Over the weekend, the House and Senate came together on the framework of an agreement that will allow America to pay its bills, and begin to manage down our nation’s record debt and deficits. House Republicans have said for months that we would only accept President Obama’s request to increase the nation’s debt limit if accompanied by serious spending cuts that equal or exceed the amount of the debt ceiling increase; this deal accomplishes that goal, and does so without raising taxes on families and the small businesses we're counting on to create jobs. As the Speaker told the House Republican Conference yesterday, we hope to vote on this measure as soon as possible, so we can resolve this crisis and continue to focus on creating jobs and getting this economy going again.
Today In History: In 1981, MTV: Music Television goes on the air for the first time ever, with the words (spoken by one of MTV’s creators, John Lack): “Ladies and gentlemen, rock and roll.” The Buggles’ “Video Killed the Radio Star” was the first music video to air on the new cable television channel, which initially was available only to households in parts of New Jersey.
Birthdays: Rep. Sue Myrick, Francis Scott Key, Adam Duritz, Herman Melville, Jerry Garcia, and Coolio
Here is what’s in today’s Ledger ...
State Of Play: Republicans Rally To Boehner In Support Of Deficit Reduction Package To Avoid Default
Speaker Boehner Stresses Hard Fought Victory, GOP Hails Boehner As Man of the Hour. According to a participant, Boehner told Republicans that their leaders went “toe to toe with the Obama administration and the Democratic Senate for months on behalf of the American people. First they demanded a clean debt ceiling increase. We fought, they caved. Second, they wanted revenue to equal spending cuts. We fought, they caved.” Boehner praised Majority Leader Eric Cantor (Va.) “for really coming up with a lot of these cuts” during early negotiations with Vice President Joseph Biden. Cantor returned the praise and called it “an important win for the conservative movement” that positions Republicans to defeat Obama in 2012. “This Speaker won,” Majority Whip Kevin McCarthy (Calif.) said. “If you look at where the White House started and where they are now, it’s a big win.” Roll Call
Speaker Boehner: This Deal Shows How Much House Republicans Have Changed The Debate. House Republicans praised Speaker John Boehner (R-Ohio) and the deal he cut to avoid a national default during a rare Sunday night conference call, giving first-blush approval to a plan that must still be committed to legislation and passed by both chambers of Congress. ... It’s not “the greatest deal in the world,” Boehner told his troops. “But it shows how much we’ve changed the terms of the debate in this town,” Boehner said on the call, according to a transcript released by the speaker’s office. “There is nothing in this framework that violates our principles. It’s all spending cuts.” Politico
Editorial: Victory For Smaller Government Leaves Liberals Howling. The big picture is that the deal is a victory for the cause of smaller government, arguably the biggest since welfare reform in 1996. Most bipartisan budget deals trade tax increases that are immediate for spending cuts that turn out to be fictional. This one includes no immediate tax increases, despite President Obama's demand as recently as last Monday. The immediate spending cuts are real, if smaller than we'd prefer, and the longer-term cuts could be real if Republicans hold Congress and continue to enforce the deal's spending caps. ... No wonder liberals are howling. They have come to believe in the upward spending ratchet, under which all spending increases are permanent. Not anymore. The Wall Street Journal
What They Are Saying: Liberals Lose On The Debt Limit Deal
The Huddle: You Can Tell Who Lost By Who Is Screaming The Loudest ... and It’s The Left. The best way to tell who lost is to listen to who is screaming the loudest. That award definitely goes to congressional liberals. Harry Reid and Nancy Pelosi may have signed on, but there's little doubt they were under duress from the White House. They'll spend the next hours trying to help usher through a bill that enrages some fellow liberals and deflates others. Politico
Krugman Frustrated: The President Has Developed A Pattern Of Surrender. Republicans will surely be emboldened by the way Mr. Obama keeps folding in the face of their threats. He surrendered last December, extending all the Bush tax cuts; he surrendered in the spring when they threatened to shut down the government; and he has now surrendered on a grand scale to raw extortion over the debt ceiling. Maybe it’s just me, but I see a pattern here. The New York Times
Progressive Caucus Co-Chair Rep. Grijalva: “Republicans Have Succeeded In Imposing Their Vision.” “This deal weakens the Democratic Party ... We have given much and received nothing in return," said Rep. Raul M. Grijalva, an Arizona Democrat and co-chair of the Congressional Progressive Caucus. The Associated Press
The Obama Economy: President Obama’s Approval Rating Hits An All Time Low, 3 Out Of 4 Americans Say The Economy Is Getting Worse
A New Low: President Obama’s Job Approval Drops To 40%. President Obama's job approval rating is at a new low, averaging 40% in July 26-28 Gallup Daily tracking. His prior low rating of 41% occurred several times, the last of which was in April. ... Obama's 40% overall approval rating nearly matches the recent 41% approval Americans gave him for handling the debt ceiling negotiations. Gallup
25 Million Americans Can’t Find Full Time Work, Millions Of Homes Remain Empty and Economic Growth Has Become Non Existent. The economy grew at an annual rate of only 0.8 percent during the first half of the year. Millions of homes remain empty. Twenty-five million Americans could not find full-time jobs last month. The New York Times
Off The Beaten Path
FAT CAT! Otto On Diet Mission After Weighing In At Equivalent To 500lbs For A Human – The Daily Mail
Who Knew? Cowboy Monks In Short Supply – The Associated Press