From ABC:

• Debt ceiling increase of up to $2.8 trillion
• Spending cuts of roughly $1 trillion
• Vote on the Balanced Budget Amendment
• Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase)
• Committee must make recommendations before Thanksgiving recess
• If Congress does not approve those cuts by late December, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare.

Jeff Dunetz at Yid With Lid has more:

• $2.8 trillion in deficit reduction with $1 trillion locked in through discretionary spending caps over 10 years and the remainder determined by a so-called super committee.
• The Super Committee must report precise deficit-reduction proposals by Thanksgiving.
• The Super Committee would have to propose $1.8 trillion spending cuts to achieve that amount of deficit reduction over 10 years. If that doesn't happen, across-the-board spending cuts would go into effect and could touch Medicare and defense spending.
• If the Super Committee fails, Congress must send a balanced-budget amendment to the states for ratification (at least according to Major Garrett, the ABC report is that there has to be a Balanced budget vote either way)
• The Super Committee is allowed to discuss spending cuts only...No net new tax revenue would be part of the special committee's deliberations.

Jeff says he is going to check with his congressional aide sources in the morning and try to get more. If he does, I'll steal that too. From Major Garrett at National Journal:

In many respects, the deal will, if approved by all parties, resemble the contours of a short-lived pact negotiated last weekend by House Speaker John Boehner, R-Ohio, and Senate Majority Leader Harry Reid, D-Nev.

. . .

Among the newest wrinkles, according to informed sources, is an agreement to extend the current $14.3 trillion debt ceiling very briefly to give the legislative process time to work without resorting to emergency, hurry-up measures.

Keep in mind, these reports are early. Details could change. But I have to say, at first glance, with those triggers in place, this does not sound like the capitulation some are saying it is. Consider: We got a short term fix on the dreaded deadline the White House has been raving about. That deadline, real or imagined, carried with it the threat of political damage to the GOP because of all that puffery. There are no new taxes. We got 1T in cuts agreed to now, though, granted, the cuts are mostly prospective. And we got language that triggers a balanced budget amendment if we can't agree upon the balance of the cuts. What's not to like about that, considering we only have one-half of one branch of government right now?

I suspect Obama finally got on the phone to GOP leadership because of recent reports the debt fight was hurting him in the polls. If anybody capitulated, it was him. You know that call was a hard for him to make. So, if the actual language of the bill resembles what these early reports are saying, I'd call this a great GOP victory.

Update: Jeff Dunetz links to this AP report that says under the deal Congress would be required to vote on the BBA but that none of the debt limit increase would be contingent on its approval. We were discussing this in comments, and the idea of debt deal language that triggers a BBA being sent to the states did sound a little too good to be true. Again, take all this with a grain of salt. These are the first reports.

Posted by: rdbrewer at 08:12 PM | Comments (439)
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'Sup 'rons and 'ronettes! Hope y'all are all having a fine weekend with friends and family. Hot as hell here but the A/C is kickin'. Without further ado, on with the ONT.

This Sunday starts the annual feeding frenzy on the Discovery Channel known as Shark Week. In light of this, here's a timely piece that covers the 20 Greatest Sharks In Pop Culture History. Land Shark should've been far higher on that list. I dare SyFy Channel to air Honey Badger vs Mega Shark and pay Christina Hendricks to star. Ratings bonanza. Guaranteed.

Posted by: Open Blogger at 05:56 PM | Comments (609)
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From today's senate debate on the debt ceiling. I particularly like the part where he pwns my senior senator Lurch Kerry (D_umbass-MA).

It's about 15 minutes long and worth every second.

Video below the fold via K-Lo at NRO. more...

Posted by: andy at 04:16 PM | Comments (232)
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Republicans in the House Judiciary Committee Approve ISP Snooping Bill, HR-1981.

On Thursday legislation was approved that would force internet service providers to save information on customer usage for twelve months on the chance law enforcement might want to look at it sometime. The bill was mislabeled the "Protecting Children from Internet Pornographers Act of 2011" in a nauseating attempt to cut off debate on its merits.

It eliminates the warrant requirement.

ISPs would be required to store customer names, bank account numbers, IP addresses, credit card numbers and home addresses. In other words, a gigantic database will be created for any snooping purpose. And, let's be clear, since there is no warrant requirement, law enforcement will end-up simply grabbing all of the information available, whether or not there is an ongoing investigation, and storing it permanently.

