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.

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

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.

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.

Waking Up With A Horse's Head In Your Bed  —  We all remember that classic scene from The Godfather where the movie producer Jack Woltz wakes up with a horse's head in his bed.  You'll recall that he'd been holding out on casting the Godfather's favored actor in a plum role, and - basically …

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.

Unrestrained lunacy  —  John Boehner emailed his accomplices this afternoon that:  —  Discussions are underway on legislation that will cut government spending more than it increases the debt limit, and advance the cause of the balanced budget amendment, without job-killing tax hikes.

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.

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 …

How the Tea Party Won the Deal  —  While the details of the debt ceiling deal remain fuzzy, this much is clear: Barack Obama may be president, but the Tea Party is now running Washington.  How did this happen?  Simple; this is what American politics looks like when there's no left-wing movement and no war.

WARNING: Do not show this chart to a liberal (unless wearing headgear to protect you from a cranium exploding into high-velocity brain-shrapnel)  —  A couple of observations about this graph:  —  • The vaunted “Clinton Surplus” was, in fact, the work of a GOP House that was willing …