So What's in the Debt Deal?

Democrats' approval numbers slightly better at 31% to GOP's 21%

(NEWSER) - Some 71% of Americans disapprove of Congressional Republicans’ handling of the debt crisis, while just 21% support the GOP’s efforts, a CBS News poll finds. Congressional Democrats fare better, but only slightly so: 58% disapprove of their work on the issue; 31% approve. President Obama gets the best poll numbers of all the players, but his 48% disapproval figure remains larger than his approval rating, at 43%. More»

He won't agree to raising ceiling without spending cuts to offset

(NEWSER) - Remember the nasty fight in DC last summer over the national debt ceiling? Get ready for round two this fall. John Boehner launched the first volley today, demanding at a fiscal summit that any increase in the ceiling be offset by spending cuts, reports the Hill . "When the time comes, I will again insist on my simple principle of cuts and reforms greater than the debt limit increase," said Boehner. "This is the only avenue I see right now to force the elected leadership of this country to solve our structural fiscal imbalance." More»

Approval dives below 20%

(NEWSER) - The debt ceiling mess has pushed Congress' already dismal approval ratings into the abyss, according to the latest New York Times / CBS poll. Some 82% of Americans don't approve of the way Congress is doing its job, the lowest rating since the Times started asking the question in 1977. CNN 's poll gave lawmakers even lower grades, with just 14% of respondents approving of how Congress is handling its responsibilities. More than 80% said the debt debate was more about scoring political points than doing what's best for America. 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.

Why suffer from 'problems we've created for ourselves'?

(NEWSER) - All this talk about raising the debt ceiling when the fact is—like almost “every other democratic country”—we shouldn’t have one at all, writes James Surowiecki in the New Yorker . “There’s no debt limit in the Constitution,” and Congress already has a way to control spending. It’s called the budget, and unlike debt ceiling debates, “it doesn’t risk economic chaos.” Indeed, “the only reason we need to lift the debt ceiling is to pay for spending that Congress has already authorized.” More»