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

9:50 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.

Discussion: ThinkProgress, Power Line, The New Republic, Crooks and Liars, Mediaite, Weasel Zippers, Firedoglake, Prairie Weather, AMERICAblog News, Guardian, The Other McCain, Daily Kos, Via Meadia, Lawyers, Guns & Money and Balloon Juice

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

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: New York Times, The Politico, USA Today, The Hill, Guardian, Hullabaloo, Marbury, Weasel Zippers, Washington Post, American Power, Truthdig and Suburban Guerrilla

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, theblogprof, The Other McCain, Connecting.the.Dots, Taylor Marsh, Firedoglake, Scared Monkeys, Verum Serum and Crooks and Liars

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

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

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

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: Washington Monthly, Big Government, Pajamas Media, The POH Diaries, Sky Dancing, Truthdig, Swampland, Politics, DISSENTING JUSTICE, The TrogloPundit, The Other McCain, Daily Kos and The New Republic

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

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, The Politico, The Reid Report and Tim Blair

Steven T. Dennis / Roll Call:
Debt Deal Emerging With Rightward Tilt

Discussion: Pajamas Media, Firedoglake, The Gateway Pundit and Daily Kos

New York Post:
Floundering Obama aims for '12 miracle

Discussion: National Review

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

Discussion: Washington Post and AMERICAblog News

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

New York Times:
Obama and Leaders Reach Debt Deal

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

Discussion: The Hill, Weasel Zippers, Washington Post and Daily Kos

Thomas Lane / Talking Points Memo:
Waiting To Exhale

Discussion: TPMDC and The Hill

Alexander Bolton / The Hill:
Reid, McConnell endorse deal, will present to rank-and-file Monday

Discussion: The Politico and Wonkette

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

Discussion: Crooks and Liars and The Raw Story

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: International Liberty, National Review, TalkLeft, White House.gov Blog, YID With LID, Erick's blog, The Sundries Shack and The Incidental Economist

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

Discussion: National Review and Wizbang

Jake Tapper / Political Punch:
Negotiating All But Done for $2.7 Trillion Deficit Reduction Deal ... Now Comes the Selling

Discussion: Washington Post, The Note, Crooks and Liars, Hit & Run, Hullabaloo, Hugh Hewitt's TownHall Blog, The Moderate Voice, The Daily Dish and Hot Air

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: Reuters and The Note

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 …

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: 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

Directorblue / Doug Ross:

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 …

Discussion: iOwnTheWorld.com and THE ASTUTE BLOGGERS