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White House spokesman Jay Carney said Friday he still believes it is possible to get a debt deal completed to meet the Aug. 2 default deadline. "We still believe that we can get this done in time to meet the deadline of August 2nd," Carney told reporters, saying there needs to be a compromise agreement to break a partisan stalemate. Carney reiterated that the White House would consider agreeing to lift the debt ceiling for a few days if needed to finish a deal.

This link has the text of Boehner's new bill.

On August 2, the federal government will not have enough cash to pay for all of its programs and obligations. The U.S. will take in a total of $172.4 billion in revenue during the month, but its total payments exceed $306 billion, resulting in a $134 billion shortfall.

[Snip] The smart money in Washington continues to be on some hybrid of the Boehner/Reid/McConnell plans. If I had to place a bet now, I’d say the final deal looks something like this: Cuts: $1.2 trillion in discretionary spending cuts, with somewhat more of the total falling on defense spending than in Boehner’s bill and somewhat less of the total falling on defense spending than in Reid’s bill. Committee: The bipartisan “Supercommittee” will be formed and charged with developing a plan that cuts the deficit by $1.8 trillion or more. Unlike in Boehner’s plan, future debt-ceiling increases will not require...

Sarah Palin has impeccable timing. The former Republican vice presidential nominee took to her Facebook page Thursday afternoon to warn freshman Republicans in the House that they just might face primary opposition if they cave in to demands by their party to raise the debt ceiling. “All my best to you, GOP Freshmen, from up here in the Last Frontier. Sincerely, Sarah Palin,” she wrote. “P.S. Everyone I talk to still believes in contested primaries.” Just two hours later, House Speaker John A. Boehner was forced to postpone the vote on his proposal to increase the debt ceiling at the...

... interest rates are too low and will increase. Obama is looking for an excuse for their increase and plans to blame it on how Republicans treated the debt limit. And when interest rates do increase, the stock market will fall. So will bonds prices. And so will housing sales. ... The Obama administration ... created an artificial date so they can blame an economic downturn on not increasing the debt. ... With or without a debt increase, the ratings of U.S. Treasuries will be decreased if government expenses are not cut and a budget is not produced – and...

We're in the midst of a great four-year national debate on the size and reach of government, the future of the welfare state, indeed, the nature of the social contract between citizen and state. The distinctive visions of the two parties — social-democratic vs. limited-government — have underlain every debate on every issue since Barack Obama's inauguration: the stimulus, the auto bailouts, health care reform, financial regulation, deficit spending. Everything. The debt ceiling is but the latest focus of this fundamental divide. The sausage-making may be unsightly, but the problem isn't that Washington is broken, that ridiculous cliche. The problem...

If there is no clear path out of this morass by tomorrow, sources say that administration officials will likely brief the public on how the Treasury Department will try to handle the bills Congress mandates that the government pay given a situation where Congress has not given them a way to do so. Look for that briefing to come no earlier than Friday after the markets close at 4 p.m. ET, sources say. Officials are most concerned about paying the interest on the existing debt, since failure to do so would result in default and almost certain immediate market panic,...

GOP aide confirmed and said it would take place later Thursday evening.

Just the alert....cannot find out anything else yet...

On July 28, 2011, former Green Jobs Czar Van Jones attended the Rebuild the Dream rally held outside the Capitol Building in Washington D.C. and said the GOP is putting "a gun to the head of 310 million people" and using "hostage taking tactics" in regards to the current debate on the debt limit. Jones told MRCTV: "Any faction in America that would put a gun to the head of 310 million people and say 'If you don't do it our way, we will blow your dreams away, we will blow a hold in the American economy', that is un-American....

The Senate will take up, and vote down, House Speaker John Boehner’s bill to raise the federal debt ceiling immediately after its anticipated House passage Thursday evening, Senate Majority Leader Harry Reid, D-Nev., said. “As soon as the House completes its vote tonight, the Senate will move to take up that bill. It will be defeated,” Reid said, citing a letter sent last night to Boehner in which all 53 Democratic Caucus members vowed to vote against the measure if it passes. “No Democrat will vote for a short-term Band-Aid that would put our economy at risk and put the...

