memeorandum: Reid signs off on bipartisan debt deal but Boehner holds out (Alexander Bolton/The Hill)

8:35 PM ET, July 31, 2011

Top Items:

GOP on verge of huge, unprecedented political victory — By all accounts, it looks like a deal is about to be announced in which the debt ceiling is hiked in exchange for the promise of major spending cuts, including to entitlements, totalling at least $2.4 trillion.

Discussion: Daily Kos and THE ASTUTE BLOGGERS

Jake Tapper / Political Punch:

Negotiating All But Done for $2.7 Trillion Deficit Reduction Deal ... Now Comes the Selling — Sources from both parties tell ABC News that the major potential roadblock in deficit negotiations— the triggers — are now essentially agreed upon. The plan is for the House to vote on this tomorrow, assuming all goes according to plan.

Discussion: The Note, Crooks and Liars, Hit & Run, Washington Post, Hot Air, The Moderate Voice, Hullabaloo and The Daily Dish

Jake Sherman / The Politico:

Griping begins as debt deal specifics emerge — Members of Congress from both parties fear their leaders may have conceded too much ground in an emerging deal to raise the debt ceiling, a sign of how difficult it'll be for a sweeping plan to be signed into law before the government begins to default on its debt later this week.

Discussion: The Hill, The Page and Truthdig

Ezra Klein / Washington Post:

Democrats will lose now. But they can win later. — Democrats are going to lose this one. The first stage of the emerging deal doesn't include revenue, doesn't include stimulus, and lets Republicans pocket a trillion dollars or more in cuts without offering anything to Democrats in return.

Discussion: The Politico, emptywheel, DISSENTING JUSTICE and MyDD

Julian Pecquet / The Hill:

GOP ready to declare victory in debt fight — Republicans on Sunday framed an emerging debt ceiling agreement as largely giving them what they wanted in a debt deal. — Senate Minority Leader Mitch McConnell (R-Ky.) also pushed back Sunday against suggestions the prolonged fight over raising …

Discussion: Alan Colmes' Liberaland and CNN

The Note:

The Note — Special ‘Countdown To Crisis’ Sunday Night Edition — Done Deal? — By MICHAEL FALCONE (@michaelpfalcone) and AMY WALTER (@amyewalter) — Are we closer to a debt-limit deal than we were this morning? Yes — much closer. — Is it a done deal? Not quite.

Discussion: Taegan Goddard's … and The Caucus

The Note:
Congressional Sources: Republicans and Democrats Reach Tentative Debt Deal

Major Garrett / NationalJournal.com:
Outlines of Debt Compromise Emerge

Brian Beutler / TPMDC:
Dems, GOP Float Eye-Popping Debt Limit Compromise

Discussion: The Huffington Post, The Note, The Hill, Crooks and Liars, Hullabaloo, CNN, Don Surber, The Daily Caller, The Moderate Voice, The New Republic and RedState

Brian Beutler / TPMDC:

Reid Agrees To Major Debt Limit Deal — Here's What He's Signed Off On — Senate Majority Leader Harry Reid (D-NV) has signed off on a deal to raise the debt limit pending the approval of his caucus — and of course if can win the backing of Senate GOP leaders and then a majority of the House.

Discussion: Washington Monthly, Hullabaloo, Booman Tribune, AMERICAblog News, Talking Points Memo and Daily Kos

Alexander Bolton / The Hill:

Reid signs off on bipartisan debt deal but Boehner holds out — Senate Majority Leader Harry Reid (D-Nev.) has signed off on a tentative bipartisan deal forged between President Obama and GOP leaders to raise the debt limit. — But the emerging deal may be imperiled by last-minute reluctance …

Discussion: Pajamas Media, The Daily Caller and Weasel Zippers

Alexander Bolton / The Hill:

Senate conservatives say they don't plan to delay consideration of debt-limit deal — Senate Republican conservatives say they do not plan to delay a bipartisan deal to raise the debt ceiling, giving Congress a chance to make the Aug. 2 deadline set by President Obama.

Discussion: National Review, The Note, Washington Post, TPMDC and Daily Kos

Brian Beutler / TPMDC:
Senate Votes Down Reid Bill, Awaits Obama/McConnell Spending-Cut-Only Debt Limit Bill

Discussion: Daily Kos

Michael D. Shear / The Caucus:
Reid Backs Debt Deal and Hopes for Sunday Night Debt Vote

Discussion: Crooks and Liars, The Huffington Post, Reuters and Daily Kos

New York Times:
Reid Backs Debt Deal; Defense Cuts Still in Debate

Discussion: TalkLeft, Wall Street Journal, The Caucus, Washington Monthly, Calculated Risk and xpostfactoid

William A. Jacobson / Le·gal In·sur·rec· tion:
The end of Harry Reid as we know it

Discussion: The Note and PoliPundit.com

The Hill:
Senate Dems discuss emerging deal

Discussion: The Other McCain and Daily Kos

Stanley B. Greenberg / New York Times:

Why Voters Tune Out Democrats — Stanley B. Greenberg is the chief executive of Greenberg Quinlan Rosner, a polling company that works with center-left political parties in the United States and abroad. — BARACK OBAMA can't catch a break from the American public on the economy …

Discussion: Doug Ross, Don Surber, Balkinization, Daily Kos, Alan Colmes' Liberaland and Suburban Guerrilla

Steven T. Dennis / Roll Call:

Debt Deal Emerging With Rightward Tilt — President Barack Obama's rightward lurch to reach a $3 trillion deficit reduction deal with no guarantee of additional revenues had liberals fuming and Republicans all but declaring victory Sunday afternoon. — With time running out to reach …

Discussion: Weasel Zippers and The Gateway Pundit

Alexander Burns / The Politico:

Herman Cain dominates Denver straw poll; Rick Perry second — Herman Cain easily won the Western Conservative Summit presidential straw poll Sunday, drawing 246 ballots out of 508 cast and beating his nearest runner-up by a 179-vote margin. — Second-place contender Rick Perry took 67 votes, or 13 percent, to Cain's 48 percent.

Discussion: The Raw Story

The Note:
Herman Cain wins Western Conservative Summit Straw Poll; Rick Perry Second

Discussion: CNN

Salena Zito / Real Clear Politics:

White House's Over-the-Cliff Moment — When historians look back on this moment in American politics, they may wonder why the White House failed to focus on the consuming issue of the time: the economy — and, in particular, jobs. — An exasperated U.S. Sen. Bob Casey Jr., D-Pa. …

Discussion: Hot Air

Mike Lillis / The Hill:

Pelosi, Dem leaders withholding judgment — Emerging from a Capitol Hill meeting with Democratic leaders, House Minority Leader Nancy Pelosi (D-Calif.) on Sunday applauded President Obama for his work on bipartisan legislation to raise the debt ceiling, but deferred her judgment on the bill until …

Discussion: The Politico, TalkLeft, NationalJournal.com and Daily Kos

Jane Hamsher / Firedoglake:

Bernie Sanders to Primary Obama? Don't Make Me Laugh — Every time the Democrats do something to betray the promises of the 2008 election and bitchslap the people who believed in them, someone comes into the comments and says “will you support a primary for Obama NOW Jane?”

Dan / Riehl World View:

Jennifer Rubin Is An A**hole — Sorry, but there's really no other word for it. Talk about someone with a malfunction. You write for the Washington Post now, sweetie. You need to grow up and at least write like an adult, even if you can't manage to think like one.