debt limit

Speaking in the Rose Garden at the White House Tuesday afternoon, President Barack Obama tepidly praised Congress for passing the debt limit deal that he said will “avert a default that would have devastated our economy.” The president called the bill an “important first step” in reducing the deficit.

Just after noon today, the Senate easily passed the debt ceiling deal bill, 74-26. The House of Representatives passed the bill last night, and the president will presumably sign the bill today, the deadline set by the Treasury Department for raising the debt ceiling to avoid a default.

Politico: "Biden: Tea partiers like 'terrorists'"

Keith Hennessey: "Quick summary of the Budget Control Act"

Paul Krugman: Suddenly, Default Doesn't Seem So Bad

New Yorker: "Getting Bin Laden"

Can the debt deal pass the House of Representatives? House speaker John Boehner has said he believes he has the votes from the Republican caucus, and Steny Hoyer, the Democratic minority whip, says he can deliver 80 to 100 votes from his side of the aisle.

Talking Points Memo: "Reid Agrees To Major Debt Limit Deal — Here’s What He’s Signed Off On"

Tim Carney: "Democrats put politics ahead of policy -- again"

Washington Post: "U.S. officials believe al-Qaeda on brink of collapse"

Hot Air: "Reports: House GOP lining up behind Boehner’s plan"

Keith Hennessey: "Quick summary of the Boehner bill"

According to a poll conducted earlier this week by CNN and Opinion Research Corporation, 66 percent of Americans would support a plan that would raise the debt ceiling "only if a balanced budget amendment were passed by both houses of Congress and substantial spending cuts and caps on future spending were approved." Hmm.

Sen. Jeff Sessions (R-Ala.), ranking member of the Budget Committee, has just released a statement today that criticizes both Senate Democrats and President Obama for lacking leadership on producing a budget. Noting the Gang of Six plan's "serious flaws," Sessions says the president needs to show the public what his deficit reduction plan actually contains:

The Obama administration issued a press release this afternoon to declare that the president would not sign the "Cut, Cap, and Balance" legislation if it were pass in the House of Representatives:

Andrew Biggs and Matthew Jensen: Cutting spending, not raising taxes, is the path to prosperity.

Walter Russell Mead: Beware of global weirding.

Michele Bachmann officially left her church shortly before officially entering the presidential race.

Louisiana senator David Vitter just released the following statement, expressing disapproval of Mitch McConnell's proposed debt ceiling plan:

Despite press reports that have indicated Senator Joe Manchin of West Virginia would not support a debt ceiling deal that involves tax hikes, the senator won't reveal, when asked in person, where he actually stands on the contentious issue. 

"I’m for a plan that’s fair," Manchin, who is up for reelection next year, said in the Capitol yesterday afternoon. "Just a fair plan for everybody."