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5:40 AM ET, August 1, 2011

memeorandum

 Top Items: 
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.
RELATED:
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.
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.
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.
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 …
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
Thomas Lane / Talking Points Memo:
Waiting To Exhale  —  For those holding their breath over the debt crisis, Sunday night brought some positive news.  —  Around 8:30pm the chief Senate Democrat Harry Reid and his Republican counterpart Mitch McConnell hit the chamber floor to announce they had reached a deal in principle.
Discussion: TPMDC and The Hill
Brian Beutler / TPMDC:
IT'S A DEAL! Obama, Congressional Leaders Announce Deal To Avoid Default
Discussion: Crooks and Liars and The Hill
Wall Street Journal:
Compromise Debt Deal in Sight
Discussion: The Raw Story and Washington Wire
Alexander Bolton / The Hill:
Reid signs off on bipartisan debt deal
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.
RELATED:
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.
Michael Barone / Washington Examiner:
GOP wins when the fight is over cuts not more taxes
Ezra Klein / Washington Post:
Democrats will lose now. But they can win later.
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 …
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.
RELATED:
The Note:
The Note — Special ‘Countdown To Crisis’ Sunday Night Edition — Done Deal?
Discussion: The Caucus
Jake Sherman / The Politico:
Griping begins as debt deal specifics emerge
Discussion: Truthdig, The Hill and The Page
Rachelle Younglai / Reuters:
House Democrats might not back debt deal: Pelosi  —  (Reuters) - Democrats in the House of Representatives might decide not to support a last-minute deal to raise the debt ceiling when they meet on Monday, House Democratic Leader Nancy Pelosi said on Sunday.
Discussion: Hot Air and AMERICAblog News
RELATED:
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.
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 …
Jim Hoft / The Gateway Pundit:
Outrageous... Obama Has Top Admiral Tell Troops in Afghanistan They May Not Get Paid (Video)  —  Nice... Obama's scaring the hell out of our troops.  —  Barack Obama had Joint Chiefs of Staff Chairman Adm. Mike Mullen fly to Afghanistan this weekend to tell the troops serving there that their families …
Discussion: Breitbart.tv and iOwnTheWorld.com
RELATED:
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: Guardian and Daily Kos
 
 
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 More Items: 
Simonhernandezarthur / CNN:
Bachmann cuts short Iowa swing
Discussion: GOP 12
Xinhua News Agency:
Foxconn to replace workers with 1 million robots in 3 years
CNNMoney.com:
Asian markets surge on ‘debt relief’
Discussion: blogs.telegraph.co.uk
Robert / Jihad Watch:
New York Times concedes that Spencer and other anti-jihadists are not responsible for Norway murders
Directorblue / Doug Ross:
WARNING: Do not show this chart to a liberal (unless wearing headgear to protect you from a …
Voice of America:
Remake of history
Discussion: Jihad Watch and Weasel Zippers
 Earlier Items: 
MyFOX Detroit:
Agents Raid Wrong House in Sterling Heights
Gautham Nagesh / The Hill:
PIMCO chief: Deal won't prevent downgrading of US AAA credit rating
Discussion: Right Wing News
Jane Hamsher / Firedoglake:
Bernie Sanders to Primary Obama? Don't Make Me Laugh
Salena Zito / Real Clear Politics:
White House's Over-the-Cliff Moment
Discussion: Hot Air and Tom Watson
The Note:
Herman Cain wins Western Conservative Summit Straw Poll; Rick Perry Second
Discussion: Iowa Caucuses, CNN and The Other McCain