McConnell: Debt Deal 'Very Close'

Guess what's on everybody's mind this morning?

(NEWSER) - The end of Congress' tortured debt ceiling machinations isn't here yet, but it's in sight, says top Democratic negotiator Chuck Schumer, while adding that "It's premature to talk about any specifics." Schumer emphasized to State of the Union that the deal will be politically difficult to sell to his party, but says, "If there's a word that would be right here that would sum up the mood, it would be relief... Default is far less of a possibility now than it was a day ago." More from the Sunday dial, as per Politico: More»

GOP blames Obama, Dems blame Tea Party for S&P downgrade

(NEWSER) - If nothing else, the S&P downgrade made for a lively August Sunday on the talk show circuit, with anyone who is anyone booking an appearance to sling some blame for the US' brand new AA+ rating . The Democrats pointed directly at the Tea Party and its refusal to raise revenues, with Howard Dean sounding a typical note: "They are totally unreasonable and doctrinaire and not founded in reality," he complained on Face the Nation. "I think they've been smoking some of that tea, not just drinking it." The downgrade is a wakeup call that the US simply has to have more revenue to pull itself out of the ditch, he said. Elsewhere on your Sunday dial, as per Politico: More»

It's now scheduled for Sunday afternoon as talks intensify

(NEWSER) - It's either a sign that a last-minute deal is truly in sight or one last tease: Harry Reid has postponed a 1am procedural vote on his plan to raise the debt ceiling until tomorrow afternoon, reports the Hill . Reid says the delay is intended to give negotiations with Republicans under way at the White House more time to play out. The Senate majority leader, who didn't appear to have the 60 votes necessary to prevail anyway, says the postponement came at the request of the White House because the talks were making progress. More»

But Harry Reid isn't as optimistic about a deal

(NEWSER) - The debt deal may rest on the shoulders of Mitch McConnell and Harry Reid , but the two can't seem to agree on how optimistic to be. At a mid-afternoon press conference, McConnell sounded like a deal was in the offing. “Our country is not going to default for the first time in history; that is not going to happen,” the GOP Senate minority leader said, according to the Washington Post . McConnell added that he had personally spoken to both Obama and Joe Biden. “We now have a level of seriousness, with the right people at the table, that we needed.” John Boehner echoed the sentiment, notes Politico . More»

Many are calling it a sell-out; here's why it's not

(NEWSER) - Knee-jerk reactions to Mitch McConnell's surprise debt ceiling proposal weren't good: Newt Gingrich, for example, called it "an irresponsible surrender to big government." But upon further consideration, many are coming out of the woodwork to explain why this is actually a grand plan for the Grand Ol' Party:

• McConnell is basically formalizing the idea that "the debt ceiling is used to embarrass the party in power, but it’s not allowed to threaten the American economy," writes Ezra Klein in the Washington Post . If it passes, it will be "easier for the minority party to embarrass the majority party, but harder for them to threaten the economy. It’s win-win." Plus, it ensures that President Obama doesn't "win" the issue by becoming "the great Compromiser-in-Chief."