McCain Warns Reid Defense Authorization Bill in Danger

The Hill reports that Sen. John McCain (R-AZ) urged Senate Majority Leader Harry Reid (D-NV) to allow a vote on the defense authorization bill on Thursday, saying the Senate could fail to pass a defense authorization bill for the first time in 50 years if the Senate continues to delay.

“It is not our right, it’s our obligation to get the authorization bill to the president’s desk,” McCain, said on Senate floor, according to The Hill. “We may have significant disagreements, but for 50 years, this body has passed a defense authorization bill and it has been signed by the president of the United States, and we are in some danger of not having it happen, not letting this happen, this year."

Passing the bill with all of the expected amendments will be time consuming, and that is why McCain is urging the Senate to act. 


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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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