Democrats Set Drop-Dead Date For Debt Ceiling Backup Plan  —  President Obama's quest to reach a historic budget agreement with House Speaker John Boehner (R-OH) fell into deep doubt Thursday, after a noisy rebellion by Senate Democrats over reports that Obama might hand Republicans the farm …

Justice Department Prepares Subpoenas in News Corp. Inquiry  —  The U.S. Justice Department is preparing subpoenas as part of preliminary investigations into News Corp. relating to alleged foreign bribery and alleged hacking of voicemail of Sept. 11 victims, according to a government official.

Read My Lips: No New Taxes  —  THE Taxpayer Protection Pledge has received increased attention as the Aug. 2 deadline for raising the debt ceiling approaches.  My organization, Americans for Tax Reform, created the pledge in 1986 as a simple, written commitment by a candidate or elected official …

Reuters: 8 people injured in Oslo blast at government offices  —  An explosion knocks out windows in government buildings in downtown Oslo, news agencies reports.  Injuries have been reported.  —  Update at 10:03 a.m. ET: Reuters reports at least 8 people injured in an explosion that knocked …

CNN Poll: Perry near the top in GOP nomination race  —  Washington (CNN) - As Texas Gov. Rick Perry comes closer and closer to jumping into the race for the White House, he's also close to the top of a new national survey in the battle for the GOP presidential nomination.

The Lesser Depression  —  These are interesting times — and I mean that in the worst way.  Right now we're looking at not one but two looming crises, either of which could produce a global disaster.  In the United States, right-wing fanatics in Congress may block a necessary rise in the debt ceiling …

Weiner in therapy; says hard part will be convincing Hillary Clinton he's recovered  —  Forget his wife — Anthony Weiner has an even bigger problem on his hands: Secretary of State Hillary Rodham Clinton.  —  The horndog ex-House member from Queens is telling friends that while he's finally started therapy …

Don't miss it: John Kerry backs gay marriage  —  What if John Kerry came out for gay marriage and nobody noticed?  —  That's essentially what the Boston Globe revealed on Friday when it reported that the Massachusetts Democrat and 2004 Democratic presidential nominee first told the paper …

Pritzker turns heat lamps on striking Hyatt workers  —  It was already approaching 100° at 8 a.m. when I arrived at the Park Hyatt where, after 22 months of stalled negotiations, hotel workers were staging a one-day picket to protest the hotel chain's intolerable treatment of their housekeeping staff.

A Goodbye To Borders  —  When I was growing up, the kind of people who today are lamenting the decline of physical books in the face of e-reading were busy bemoaning the decline of independent bookstores in the face of ruthless national chains.  As it happens, where I grew …

Return of Mass Layoffs a Grim Sign for U.S. Workers  —  Putting pressure on an already lousy job market, the mass layoff is making a comeback.  In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts.  (See: Another Retailer Bites the Dust: Borders Doomed by Amazon Deal, Davidowitz Says)

Rove: Palin advisers push non-traditional campaign  —  Karl Rove, on whether Sarah Palin can wage a non-conventional campaign. … Rove then said she was ignoring the “niceties” at “her own peril”.  —  Again, I link to Scott Conroy's piece on Iowa today, where he notes that the old niceties might not mean as much in Iowa anymore.

Obama could be comeback kid if he mimics Clinton  —  Here's a scary exercise for Republicans.  First, make a graph of Bill Clinton's job approval ratings for the nine months following November 1994, when Republicans dealt him a crushing defeat in midterm elections.

Oh my: CCB bill gets 2-1 approval among adults in CNN poll  —  Tina touched on this in the previous post, but it's important enough to look into the numbers.  Harry Reid might consider the Cut, Cap, and Balance Act the worst piece of legislation in the history of, well, legislation …

Greece defaults  —  The latest Greek bailout is done — the official statement is here — and it involves Greece going into “selective default,” which is, yes, a kind of default.  —  I can't remember a major financial story which has been covered so inadequately by the financial press.

About Caroline Baum  —  Baum: Ailing U.S. Economy Seeks Jobs Doc  —  Looking beyond the debt-limit shenanigans preoccupying Washington, the big issue for the U.S. economy is long-term unemployment and what to do about it.  —  President Barack Obama is always hawking some kind of jobs plan …