The roof is on fire! A mid-day debt ceiling update

July 14, 2011

A brief rundown on what’s happened so far today in the Mother of All Budget Battles,  and what folks are saying about it:

– Obama, lawmakers face fresh doubts on debt deal -Reuters | Key bit in the piece is a warning from JPMorgan CEO Jamie Dimon that a deal needs to get done

– Harry Reid And Mitch McConnell: ‘Hybrid’ Solution To Debt Standoff -HuffPo | Another way of trying to get $1.5 trillion in cuts through Congress.

– Nancy Pelosi, John Boehner reject Camp David – Politico | But it is unclear whether the WH was even going to suggest this.

– Few Americans Fear ‘Economic Catastrophe’ If Debt Ceiling Not Raised: Poll – HuffPo | Just 22 percent, but a lot more bankers and businessmen are extremely worried

– Gang of Six talks heat up as White House debt-limit talks melt down -The Hill |  Can  (now) Big Five pull out a $4 trillion deal? I really doubt it.

Reid slams Cantor – Roll Call | The Majority Leader couldn’t pay enough for great headlines like that one

China urges U.S. to protect creditor by raising debt -NYTimes |  I don’ t think the House GOP are going to be swayed by China’s foreign ministry wants

– S&P: U.S. Debt Could Reach ‘Junk’ Rating by 2030, Absent Entitlement Reform – CNSNews | Actually way before then because there will be a financial crisis if nothing is done.

Mark Dayton offers deal that could end Minnesota shutdown – WaPo | Dem chief exec gives in to GOP legislators. Definitely a must read today on Capitol Hill

Tea party vs. big Business in debt debate — WaPo |  This in an interesting bit:

The problem for McConnell is that the tea party wing of the party isn’t all that interested in giving the GOP nominee the best chance in 2012. It wants cuts, first and foremost, and damn the torpedoes. That’s the attitude the tea party was essentially founded on.

McConnell’s proposal and justifications amount to an acknowledgement that the political endgame has gotten away from the GOP. Whether through any fault of their own or not, Republicans are in a corner when it comes to a default, and as his colleagues suggest, McConnell is ceding major ground.

It’s becoming clear that he can’t please both sides of his party’s new coalition. The question is how it gets resolved, and how deep the wounds will be going forward.

The Great Debt Ceiling Gambit – The Weekly Standard | Tough stuff from Fred Barnes who accuses Obama are pushing a crisis for political gain.






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