House Speaker John Boehner (R-OH) and the Senate Majority Leader Harry Reid (D-NV) "were preparing separate backup plans to raise the nation's debt ceiling on Sunday, after the leaders were unable to end an increasingly grim standoff over the federal budget," the New York Times reports.
"The contours of Mr. Boehner's backup plan were far from clear, but it
seemed likely to take the form of a two-step process, with a short-term
increase in the debt limit along with about $1 trillion in cuts, an
amount the Republicans said was sufficient to clear the way for a debt
limit increase through year's end."
Washington Post: "The Senate plan would add to the dizzying proliferation of debt-limit ideas, with just 10 days before the Treasury is due to run short of cash to pay the nation's bills. But it is the simplest, by far: According to a Senate Democratic leadership aide, Reid will offer to cut spending by $2.5 trillion in exchange for an equal increase in the debt limit, meeting the dollar-for-dollar test Boehner laid down in early May."
Mark Halperin: "It seems impossible for Democrats to give up on their insistence that
any debt limit increase go through 2013. If they surrender on that --
and (it is safe to assume at this point) they get no additional revenue
to go with spending cuts -- they will have allowed Republicans, who
control only the House, to pretty much roll them on most everything."
Taegan D. Goddard is the founder of Political Wire, one of the earliest and most influential political web sites.
Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.
Goddard is also co-author of You
Won - Now What? (Scribner, 1998), a political
management book hailed by prominent journalists and politicians from
both parties. In addition, Goddard's essays on politics and public
policy have appeared in dozens of newspapers across the country,
including the Washington Post, USA Today, Boston Globe, San Francisco
Chronicle, Chicago Tribune, Philadelphia Inquirer and Christian Science
Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.
PRAISE FOR POLITICAL WIRE
"There are a lot of blogs and news sites claiming to understand
politics, but only a few actually do. Political Wire is one of them."
-- Chuck Todd, NBC News political director
"Concise. Relevant. To the point. Political Wire is the first site I check when I’m looking for the latest political nugget. That pretty much says it all."
-- Stuart Rothenberg, editor of the Rothenberg Political Report
"Political Wire is one of only four or five sites that I check every
day and sometimes several times a day, for the latest political news
-- Charlie Cook, editor of the Cook Political Report
"The big news, delicious tidbits, pearls of wisdom -- nicely packaged, constantly updated... What political junkie could ask for more?"
-- Larry Sabato, Center for Politics, University of Virginia
"Political Wire is a great, great site."
-- Joe Scarborough, host of MSNBC's Morning Joe
"If I were on the proverbial
desert island and had only one web site to access, Political Wire would
-- Dotty Lynch, CBS News political consultant
"Taegan Goddard has a knack for digging out political gems that too
often get passed over by the mainstream press, and for delivering the
latest electoral developments in a sharp, no frills style that makes
his Political Wire an addictive blog habit you don't want to kick."
-- Arianna Huffington, founder of The Huffington Post
"Political Wire is one of the absolute must-read sites in the blogosphere."
-- Glenn Reynolds, founder of Instapundit
"I rely on Taegan Goddard's Political Wire for straight, fair political news, he gets right to the point. It's an eagerly anticipated part of my news reading."
-- Craig Newmark, founder of Craigslist.
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