Why Are 64 Senators Writing a Letter, Not Laws?

...even though 'this may bring my presidency down'

(NEWSER) - We already knew last night's debt talks did not go well —but not only did President Obama leave "abruptly," he really put his foot down, Talking Points Memo reports: "I have reached the point where I say enough," he said, according to those present. "Would Ronald Reagan be sitting here? I've reached my limit. This may bring my presidency down, but I will not yield on this." More of the latest developments:

• Obama reportedly gave both sides a deadline to determine whether they will seek long-term spending cuts or a short-term solution: tomorrow. His reason for leaving last night, at least according to one Democrat? Eric Cantor interrupted his closing remarks to push, for the third time, a short-term extension of the Aug. 2 deadline. Obama's response? "See you guys tomorrow."

President says budget talks will continue 'every day'

(NEWSER) - Compromise was the theme of President Obama's press conference today, during which he acknowledged that yesterday's budget talks did not result in a deal—but promised that "we're gonna meet every single day until we get this thing resolved." He insisted that he and "all the leaders" agree that we absolutely cannot fail to raise the debt ceiling and thus "allow the US government to default." He also confirmed he is still looking for "the largest possible deal," and that he appreciates John Boehner's "good-faith efforts on that front." Obama also noted that nobody is talking about increasing taxes right now. More»

He wants to beef up domestic spending, raise taxes on rich

(NEWSER) - The major news outlets are getting details of the budget plan President Obama will unveil on Monday, and it sounds like it's designed to set up election-year comparisons with Republicans. Two big themes: It calls for higher taxes on the rich and big spending on roads and manufacturing projects. It also projects the 2012 deficit will rise slightly to $1.33 trillion before dropping to $901 billion in fiscal 2013. Other details: More»

Ezra Klein crunches the numbers and comes up with a lower total than you think

(NEWSER) - Mitt Romney has taken to carrying around a debt clock, blaming President Obama for the ever-climbing number it shows. But the clock doesn't show how much Obama has actually added to that debt, so Ezra Klein set out to find out. "There are two answers," he writes in the Washington Post . The first, which is "simple and wrong" is $4.7 trillion. That's what you get when you subtract the debt when Obama took office (about $10.5 trillion) from the current debt (about $15.2 trillion). More»

Without deficit deal, there may not be enough cash 'in the coffers'

(NEWSER) - If Democrats and Republicans can’t strike a deficit deal, retirees may not get their Social Security checks early next month, says President Obama. “I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it,” Obama tells CBS News anchor Scott Pelley. What’s more, “this is not just a matter of Social Security checks. These are veterans checks, these are folks on disability and their checks.” More»