Republicans did this.

There's a point where right meets left. It's where some in the Republican party would liberally use government power to further their ends. It's a "we need a new law for that" kind of mentality. "Hell, we just wanna do good." They're the same as liberals; they're just on different sides of the coin. They both want to spread their good deeds far and wide with little thought to proper limits on the extent of government and police power. This has very little to do with what America is all about. It has everything to do with how these people view themselves. Liberals and conservative like these are drunk on power. They're so enamored of their own brilliance and so certain of their abilities, they feel they can fashion new law on an ad hoc basis whenever it suits them.

Debbie Wasserman-Schultz was a co-sponsor of this bill.

I would submit that the only real conservatives are constitutional conservatives. Socons and corporatists, like liberals, feel government is to be used get you things. They view government power as a sword rather than a shield. They also assume government is only benevolent, that bureaucrats never do harm.

Below the fold is a rogue's gallery of CINOs who joined forces with Sheila Jackson Lee to vote this bill out of committee. more...

Posted by: rdbrewer at 11:20 AM | Comments (379)
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Not unanimous but close enough.

Dear Leader Reid:

We are writing to let you know that we will not vote for your $2.4 trillion debt limit amendment which, if enacted, would result in the single largest debt ceiling increase in the history of the United States. In addition to this unprecedented increase in borrowing authority, your amendment completely fails to address our current fiscal imbalance and lacks any serious effort to ensure that any subsequent spending cuts are enacted.

The plan you have proposed would not alter the spending trajectory that is putting our economy and national security at risk. In return for an unprecedented $2.4 trillion debt limit increase, your amendment reduces spending by less than $1 trillion over the next decade. Setting aside the $200 billion shortfall between the CBO scored savings and the $2.4 trillion debt limit increase, identified by the Congressional Budget Office, most of the proposalÂ’s alleged savings are based on a false claim of credit for reductions in war-related spending that were already scheduled to occur. This amendment proposes no change to our military posture and, for that reason, these savings are the sort of widely ridiculed accounting gimmick that breeds cynicism about our ability to tackle our fiscal challenges. The only possible justification for a $2.4 trillion increase in borrowing authority is to allow the President to avoid any accountability for these issues before his 2012 election. It is by constantly putting off these tough decisions that we have found ourselves with a national debt nearly equal to the size of our gross domestic product. The time for action is now, we cannot wait until we accumulate another $2.4 trillion in debt.

For all of these reasons, we must oppose your unprecedented $2.4 trillion debt limit amendment. Given the nationÂ’s enormous future spending challenges, it would be irresponsible to give the President this unprecedented additional borrowing authority without requiring the enactment of significant spending reductions and reforms. We urge you to abandon this reckless proposal and instead pursue a more responsible course of action that would rein in spending, reassure the financial markets, and help promote private sector job growth.

The hold outs are exactly who you expect...Brown, Collins, Snowe and Murkowski.

The House is voting on the origianl Reid bill (which the Senate hasn't voted on yet) and they'll kill it.

Meanwhile, Harry Reid is on the floor whining that the Senate has the filibuster. Durbin is now doing the same thing. This is the new Democratic tactic...bitch about the filibuster. This of course could have been dealt with in January. They didn't want to change the rule because they want it in place when they are in the minority.

So we're pretty much nowhere.

BTW-Don't waste your time primarying Scott Brown. A challenge from the right will only help him with Massachusetts voters. You really want to hurt him? Have DeMint go up there and do a couple of events praising him. That will really hurt Brown.

Durbin just said, "time is the essence". Of course, McConnell just said he'd agree to a vote right now but Team Democrat wants the day to complain. They have nothing else to do since the Reid bill is going to die TWICE...once this afternoon in the House and then in the Senate. This is just time killing while they try and figure out what comes next.

Oh and Durbin's righteous indignation against the filibuster? It's somewhat selective.

