memeorandum: A Tea Party Triumph (Wall Street Journal)

10:30 AM ET, August 1, 2011

Top Items:

Paul Krugman / New York Times:

The President Surrenders — A deal to raise the federal debt ceiling is in the works. If it goes through, many commentators will declare that disaster was avoided. But they will be wrong. — For the deal itself, given the available information, is a disaster, and not just for President Obama and his party.

New York Times:

To Escape Chaos, a Terrible Deal — There is little to like about the tentative agreement between Congressional leaders and the White House except that it happened at all. The deal would avert a catastrophic government default, immediately and probably through the end of 2012.

Discussion: The Politico, The New Republic, USA Today, TPMDC, The Hill, Guardian, Hullabaloo, Jared Bernstein, Marbury, Weasel Zippers, American Power, Washington Post, Michelle Malkin, Truthdig and Suburban Guerrilla

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 Politico, Hot Air, Daily Kos, Pirate's Cove, Left Coast Rebel, Outside the Beltway, Mediaite, The Reid Report, Bearing Drift and The Moderate Voice

Wall Street Journal:

A Tea Party Triumph — The debt deal is a rare bipartisan victory for the forces of smaller government. — If a good political compromise is one that has something for everyone to hate, then last night's bipartisan debt-ceiling deal is a triumph. The bargain is nonetheless better …

Discussion: Shakesville, The Lonely Conservative, Althouse, The Future of Capitalism and American Power

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: ThinkProgress, CNNMoney.com, National Review, theblogprof, The Other McCain, Connecting.the.Dots, Taylor Marsh, Firedoglake, Scared Monkeys, Crooks and Liars and Verum Serum

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, FrumForum and The Daily Dish

Washington Post:

White House, congressional leaders reach debt-limit deal — President Obama and congressional leaders Sunday night sealed a deal to raise the federal debt limit that includes sharp spending cuts but no new taxes, breaking a partisan impasse that has driven the nation to the brink of a government default.

Discussion: Washington Monthly, Wall Street Journal, Cato @ Liberty, The Politico, The Hill, The BLT, New York Times, Bankrupting America and The Reid Report

Marc A. Thiessen / Washington Post:

How the Tea Party ‘hobbits’ won the debt fight — The Tea Party came under fire from all sides Friday after House conservatives nearly brought down Speaker John Boehner's debt-limit bill. John McCain went to the Senate floor to mock Tea Partyers as “hobbits,” and Democratic Rep. Chris Van Hollen …

Discussion: The Politico, JustOneMinute and CNN

New York Post:

Floundering Obama aims for '12 miracle — Then there was one. With the Senate's tabling of Majority Leader Harry Reid's debt-reduction deal yesterday afternoon, the only game in Washington is a nearly $3 trillion, two-stage compromise plan worked out between the White House and congressional Republicans.

Discussion: National Review

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: Big Government, The Mahablog, Pajamas Media, The POH Diaries, Political Punch, Sky Dancing, Swampland, Truthdig, Politics, Tom Watson, DISSENTING JUSTICE, The TrogloPundit, The Other McCain, Daily Kos and The New Republic

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

Discussion: The Politico, New York Times, The Atlantic Wire, Sky Dancing, The Reaction, Hullabaloo, AMERICAblog News, Booman Tribune, The Raw Story, Daily Kos, Washington Monthly, The Caucus, Whiskey Fire, Gawker, MyDD and Fox News

Jeff Zeleny / New York Times:
After Protracted Fight, Both Sides Emerge Bruised

Discussion: Washington Monthly, Wall Street Journal, New York Times and Hugh Hewitt's TownHall Blog

CNN:
Debt deal vote likely on Monday, party sources say

Discussion: Swampland and The Jawa Report

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

Discussion: Washington Post, GayPatriot, The Gateway Pundit, THE ASTUTE BLOGGERS and Scared Monkeys

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: ThinkProgress, TPMDC, Pajamas Media, Ricochet Conversation Feed, The Gateway Pundit, Weasel Zippers, The Raw Story, Daily Kos and Hot Air

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

Discussion: Washington Post and AMERICAblog News

The Huffington Post:
Debt Ceiling Deal That Cuts Trillions, Creates ‘Super Congress’ Announced By Party Leaders

Discussion: International Liberty and ThinkProgress

Andrew Stiles / National Review:
Reid's In, Pelosi Hesitant, GOP Looking for Votes

Discussion: The Hill, Washington Post, Daily Kos and Le·gal In·sur·rec· tion

New York Times:

From Spending to Cuts, While the Economy Stalls — WASHINGTON — The nation's political leaders agreed on Sunday to spend and invest less money in the American economy, a step that economists said risks the reversal of a faltering recovery, in the hope of improving the nation's long-term prosperity.

Discussion: The Atlantic Online, The Caucus and Daily Kos

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

Discussion: ThinkProgress, Bloomberg, Reuters and The Note

Nicholas Schmidle / New Yorker:

GETTING BIN LADEN … - POLITICS - PROFILES - THE TALK OF THE TOWN - COMMENT - THIS WEEK'S ISSUE - THE FINANCIAL PAGE - NEWS DESK - THE POLITICAL SCENE

Discussion: Ben Smith's Blog and Mediaite

Ezra Klein / Washington Post:

A deal that found the lowest-common denominator — (Alex Wong - VIA BLOOMBERG) Assuming no hiccups in the House — and that might be a big assumption — we've got a deal. The deficit-reduction side includes $1 trillion in cuts now, $1.5 trillion (or more) in deficit reduction later, and a vote on a balanced budget amendment.

Discussion: Firedoglake, ThinkProgress, TalkLeft, National Review, White House.gov Blog, YID With LID, RedState and The Incidental Economist

James Pethokoukis:
Debt ceiling update: tax increases still a no-go

Discussion: The Sundries Shack, National Review and Wizbang

Christian Heinze / GOP 12:

Palin film disappears at box office — The pro-Sarah Palin documentary, The Undefeated, suffered another huge drop in ticket sales over the weekend, earning just over $5,000. — Its weekend grosses: — July 29-31: $5,200 in 4 theatres. — July 22-24: $24,664 in 14 theatres.

Discussion: Taegan Goddard's …

David Morgan / Reuters:

White House adviser says deficit deal will pass Congress — (Reuters) - White House senior adviser David Plouffe said on Monday that he believes the newly minted deal to raise the U.S. debt ceiling will pass both houses of Congress and be signed into law by President Barack Obama.

Discussion: nation.foxnews.com and Weasel Zippers

Mickey Kaus / The Daily Caller:
1) Exactly why is it important that the “sequester"-the across …

Discussion: The Future of Capitalism

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

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: Wizbang, Scared Monkeys, americanthinker.com, nation.foxnews.com, Daily Pundit and Newsalert

Andrew Malcolm / Top of the Ticket:

More bad poll news for Obama as debt deal brings smiles to Capitol Hill — Lots of smiles and happy news from Capitol Hill late Sunday as legislators on both sides optimistically announced a debt limit-spending deal to avert a threatened government shutdown Tuesday.

Discussion: Los Angeles Times and Rasmussen Reports