Cantor Holds Line on Cuts to Pay for Disaster Relief

...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."

Dems blame GOP-Tea Party divide, Cantor blames Dems, hilarity ensues

(NEWSER) - Negotiations between Democrats and Republicans are going so poorly that it’s looking more and more likely that the government will shut down when its current temporary funding measure expires April 8, the Wall Street Journal observes. Both sides spent yesterday criticizing each other, with Harry Reid blaming the lack of progress on Republicans’ unwillingness to compromise on their goal of cutting $61 billion in spending. More»

Rest of the South fears it could be next

(NEWSER) - What appeared to be a series of tornadoes tore through northern Alabama today, destroying several homes, sending several to the hospital, and ripping the roof off a maximum-security state prison, the AP reports. A portion of the prison's fence was also knocked down, but the Alabama Department of Corrections says the facility is still secure, and that no inmates have escaped. More»

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»

Foreign aid and education department would be history

(NEWSER) - Ron Paul may have turned up the heat on fellow Republican candidates today by unveiling a plan to cut $1 trillion from the federal budget—in a single year, the Washington Post reports. In a Las Vegas speech, Paul said he would:

• End the Afghanistan and Iraq wars, cut all foreign aid, and eliminate five Cabinet departments—including Energy and Education.