Ok, everyone. Take out a number two pencil and clear off your desks. We're going to take a little pop quiz. Ready ? Here we go! -------------------------------------------------------------------------------- PoliSci101 Alan Levy, Instructor 1) Read and analyze this quote from our Dear Leader, Chairman Obama: "Most Americans, regardless of political party, don’t understand how we can ask a senior citizen to pay more for her Medicare before we ask corporate jet owners and oil companies to give up tax breaks that other companies don’t get. How can we ask a student to pay more for college before we ask hedge fund managers...

Updated as amendment, must read both for complete bill: Original "Boehner Bill": Amendment in the Nature of a Substitute — Budget Control Act of 2011 (Acrobat PDF) Revised Amendment to the Amendment in the Nature of a Substitute (Acrobat PDF) Source, House Committee on Rules, S. 627 Faster FOIA Act of 2011 (Budget Control Act of 2011)

The Washington Times approached Mr. Wu on Wednesday and asked why he simply does not resign immediately before the debt ceiling vote if the wellbeing of his children "must come before anything else." Mr. Wu remained elusive and his non-response gives clear insight as to how much every vote counts during the debt ceiling fight on Capitol Hill. Is it possible the Democratic leadership asked him to stay until his vote on the debt ceiling was cast?

RUSH: "Tea Party Members Are Suggesting Speaker Boehner Be Replaced." I can't tell you how I knew this was coming, but I knew it was. I knew it was coming. The Tea Party people are serious. There's about a hundred of them in the House. Well, close to a hundred of them, 57, somewhere in there. But rank-and-file Tea Party voters understand something. Despite the massive landslide that occurred last November, both parties still have the same leadership. Nothing has changed. I knew this was coming. When I say I knew it was coming, because I have been told I...

Politics: President Obama may not have a plan for resolving the debt crisis, but he definitely has a goal — to shift blame for the lousy economy onto Republicans' shoulders. Above all else, the GOP must not let that happen. When House Speaker John Boehner released his latest plan to cut spending in exchange for raising the debt ceiling, attacks from Obama and his fellow Democrats were to be expected. The attacks from the GOP side, however, are short-sighted at best. They risk giving Obama what he wants more than anything — a way to weasel out of responsibility for...

Reid: No Dem votes for Boehner plan By: Scott Wong and Manu Raju July 27, 2011 01:40 PM EDT Majority Leader Harry Reid announced Wednesday that no Democrat in the Senate would vote for Speaker John Boehner’s debt-ceiling plan should it pass the House, where it’s come under fire from conservatives groups and tea-party lawmakers for not going far enough to cut spending. The plan is a “big, wet kiss to the right wing,” Reid said at a packed Capitol Hill news conference. The entire 53-member Democratic caucus signed a letter opposing Boehner’s plan. Democratic leaders also signaled that...

  Many of us never thought that the Republicans would hold tough long enough to get President Obama and the Democrats to agree to a budget deal that does not include raising income tax rates. But they did — and Speaker of the House John Boehner no doubt desires much of the credit for that.Despite the widespread notion that raising tax rates automatically means collecting more revenue for the government, history says otherwise. As far back as the 1920s, Secretary of the Treasury Andrew Mellon pointed out that the government received a very similar amount of revenue from high-income...

Senate Majority Leader Harry Reid (D–NV) introduced legislation to raise the debt ceiling this week. In evaluating his plans for future government spending, it becomes clear that budgeting for prudent defense is considered just another line item. While Americans intuitively know that national security is unlike any other category of federal spending, it is often treated with inherent bias through insider budgeting methods. Congress tends to selectively ignore what are called “baselines” used for comparing different spending proposals. This is convenient if a Member of Congress wants to generate more phantom cuts to appease a core audience—or, worse, to not...