The Note’s Must-Reads for Tuesday, July 26, 2011

Jul 26, 2011 3:17am

Compiled by ABC News Digital News Associates Jacqueline Fernandez, Jayce Henderson and Desk Assistant Amanda VanAllen

NATIONAL DEBT
ABC News’ Z. Byron Wolf: “'Stalemate': Obama Pleads for Compromise while John Boehner Holds Firm on Spending Cuts” With the U.S. government hurtling toward an Aug. 2 deadline to avoid default, President Obama and House Speaker John Boehner squared off on national television tonight, making their separate cases about how to go about deficit reduction and raise the debt ceiling.
The two issues are tied together in the current Washington debate, Republicans insisting that any increase in the nation’s credit limit be accompanied by equal spending cuts and Democrats seeking to increase revenue by raising taxes on the rich and thus reduce the amount of budget cuts needed to cut the deficit. LINK

The New York Times’ Carl Hulse and Jackie Calmes: “Parties Head to Showdown as Obama Warns of a ‘Crisis’” The Democratic-led Senate and Republican-led House on Monday barreled toward a showdown on competing plans to cut spending and raise the debt limit as a resolution to the intensifying crisis remained farther from sight just one week before a possible federal default. LINK

The Washington Post’s Paul Kane and Lori Montgomery: “President Obama, House Speaker Boehner present dueling debt-limit plans to nation” President Obama and House Speaker John A. Boehner escalated their battle over the national debt on Monday, pressing their arguments in a pair of prime-time television addresses as Congress remained at a loss over how to keep the United States from defaulting next week for the first time. LINK

The Washington Times’ Stephen Dinan and Kara Rowland: “Obama uses speech to try and break debt logjam” Seeking to reclaim leadership on debt talks, President Obama on Monday night made a last-minute strenuous pitch that tax increases to be included in any deal, but Republicans’ top negotiator, House Speaker John A. Boehner, said the president himself is now the chief roadblock to reaching an agreement. LINK

The Wall Street Journal’s Naftali Bendavid and Carol E. Lee “Obama warns of default risk” With Congress deadlocked a week before the government runs out of cash to pay its bills, President Barack Obama warned Monday in his starkest terms yet that the U.S. is on the brink of a default that could trigger an economic upheaval. Mr. Obama made his comments in a prime-time national address followed immediately by a response from House Speaker John Boehner (R., Ohio), who dismissed not only the president's approach, but virtually his entire record in office. LINK

The Boston Globe’s Matt Viser: “Obama argues debt case to nation” President Obama, reminding lawmakers “the whole world is watching,’’ exhorted them last night to break through partisan bickering and pass a comprehensive budget deal that protects Americans from the pain of a government default in one week. The prime-time address to the nation came hours after House and Senate leaders released dueling plans that promised to spark days of battles between the chambers and within the parties. No clear path to a resolution emerged. LINK

Politico's Carrie Budoff Brown and Glenn Thrush: “Debt ceiling speeches: Obama reasserts himself; Boehner pushes back” President Barack Obama elbowed his way back into the debt ceiling debate Monday night, three days after Republicans shoved him out, but he offered no hint of a solution to the escalating political and financial crisis. If regular citizens — or markets here and overseas — were looking for reassurance in Obama’s 15-minute speech or House Speaker John Boehner’s five-minute rebuttal, they were out of luck. Instead, the men who hold the fiscal destiny of nearly 312 million people in their hands treated viewers to the unsettling spectacle of two leaders talking past, not to, each other.  LINK

Los Angeles Times’ Christi Parsons and Lisa Mascaro: “Prodding Congress to act, Obama warns of 'collateral damage' to nation in debt fight” President Obama on Monday issued a grave warning against prolonging the current political stalemate and specifically called on the freshmen in the House Republican caucus to bring it to an end. In an evening address to the nation, Obama asked Americans to call their members of Congress and pressure them to raise the legal limit on the federal government's borrowing power so the country can pay its bills a week from now. LINK

New York Daily News’ Thomas M. Defrank and Alison Gendar: “Debt crisis: President Obama makes plea for reason during address, but Boehner is not budging” President Obama made an "Apocalypse Now" plea for political reason Monday night, warning a "reckless and irresponsible" debt-deal impasse will wreck the economy and imperil the American Dream. "This is no way to run the greatest country on Earth," Obama said in a prime-time address to the nation from the East Room. "We can't allow the American people to become collateral damage to Washington's political warfare." LINK

USA Today's Gregory Korte, Jackie Kucinich and David Jackson: “Obama, Boehner take cases on debt limit to nation” After a weekend of failed talks punctuated by walkouts and worries of a downgrading of U.S. debt, both sides in the showdown over the debt ceiling retreated into their own corners Monday and emerged with two competing plans. One key difference: the size of the debt limit increase. House Republicans want an increase of $1 trillion — enough to last about six months, with future increases tied to finding more cuts and a House and Senate vote on a balanced budget amendment. LINK

The Hills’ Russell Berman and Erik Wasson: “Obama, Boehner go to public in prime-time debt ceiling fight” President Obama and House Speaker John Boehner (R-Ohio) clashed in dueling prime-time speeches as Obama warned against Boehner’s proposal for a short-term increase in the debt ceiling. Obama, in an address to the nation, said Boehner’s plan “would force us to once again face the threat of default just six months from now. In other words, it doesn’t solve the problem.” LINK

ABC NEWS VIDEOS:
Rep. Karen Bass: GOP Holding the Nation HostageLINK
Student Presidents to Washington: Do We Have a Deal Yet?LINK
Two to Tango? Obama Says He Needs A (GOP) Dance PartnerLINK 

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