Cantor Bails on Budget Talks

...but Republicans want $2T

(NEWSER) - Budget negotiations between congressional leaders seem to be off to a strong start: The sides have identified at least $1 trillion in possible spending cuts, mediator Joe Biden told reporters yesterday. “If we keep on this pace, we can get to a relatively large number,” he said, adding that “big ticket” items like Medicare and Medicaid would be on the chopping block, the LA Times reports. 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."

He claims the president was not leading talks on spending cuts

(NEWSER) - According to House Majority Leader Eric Cantor, President Obama had to be dragged “kicking and screaming to the table to cut spending,” he said on Fox News Sunday. Cantor says White House senior adviser David Plouffe is being dishonest in his claim that Obama was the one leading that discussion, Politico reports. Elsewhere on the Sunday dial:

• The president will make a major budget address Wednesday. He will lay out “his approach to long-term deficit reduction,” David Plouffe said on Meet the Press, adding that the president’s 2012 budget includes a plan to reduce the deficit by $1 trillion over the next decade. Meanwhile, Sen. Chuck Schumer said on Face the Nation that details on the spending cuts included in the budget deal will be posted online tomorrow.

Boehner and Co. say they'll accept tax cut without paying for it elsewhere

(NEWSER) - House Republican leaders have surprised and angered rank-and-file lawmakers by abruptly backing down from demands that a 10-month extension of the payroll tax cut be paid for with cuts elsewhere. GOP leaders are wary of holding up a tax cut for 160 million Americans in an election year, Politico notes, but John Boehner's raucous caucus will likely chafe at the move, which will add around $100 billion to the deficit. Still, the measure will now likely pass; even Nancy Pelosi hasn't signaled opposition. More»

Total it has forked over since April: $13K

(NEWSER) - Joe Biden is the vice president ... and due to a strange arrangement with the Secret Service, he's also a federal contractor. The Secret Service pays Biden to stay in a rental cottage adjacent to his Delaware home. Since April, Biden has collected $13,000 in rent, and he could make up to $66,000 by the time the contract expires in 2013, the Washington Times reports. Biden is listed as "vendor," not VP, in the federal purchasing documents. Is this a typical arrangement? According to a Secret Service rep, "It’s a rental property so we pay rent there.” More»