Raising Debt Limit Again Invites US Ruin

It's 'America's own legion of doofs': Jon Stewart

(NEWSER) - Imagine Jon Stewart's dismay when he discovered that after months of drama, the debt deal only shaved our deficit from $28.8 trillion to $26.3 trillion at the end of a decade. "That's what this whole f***ing thing was about?" he asked last night . Removing "one paper-thin chocolate shaving from our Dairy Queen Gut-Buster Sundae of Debt? Who will save us now?" Answer: The "Super Committee" of 12 deficit-busting Congress members , of course! More»

Debt fight shows why world should move away from dollar, Russian leader says

(NEWSER) - Vladimir Putin is using Soviet-era terminology to criticize the US over its huge debt load. The Russian prime minister, speaking to a pro-Kremlin youth rally yesterday, called the US a "parasite" and said Russia and other countries should seek a new reserve currency to replace the dollar, reports Reuters . "They are living beyond their means and shifting a part of the weight of their problems to the world economy," he said. "They are living like parasites off the global economy and their monopoly of the dollar." More»

Reports cite $3T deal with tax reform, entitlement changes

(NEWSER) - President Obama and John Boehner are reportedly back at the bargaining table, and they could be near a deal to cut the deficit and raise the debt ceiling. The rumored $3 trillion agreement between the administration and top Republicans could include entitlement changes and set plans for tax reform, reports Politico . Stories are conflicting, however. John Boehner has labeled “false” a New York Times piece suggesting a “major budget deal” is approaching—but other insiders say the administration told them as much late yesterday. More»

GOP losing ground in battle for public opinion

(NEWSER) - As talks drag on, public opinion is shifting in favor of lifting the debt ceiling and against politicians who refuse to budge, according to two new polls. Some 38% of Americans now favor lifting the debt ceiling, a 10-point jump from a month ago, as opposed to 31% against, according to a Wall Street Journal /NBC poll. Almost 60% support President Obama's $4 trillion deficit-reduction plan. More»

...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."