Parties Head to Showdown as Obama Warns of a ‘Crisis’  —  WASHINGTON — The Democratic-led Senate and Republican-led House on Monday barreled toward a showdown on competing plans to cut spending and raise the debt limit as a resolution to the intensifying crisis remained out of sight just one week before a possible federal default.

Statement: Robert Greenstein, President, on House Speaker Boehner's New Budget Proposal  —  House Speaker John Boehner's new budget proposal would require deep cuts in the years immediately ahead in Social Security and Medicare benefits for current retirees, the repeal of health reform's coverage expansions …

SMASH THE CEILING  —  In the past few years, the U.S. economy has been beset by the subprime meltdown, skyrocketing oil prices, the Eurozone debt crisis, and even the Tohoku earthquake.  Now it's staring at a new problem—a failure to raise the debt ceiling, which would almost certainly throw the economy back into recession.

Tea Party Coalition Rejects Boehner's Debt Proposal (UPDATE) … UPDATE: 4:10 p.m. — A coalition of Tea Party chapters and conservative lawmakers on Monday rejected the debt proposal put forward by Speaker John Boehner (R-Ohio), despite his efforts to sweeten the deal with provisions favored by his conservative base.

President Obama says no to a bipartisan debt limit plan  —  Last Friday the President said: … Yesterday there was a tentative agreement among Speaker Boehner, Senate Majority Leader Reid, and Senate Minority Leader McConnell on the outline of a bill to increase the debt limit and cut spending.

Boehner briefed Limbaugh on debt plan  —  Speaker John Boehner (R-Ohio) outlined the GOP's debt ceiling plan to conservative commentator Rush Limbaugh on Monday before showing it to his conference.  —  Limbaugh talked about the call he received from Boehner during his radio program Monday.

BELTWAY CONFIDENTIAL  —  White House Transcript: Obama's speech on the debt limit  —  Via the White House press office: