President Obama abruptly walks out of talks  —  President Barack Obama abruptly walked out of a stormy debt-limit meeting with congressional leaders Wednesday, a dramatic setback to the already shaky negotiations, according to GOP sources.  —  “He shoved back and said 'I'll see you tomorrow' and walked out …

Michele Bachmann Gains Momentum, Surges in Polls  —  ABC News' Jonathan Karl and Amy Bingham report:  —  Michele Bachmann is proving to be a force to be reckoned with as she picks up momentum in early caucus states and surges in the polls.  —  A national Quinnipac University poll released …

Moody's Will Cut 7,000 Top-Rated Munis If U.S. Downgraded, Reviewing More  —  At least 7,000 top-rated municipal credits would have their ratings cut if the U.S. government loses its Aaa grade, Moody's Investors Service said.  —  An “automatic” downgrade affecting $130 billion …

Ron Paul ads hitting airwaves in Iowa, N.H.  —  Ron Paul is hitting the airwaves for the first time in Iowa and New Hampshire with a spot that warns ominously against raising the federal debt limit, POLITICO has learned.  —  The 60-second spot, made with all the flare of a Hollywood movie preview …

The Republican Case for Compromise  —  I HAVE always been a conservative Republican, and I subscribe to the ideas of less government, lower taxes, innovation and entrepreneurship.  But I also believe that, in the face of a possible debt default by the federal government, Republicans need to embrace the principle of compromise.

Michele Bachmann's Weak Command Of Yiddish  —  The GOP continues its oft-troubled Jewish outreach efforts by having Michele Bachmann try and fail to pronounce “chutzpah.”  —  Meanwhile, her church says the Pope is the Antichrist, so she's sure to break out of the Evangelical bubble any day now.

Book Challenges Obama on Mother's Deathbed Fight  —  The White House on Wednesday declined to challenge an account in a new book that suggests that President Obama, in his campaign to overhaul American health care, mischaracterized a central anecdote about his mother's deathbed dispute with her insurance company.

55% Oppose Tax Hike In Debt Ceiling Deal  —  As the Beltway politicians try to figure out how they will raise the debt ceiling and for how long, most voters oppose including tax hikes in the deal.  —  Just 34% think a tax hike should be included in any legislation to raise the debt ceiling.

Graham: GOP has no one ‘to blame but ourselves’  —  South Carolina Sen. Lindsey Graham conceded Wednesday that he and his fellow Republicans are now eating their own words as they try to convince the country they are working to stave off a federal default.  —  “Our problem is we made a big deal about this for three months.

Reinhart and Rogoff: The Economy Can't Grow  —  As public debt in advanced countries reaches levels not seen since the end of World War II, there is considerable debate about the urgency of taming deficits with the aim of stabilizing and ultimately reducing debt as a percentage of gross domestic product.

The Bain of Mitt Romney's campaign  —  A company that laid off hundreds of employees.  A federal “bailout” to rescue a failing bank.  Mitt Romney, at the center of it all.  —  It's a story line from a tough Democratic ad that was teed up for use against Romney in his 1994 Senate campaign in Massachusetts.

The comedian-in-chief  —  Here's a joke for you: President Obama nearly bankrupts the country with his out-of-control deficit spending — then demands responsible fiscal leadership from the Republicans.  —  OK, this is no time for humor: The country faces a deadline of Aug. 2 to either raise …

Budget Shell Games Are Contrary to Law  —  Congressional rules require public proposals and specific numbers that can be openly debated.  —  After sending up a budget in February that would only add to government spending and deficits, President Obama has now come around to the view that …

About Peter R Orszag  —  Hard Slog — the Real Future of the U.S. Economy: Peter Orszag  —  The continuing weakness in the labor market and the saga of the debt limit highlight the dual problems we face: low economic growth right now and an unsustainable amount of debt for the future.

To Track Militants, U.S. Has System That Never Forgets a Face  —  WASHINGTON — When the Taliban dug an elaborate tunnel system beneath the largest prison in southern Afghanistan this spring, they set off a scramble to catch the 475 inmates who escaped.  —  One thing made it easier.

A Gun Activist Takes Aim at U.S. Regulatory Power  —  MISSOULA, Mont.—With a homemade .22-caliber rifle he calls the Montana Buckaroo, Gary Marbut dreams of taking down the federal regulatory state.  —  He's not planning to fire his gun.  Instead, he wants to sell it …