
FXstreet.com (London) - US Senator Ted Cruz continues to hold the senate floor in a marathon speech as he attempts to draw attention to Barack Obama’s Affordable Care Act. Cruz began speaking at 2:41 p.m. ET, announcing that he intended "to speak against Obamacare until I am no longer able to stand." He has so far been speaking for 13.5 hours.
Cruz can take a momentary break to allow other senators to speak, but he cannot sit down without ceding the floor.
The efforts by Cruz come as the Senate prepares to vote on a spending bill passed by the House that would provide a temporary extension of the US debt ceiling. The bill would fund the government until December 15, but would defund the Affordable Care Act. Though Senator Cruz supports the defunding of the act, he is speaking du to concerns that Democrats could later amend the bill, restoring funding.
The speech from Cruz is not a true filibuster – in the sense that it is not designed to block legislation. It is instead intended by Cruz as a symbolic stand against the act.
It is unconfirmed whether Senator Cruz is wearing his famous Argument Boots – a pair of ostrich skin cowboy boots that he wore for every case he tried as Texas solicitor general.
Concern that the US will once again see the kind of debt ceiling stand-off that in 2011 led to the US losing its AAA rating for the first time in its history has weighed on the dollar.
USD/JPY was supported overnight as haven flows pushed the yen to a session high of JPY99.17.
Cruz can take a momentary break to allow other senators to speak, but he cannot sit down without ceding the floor.
The efforts by Cruz come as the Senate prepares to vote on a spending bill passed by the House that would provide a temporary extension of the US debt ceiling. The bill would fund the government until December 15, but would defund the Affordable Care Act. Though Senator Cruz supports the defunding of the act, he is speaking du to concerns that Democrats could later amend the bill, restoring funding.
The speech from Cruz is not a true filibuster – in the sense that it is not designed to block legislation. It is instead intended by Cruz as a symbolic stand against the act.
It is unconfirmed whether Senator Cruz is wearing his famous Argument Boots – a pair of ostrich skin cowboy boots that he wore for every case he tried as Texas solicitor general.
Concern that the US will once again see the kind of debt ceiling stand-off that in 2011 led to the US losing its AAA rating for the first time in its history has weighed on the dollar.
USD/JPY was supported overnight as haven flows pushed the yen to a session high of JPY99.17.