SEN. RICHARD DURBIN (D-IL): "Those Who Would Attack And Destroy The Institution Of The Filibuster Are Attacking The Very Force Within The Senate That Creates Compromise And Bipartisanship." (Sen. Richard Durbin, Congressional Record, 4/15/05, p.S3763)

• DURBIN: The Filibuster Is "[One] Of The Most Treasured And Cherished Traditions Of The United States Senate." "Many of us in the Senate feel that this agreement tonight means that some of the most treasured and cherished traditions of the United States Senate will be preserved, will not be attacked and will not be destroyed." (Sen. Durbin, "Statement of Sen. Dick Durbin Regarding the Agreement on Judicial Nominations in the Senate," Press Release, 5/23/05)

UPDATE: The GOP preemptive strike against the Reid Plan is complete. This apparently is Reid 1.0 (which was amended by Reid last night) and it was defeated 173 Yes-246 No. I'll look for the final total but about a dozen Democrats voted No (11 was final total).

Cantor says only a pro-forma session tomorrow for the House, so nothing will pass before Monday.

Posted by: DrewM at 09:35 AM | Comments (234)
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See what I did there?

Passing legislation is wasting time. You must pass legislation that does not bear the mark of your extremists, that does not address Washington's reckless spending, that allows us to continue to buy votes with your money.

Anything less would be irresponsible. And threaten (litany begins), Social Security Checks, Veterans, and Our Sacred Obligations to Federal Contractors*.

*full disclosure, I have some skin in the game on that last one.

I've watched Presidents use the bully pulpit for a long time. Can't remember the last time I saw one use it to say "I need this to get re-elected."

Maybe Nixon.

Anyway, whiny request for credit line increase below the fold.

Later this weekend we can talk some football, if anyone's so inclined.

via smitty_one_each more...

Posted by: Dave in Texas at 09:02 AM | Comments (110)
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Ring.

Ring.

Tim Geithner: "Hel.. Hello?"

Obama - slightly out of breath: "I need your help. You can't ask why. You can't ask where. But I need to bury an economy. Can I count on you?"

TG: "Of course, but one question: Why did you dial my cell? I'm lying at the foot of your bed."

Obama: breathing

TG: "I can see you."

Obama: "ummmm"

TG: "Forget it. I've got some shovels in my van."

Run with it, morons. Who else does Obama call?

Make me laugh. More importantly, make Andrew Breitbart laugh.

Posted by: Open Blogger at 06:50 AM | Comments (133)
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"White is a color, the perception of which is evoked by light that stimulates all three types of color sensitive cone cells in the human eye in nearly equal amounts and with high brightness compared to the surroundings. A white visual stimulation will be void of hue and grayness.[1]

White light can be generated in many ways. The sun is such a source, electric incandescence is another. Modern light sources are fluorescent lamps and light-emitting diodes. An object whose surface reflects back most of the light it receives and does not alter its color will appear white, unless it has very high specular reflection.

Since white is the extreme end of the visual spectrum (in terms of both hue and shade), and since white objects - such as clouds, snow and flowers - appear often in nature, it has frequent symbolism. Human culture has many references to white, often related to purity and cleanness, whilst the high contrast between white and black is often used to represent opposite extremes." --Wikipedia

Open Thread.

Posted by: rdbrewer at 05:34 AM | Comments (166)
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Quarterly GDP since Pres. Obama took office.

2009 2nd Qtr:.....-.7%
2009 3rd Qtr:.....1.7%
2009 4th Qtr:.....3.8%
2010 1st Qtr:.....3.9% (Obamacare passed March 2010)
2010 2nd Qtr:.....3.8%
2010 3rd Qtr:.....2.5%
2010 4th Qtr:.....2.3%
2011 1st Qtr:.....0.4%
2011 2nd Qtr:.....1.3%

The conventional wisdom is that it takes at least 2.5% GDP growth to lower unemployment numbers.

1977....4.6
1978....5.6
1979....3.1
1980...-0.3

Posted by: Open Blogger at 11:52 PM | Comments (111)
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Evening morons! Figured I'd start out the night with a dog and beer pic to help drown our debt limit sorrows. Let's just say, the drinking lamp is lit.

Now, what would you choose? This South Dakota Cowboy Town For $799,000 or an entire Detroit city block for a pack of Pall Mall's? I'd think I'd go with the cowboy town. That saloon would be kick ass. Perfect for a moron meetup and some high stakes poker. Plus it's NOT in a blue state. more...

Posted by: Open Blogger at 06:00 PM | Comments (526)
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