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Reid Backs Debt Deal, Lawmakers Are 'Close'

Agreement hoped for later tonight

(Newser) - Hours after shelving his own debt ceiling plan, Harry Reid has given his blessing to a deal being furiously negotiated on Capitol Hill, reports Politico. “Senator Reid has signed off on the debt-ceiling agreement pending caucus approval," said a statement this afternoon from Reid's office. The legislation...

Debt Ceiling: Senate Votes Down Harry Reid's Plan, But Real Deal Still Being Worked On
 Senate Votes Down 
 Reid's Plan 
debt ceiling

Senate Votes Down Reid's Plan

But real deal is still being worked on

(Newser) - As expected, the Senate voted today not to move forward with Harry Reid's debt ceiling proposal in a 50-49 vote. The Wall Street Journal notes that the vote was "anti-climactic," since the real work on hammering out a deal by the end of the day is happening...

Schumer: Deal Isn&#39;t Quite Done, but &#39;Relief&#39;
 Schumer: 
 Deal Isn't 
 Quite Done, 
 but 'Relief' 
TALK SHOW ROUNDUP

Schumer: Deal Isn't Quite Done, but 'Relief'

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...

Mitch McConnell: Debt Deal 'Very Close'
 McConnell: 
 Debt Deal 
 'Very Close' 

'WE WILL AVOID DEFAULT'

McConnell: Debt Deal 'Very Close'

Says legislators 'had a very good day yesterday'

(Newser) - Good news, if you're the US economy: Mitch McConnell says a debt ceiling deal is "very close," reports Politico. Speaking on CNN's State of the Nation this morning, the Senate minority leader said lawmakers yesterday made "dramatic progress" on a two-step, $3 trillion agreement that...

$2.4T Debt Deal Taking Shape?
 $2.4T Debt Deal Taking Shape? 

$2.4T Debt Deal Taking Shape?

Proposal would match debt ceiling relief to debt reduction

(Newser) - After weeks of posturing and pleading, with threat of a default just days away, news of a possible debt ceiling deal is dribbling out of Washington, first reported by ABC 's Jonathan Karl. The deal would raise the ceiling by $2.4 trillion in two phases, enough to last...

Sign of Hope? Harry Reid Postpones Debt Vote

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...

McConnell: 'Our Country Is Not Going to Default'

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...

Obama: Solution to Avoid Default Must Be Bipartisan

In latest speech, president promises to work all weekend long

(Newser) - In his latest debt limit speech, President Obama today urged Democrats and Republicans to come up with "a plan that I can sign by Tuesday"—a plan that has support in both parties. "There are plenty of ways out of this mess," he said, but any...

CBO: Dems' Plan Falls Short, Too

...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...

Debt Ceiling Showdown: John Boehner, Harry Reid Scrambling for Support on Dueling Plans
 Boehner, Reid 
 Can't Find the Votes 
debt ceiling showdown

Boehner, Reid Can't Find the Votes

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...

Palin on Debt: Just Obama Drama

President is fear mongering, she says

(Newser) - President Obama is just trying to scare the American people with his talk of serious consequences if no agreement can be reached on the debt ceiling, according to Sarah Palin. The Alaskan, appearing on Greta Van Susteren’s Fox News show, dismissed the situation as "more Obama drama,"...

Debt Ceiling Showdown: New Reports Indicate US May Not Default on Aug. 2
 US Won't Default on Aug. 2 
new reports

US Won't Default on Aug. 2

New reports indicate the feds have a little wiggle room

(Newser) - The US blew past a seventh (and final? ) deadline for coming up with a debt ceiling extension plan yesterday, but new reports indicate the country may not actually default a week from today. According to economic analysts at UBS, Aug. 8 is the earliest date the government might run...

Obama, Boehner an &#39;Unsettling Spectacle&#39;
 Obama, Boehner 
 an 'Unsettling Spectacle' 
OPINION Roundup

Obama, Boehner an 'Unsettling Spectacle'

Speeches long on politics, short on solutions

(Newser) - President Obama and John Boehner gave dueling speeches last night, and the news was not good. Here's what the pundits are taking away from it all:
  • If people—or markets—were looking for reassurance, “they were out of luck,” observes Politico . Instead, Obama and Boehner “treated
...

Obama Television Address: 'Reckless' If We Can't Cut Debt Ceiling Deal
 Obama: 
 'Reckless' 
 If We Can't 
 Cut Deal 

DEBT CEILING SHOWDOWN

Obama: 'Reckless' If We Can't Cut Deal

President pleads for compromise in primetime address

(Newser) - President Obama took to the airwaves tonight, charging that the only ones standing in the way of a balanced compromise to the nation's debt crisis are those Republicans in Congress who are insisting only on spending cuts. "The American people may have voted for divided government, but they...

Obama Plans 9pm Address
 Obama Plans 
 9pm Address 

Obama Plans 9pm Address

Boehner will offer rebuttal after

(Newser) - President Obama will address the nation at 9pm tonight, in the wake of dueling debt ceiling plans offered this afternoon by House Speaker John Boehner and Senate Majority Leader Harry Reid. Boehner, whose proposal is coming under fire from conservatives, will give a short rebuttal afterward. All networks will carry...

Boehner, Reid Unveil Dueling Plans

White House backs Senate Democrats' version

(Newser) - John Boehner and Harry Reid put forth starkly divergent plans for dealing with the debt ceiling, reports the Washington Post , with the White House jumping up to support the Senate Democrats' version and denounce the GOP's "my way or the highway approach." Boehner's vision is a...

Congress Has Blown By 6 Debt Limit Deadlines So Far

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...

Debt Ceiling Showdown: Default Looms as John Boehner, Harry Reid Prepare Dueling Proposals
 All Hope Lost for Debt Deal? 

All Hope Lost for Debt Deal?

Boehner believes proposal must hit House today

(Newser) - We may very well be at zero hour: John Boehner has privately told Republicans that in order to get a debt ceiling measure signed by President Obama by the Aug. 2 deadline, it must be introduced in the House today. But despite the increasing likeliness of a US default, Politico...

US Debt Spooking World Markets

British MP calls American default 'next big iceberg' for economy

(Newser) - With America's $14.3 billion potential default just nine days away, markets are growing increasingly spooked by the rising danger, reports the Telegraph . “We may have a few stressful days coming up—stressful for the markets of the world and the American people,” says White House chief...

John Boehner: New Debt Ceiling Proposal Tomorrow, Not Today
 
 Boehner: Details 
 of New Proposal 
 Tomorrow 
DEBT CEILING SHOWDOWN

Boehner: Details of New Proposal Tomorrow

Conference call yields few clues to new proposal

(Newser) - If you were waiting with bated breath for John Boehner to announce a new deal framework today in an effort to avert panic in the Asian markets and stop the US from defaulting ... tough luck. Boehner spoke with House Republicans on a conference call this afternoon, and word is the...

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