All Hope Lost for Debt Deal?

But today's the absolute last one—right?

(NEWSER) - Today is, supposedly, the absolute last day for debt limit legislation to be introduced in the House if the US wants to avoid defaulting on Aug. 2. As we wait to see if lawmakers make the deadline, Uri Friedman, writing in in the Atlantic Wire, looks at all the deadlines they've missed so far:

1. May 16: Timothy Geithner originally named this as the date the US would risk default, but when it passed without Congress raising the debt ceiling, the Treasury shuffled some clamshells to postpone the default date to Aug. 2—at which point "the borrowing authority of the United States will be exhausted."
2. June 31: On June 1, John Boehner said that a deal must be made in the next month in order to avoid "rattling investors."

...about $500 billion shy of goal

(NEWSER) - Looks like the Republicans aren't the only ones whose debt ceiling plan falls a little short: The Congressional Budget Office says the Senate Democrats' plan would only cut the deficit by $2.2 trillion over the next decade, not the $2.7 trillion promised by Harry Reid, reports the Wall Street Journal . The CBO had similarly bad news for John Boehner's plan yesterday, which has added to the problems he's facing in gaining support for his plan . In need of some levity? Click for an amusing anecdote from yesterday's Republican talks. More»

Neither plan is doing very well at this point

(NEWSER) - John Boehner and Harry Reid are frantically scrambling to cobble together support for their dueling debt plans after Boehner was forced to delay a House floor vote on his proposal until tomorrow ... or beyond. The delay was a direct result of the CBO's report that Boehner's package falls short —it will only save $850 billion, not $1 trillion—but the speaker is also dealing with the fact that, by some estimates, 40 to 50 of his fellow GOP lawmakers are "no" votes or undecided. He has yet to solidify the 217 "yes" votes he needs, and has been calling members who oppose him into his office for one-on-ones, Politico reports. At least two prominent conservative groups are also against the plan, although the US Chamber of Commerce is for it. 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."

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»