memeorandum: Reid Agrees To Major Debt Limit Deal — Here's What He's Signed Off On (Brian Beutler/TPMDC)

12:10 AM ET, August 1, 2011

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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: The Reaction, Washington Monthly, The Raw Story, Washington Post, xpostfactoid, Booman Tribune, Hullabaloo, Sky Dancing, AMERICAblog News and Daily Kos

Elise Foley / The Huffington Post:

Durbin: Debt Deal Will Be The Death Of Keynesian Economics … WASHINGTON — The Republicans are killing Keynesian economics with their attempt to cut spending as the economy rebounds from a recession, Senate Majority Whip Dick Durbin (D-Ill.) said in a floor speech on Sunday.

Discussion: CNNMoney.com, Firedoglake, Taylor Marsh, Politics, Verum Serum and Weekly Standard

New York Times:

Obama and Leaders Reach Debt Deal — WASHINGTON — President Obama and Congressional leaders of both parties said late Sunday that they had agreed to a framework for a budget deal that would cut trillions of dollars in federal spending over the next decade and clear the way for an increase in the government's borrowing limit.

Discussion: Washington Monthly, ThinkProgress, The Politico, The Note, Wall Street Journal, The Caucus, CNN, FiveThirtyEight, FT Alphaville, Outside the Beltway, Political Punch, American Power, TalkLeft, Balloon Juice, Calculated Risk and Washington Post

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: Firedoglake, Pajamas Media, Weasel Zippers, The Gateway Pundit and Daily Kos

Alexander Bolton / The Hill:

Reid, McConnell endorse deal, will present to rank-and-file Monday — Senate leaders will meet with their caucuses Monday morning to present a bipartisan agreement to raise the debt limit and cut spending between $2 trillion and $3 trillion. — Both Senate Majority Leader Harry Reid …

Discussion: Wonkette

Brian Beutler / TPMDC:

IT'S A DEAL! Obama, Congressional Leaders Announce Deal To Avoid Default — President Obama and Congressional leaders announced Sunday evening they've agreed to a major, and controversial deal to raise the national debt limit and advance major cuts to government services.

Discussion: Crooks and Liars and The Raw Story

Alexander Bolton / The Hill:
Reid signs off on bipartisan debt deal

Discussion: The Daily Caller, Weasel Zippers and Pajamas Media

Thomas Lane / Talking Points Memo:
Waiting To Exhale

Discussion: TPMDC and The Hill

Alexander Bolton / The Hill:
Senate conservatives say they don't plan to delay consideration of debt-limit deal

Discussion: National Review, TPMDC, The Note, Washington Post, Daily Kos and Le·gal In·sur·rec· tion

Julian Pecquet / The Hill:
GOP ready to declare victory in debt fight

Discussion: Alan Colmes' Liberaland and CNN

David Rogers / The Politico:
Reid signs off on debt deal as negotiators get close

Discussion: Scared Monkeys, Iowa Caucuses, Fox News and Michelle Malkin

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

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

Washington Wire:
Live Blog: The U.S. Debt Battle

Discussion: Alan Colmes' Liberaland, Calculated Risk and Wall Street Journal

Chris Cillizza / Washington Post:

The debt-ceiling deal: Winners and losers — The debt ceiling fight is over. The White House and congressional leaders have settled on a deal to raise the nation's debt ceiling, enact immediate spending cuts and, our favorite part, create a super-commission designed to trim the federal budget further by the end of the year.

Discussion: The Moderate Voice, Mediaite and Bearing Drift

Greg Sargent / Washington Post:

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: Pajamas Media, The TrogloPundit, The New Republic, The Other McCain and Daily Kos

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

The Politico:
Democrats and Republicans still grumbling

Discussion: The Reid Report, TPMDC, Scared Monkeys and The Lonely Conservative

Ezra Klein / Washington Post:
Democrats will lose now. But they can win later.

Discussion: The Daily Dish, DISSENTING JUSTICE, The Reid Report, ThinkProgress, The Politico, emptywheel, MyDD, CNN, Shakesville, Hullabaloo, The Note and The Agonist

Michael Barone / Washington Examiner:
GOP wins when the fight is over cuts not more taxes

Discussion: The Gateway Pundit and THE ASTUTE BLOGGERS

Jake Sherman / The Politico:
Griping begins as debt deal specifics emerge

Discussion: Truthdig, The Hill and The Page

Imtiyaz Delawala / ABCNEWS:

PIMCO CEO Mohamed El-Erian: Budget Deal Will Only Bring Short-Term Relief — One of the most prominent global investors says that a potential budget deal in Washington will only bring short-term relief, and it won't remove the threat of a U.S. debt downgrade by credit rating agencies.

Discussion: New York Times, Reuters, Daily Kos and The Note

The Note:
The Note — Special ‘Countdown To Crisis’ Sunday Night Edition — Done Deal?

Discussion: The Caucus

ABCNEWS:
‘This Week’ Transcript: David Plouffe and Lindsey Graham

Discussion: Crooks and Liars

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, NationalJournal.com, TalkLeft and Daily Kos

Rachelle Younglai / Reuters:
House Democrats might not back debt deal: Pelosi

Discussion: Hot Air, Taegan Goddard's … and AMERICAblog News

Pamela Geller / Atlas Shrugs:

Summer Camp? Antisemitic Indoctrination Training Center … The day of the Norway shooting, I was blindsided by one of the survivor's statements to the press immediately after the shooting (see above). It was so outside the box, I thought it was the kneejerk response of an anti-semite in shock.

Discussion: Little Green Footballs, Jesus' General and Maggie's Notebook

Gautham Nagesh / The Hill:

PIMCO chief: Deal won't prevent downgrading of US AAA credit rating — The U.S. is headed for a downgrade in its credit rating regardless of whether a deal is reached this weekend, according to PIMCO founder and managing director Bill Gross. — When asked by CNN host Ali Velshi on Sunday whether …

Discussion: Right Wing News

Peter Wallstenand David Nakamura / Washington Post:

Did Obama capitulate — or is this a cagey move? — It was President Obama's bottom line, a position he repeated in every recent public utterance on his debt-ceiling talks with Congress: Any deal must be “balanced” with spending cuts and tax increases. — But in his eleventh-hour stare …

Discussion: No More Mister Nice Blog and The Daily Dish

Jim McElhatton / Washington Times:

Biden charging Secret Service for cottage rental — The U.S. Secret Service does more than protect Vice President Joseph R. Biden Jr. — the agency also pays him rent. — Since April, Mr. Biden has collected more than $13,000 from the agency charged with protecting him and his family …

Discussion: nation.foxnews.com and Newsalert

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