71% Disapprove of GOP's Debt Efforts

$1T in cuts now with more later—and a 'trigger' to ensure a second deal

(NEWSER) - No revenues, big budget cuts—what exactly is in the debt-ceiling deal? Ezra Klein sums it up in the Washington Post : $1 trillion in immediate cuts with at least $1.5 trillion more to come; a vote on a balanced budget amendment; and an immediate $900 billion increase to the debt ceiling, with a $1.2 trillion or $1.5 trillion future hike. What determines the size of debt-ceiling increase No. 2? The "trigger." Klein explains: If Congress can't pass at least $1.5 billion in deficit reduction in round two, the trigger goes off and automatically cuts $1.2 trillion over a decade. More»

Krugman: It's a 'disaster' for the country, and shows he'll surrender again

(NEWSER) - President Obama caved deeply in a debt deal that made the Republicans big winners, with both Andrew Leonard and Paul Krugman arguing that he "surrendered." Their take:

• “In the end, President Obama had to admit surrender,” writes Andrew Leonard in Salon , detailing “a smashing victory for the Tea Party and a crushing defeat for Democrats.” In Obama’s defense, he “had to choose between an awful deal or an outright catastrophe.” But he made a mistake in trying to sell it as a compromise. "The president said it was not 'the deal I would have preferred.' He should have said it's a bad deal that does not address the pressing needs of the nation," but one that he had no choice but to sign.

'Dysfunctional' party is pointing the nation toward something like Armageddon

(NEWSER) - One thing we’ve learned from the debt ceiling debate: Republicans are no longer behaving rationally. They’ve been revealed as a “dysfunctional” party “whose conservative wing is behaving less like a mainstream electoral force than an ultra-left sect being advised by a petulant 2-year-old,” writes Gary Younge in the Guardian . “It is simply not economically feasible to cut the US deficit without raising taxes.” More»

But he'd better watch out for Eric Cantor

(NEWSER) - President Obama has “called Republicans’ bluff on the debt,” writes EJ Dionne in the Washington Post . With a little help from Eric Cantor, Obama has shown that Republicans’ top goal has nothing to do with the deficit—instead, they want to maintain low taxes on corporations and the rich. “Even the most resolutely centrist and cautious have been forced to concede this essential truth of American politics,” writes Dionne. Now, Obama “occupies the high ground in the debt-ceiling debate.” But there's peril ahead. 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."