The Note’s Must-Reads for Wednesday, July 20, 2011

By Jayson

Jul 20, 2011 3:20am

The Note's Must-Reads are a round-up of today's political headlines and stories from ABC News and the top U.S. newspapers. Posted Monday through Friday right here at www.abcnews.com

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

BUDGET DEAL:
ABC News’ John R. Parkinson: “House Passes Cut, Cap and Balance; Faces Stiff Opposition in Senate” The House of Representatives passed Cut Cap and Balance act Tuesday night by a vote of 234-190 in a vote divided largely down partisan lines, although the bill is unlikely to advance any farther in the legislative process. The bill would cut total spending by $111 billion in FY 2012 and caps total federal spending by creating a “glide path” that limits spending at 22.5 percent of GDP next year and gradually decreases spending  levels over 10 years levels until locking in at 19.9 percent of GDP in 2021. LINK

The Hills’ Russell Berman: “House GOP passes ill-fated 'cut, cap, and balance' legislation” House Republicans on Tuesday approved an ambitious but legislatively ill-fated plan to enact deep spending restraints that could clear the decks for a compromise over the debt limit. The so-called “cut, cap and balance” measure passed on a party-line vote, 234-190, as nine Republicans — including presidential candidates Michele Bachmann (Minn.) and Ron Paul (Texas) — and five Democrats defected. LINK

USA Todays’ David Jackson: “Obama on debt limit: We're in the 11th hour” President Obama urged Congress today to act quickly on a deal to raise the $14.3 trillion debt ceiling, and he heralded a bipartisan Senate plan that calls for higher taxes as well as spending cuts "a very significant step." "The problem we have now is we're in the 11th hour," Obama said at the White House. "And we don't have a lot more time left" before the government races a first-ever default on its financial obligations. LINK

Los Angeles Times’ Lisa Mascaro and Kathleen Hennessey: “House Republicans pass symbolic measure on debt ceiling” House Republican leaders pulled out all the stops Tuesday to pass legislation tying a debt ceiling increase to a tight, long-term cap on federal spending — a vote that appealed to conservatives but also underscored the GOP's difficulty in controlling its rambunctious majority. President Obama warned that the debt ceiling debate had entered the 11th hour with no time for symbolic gestures or posturing, an implied criticism of the House's "cut, cap and balance" measure that he has pledged to veto if it gets to his desk. LINK

The Washington Times’ Sean Lengell and Kara Rowland: “Obama backs ‘Gang of Six’ debt plan” President Obama seized on a new debt-reduction plan by a bipartisan group of senators that calls for a mix of entitlement reforms and tax revenues, as the clock winds down to an early August deadline to raise the nation’s debt ceiling. LINK

The New York Times’ Jackie Calmes and Jennifer Steinhauer: “Bipartisan Plan for Budget Deal Buoys President” President Obama seized on the re-emergence of an ambitious bipartisan budget plan in the Senate on Tuesday to invigorate his push for a big debt-reduction deal, and he summoned Congressional leaders back to the bargaining table this week to “start talking turkey.” LINK

The Washington Post’s Lori Montgomery and Rosalind Helderman: “New debt plan gains support in Senate; House passes balanced-budget measure” President Obama and lawmakers in both parties latched on to a new strategy for reducing the federal debt Tuesday, saying an emerging plan to save $3.7 trillion over the next decade could help break a political impasse over the debt limit and avert a U.S. default. LINK

Bloomberg’s Catherine Dodge and Julie Hirschfield Davis: “U.S. Debt Compromise Pressure Intensifies” A bipartisan Senate proposal for a $3.7 trillion debt-cutting plan praised by President Barack Obama faces resistance from House Republicans, as lawmakers intensify efforts for a compromise on government spending less than two weeks before a threatened default. Obama said he will renew talks at the White House this week with congressional leaders as the Democratic-led Senate and Republican House pursue divergent paths toward ending the stalemate over lifting the nation’s $14.3 trillion debt limit. LINK

The Wall Street Journal’s Jonathan Weisman and Katie Glueck: “Public tilts toward Debt-Cap Compromise” Republicans who have refused to compromise with President Barack Obama to avoid a U.S. debt default are heeding the anti-tax wishes of their conservative base but are also risking isolation from many independent voters as public opinion shifts in favor of getting a deal done, a new Wall Street Journal/NBC News poll finds. LINK

Politico’s David Rogers: “Debt deal momentum builds as House resists” Rolling the dice on default, the House pushed further to the right in the debt debate Tuesday, even as a fledgling Senate deficit plan raised hopes that some bipartisan consensus may yet emerge from the crisis — if only the nation can get past its Aug. 2 deadline. President Barack Obama signaled he will be calling leaders back to the White House, possibly as early as Wednesday. LINK

ABC NEWS VIDEOS:
Rep. Steve King on 2012 Hopeful Michele BachmannLINK
Sen. Warner: Fire Us All If Budget Talks FailLINK
The Gang of Six is BackLINK
Debt Deal Anxiety Sends Gold Prices SoaringLINK 

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