memeorandum: PIMCO chief: Deal won't prevent downgrading of US AAA credit rating (Gautham Nagesh/The Hill)

10:05 PM ET, July 31, 2011

Top Items:

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 Atlantic Wire, Washington Monthly, xpostfactoid, Sky Dancing, Hullabaloo, Washington Post, Booman Tribune, The Raw Story, AMERICAblog News, Talking Points Memo 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: Firedoglake, CNNMoney.com, Taylor Marsh, Verum Serum and Weekly Standard

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, The Gateway Pundit and Daily Kos

Alexander Bolton / The Hill:

Reid signs off on bipartisan debt deal — 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 from House Speaker John Boehner …

Discussion: The Daily Caller, Weasel Zippers and Pajamas Media

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 …

New York Times:

Leaders Reach Deal to Raise Debt Ceiling — 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, The Politico, The Note, CNN, Wall Street Journal, The Caucus, Outside the Beltway, TalkLeft, American Power, Balloon Juice, Calculated Risk and xpostfactoid

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

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

Brian Beutler / TPMDC:
IT'S A DEAL! Obama, Congressional Leaders Announce Deal To Avoid Default

Discussion: Crooks and Liars

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

Discussion: Alan Colmes' Liberaland and CNN

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

Discussion: Alan Colmes' Liberaland, The Raw Story, NewsBusters.org, Bearing Drift, Calculated Risk, Washington Post and Wall Street Journal

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

Discussion: CNN and Daily Kos

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

Discussion: Iowa Caucuses

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

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

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

Discussion: The Politico, RedState, The Huffington Post, ThinkProgress, USA Today, The Note, The New Republic, Crooks and Liars, Don Surber, Hullabaloo, No More Mister Nice Blog and The Moderate Voice

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

Discussion: The Note, The Daily Beast, Mediaite, PoliPundit.com and AmSpecBlog

The Hill:
Senate Dems discuss emerging deal

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

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 Daily Dish, DISSENTING JUSTICE, The Politico, emptywheel, CNN, MyDD, Shakesville, The Agonist and The Note

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

Discussion: The Hill, The Page and Truthdig

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

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

Discussion: The Caucus and Taegan Goddard's …

Imtiyaz Delawala / ABCNEWS:
PIMCO CEO Mohamed El-Erian: Budget Deal Will Only Bring Short-Term Relief

Discussion: New York Times and The Note

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: The TrogloPundit, Daily Kos, The New Republic and THE ASTUTE BLOGGERS

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

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

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

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, Maggie's Notebook and Jesus' General

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

The Note:

Herman Cain wins Western Conservative Summit Straw Poll; Rick Perry Second — ABC News' Arlette Saenz (@arlettesaenz) reports: — Presidential candidate Herman Cain won the straw poll at the Western Conservative Summit in Denver this weekend with 48 percent of the votes, followed by Texas Governor Rick Perry.