The Note’s Must-Reads for Wednesday, July 27, 2011

By Jayson

Jul 27, 2011 3:35am

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

DEBT DEBATE:
ABC News’ Sunlen Miller: “'Preparing for the Worst': GOP in House and Senate Call for Prioritizing Payments Post-Aug. 2 if No Deal” More than a dozen conservatives in the House and Senate came together to introduce legislation to “prepare for the worst” by prioritizing payments if the debt ceiling is not raised by Aug. 2. “At this late stage in the process, it is obvious now to everybody that it is possible, increasingly possible, that we will have not raised the debt ceiling by Aug. 2,” Sen. Pat Toomey, R-Pa, told reporters today. LINK

The New York Times’ Jennifer Steinhauer and Carl Hulse: “Vote on Boehner Plan Delayed Amid Opposition” House Republican leaders were forced on Tuesday night to delay a vote scheduled on their plan to raise the nation’s debt ceiling, as conservative lawmakers expressed skepticism and Congressional budget officials said the plan did not deliver the promised savings. LINK

The Washington Post’s Lori Montgomery: “Boehner, Reid scramble to build support for rival debt-limit plans” Washington barreled closer to crisis Tuesday as House Speaker John A. Boehner and Senate Majority Leader Harry M. Reid scrambled to build support for rival plans to control the national debt, but both appeared doomed without significant bipartisan modifications. LINK

The Washington Times’ Stephen Dinan: “Boehner plan runs into GOP rebellion” Facing a growing revolt in their own ranks, House Republican leaders said Tuesday they are rewriting their debt-limit increase bill after the Congressional Budget Office said Speaker John A. Boehner’s plan does not save as much money as he had claimed. LINK

The Hills’ Erik Wasson: “Boehner to rework his debt-ceiling bill” Speaker John Boehner (R-Ohio) will rework his two-step plan to raise the debt ceiling after the Congressional Budget Office (CBO) found the bill would not cut as much spending as promised.  “We’re here to change Washington — no more smoke-and-mirrors, no more ‘phantom cuts.’ We promised that we will cut spending more than we increase the debt limit — with no tax hikes — and we will keep that promise," Boehner spokesman Michael Steel said. LINK

Los Angeles Times’ Peter Nicholas: “Obama pressed for specifics on debt ceiling plan”A question that keeps popping up in the drama over the debt limit is whether the Obama administration has a plan of its own. Obama has talked repeatedly about what he'd like to see in a "grand bargain" between the parties. He has talked about the revenue he wants to raise, the amount of spending he'd like to cut and the changes he would make to various entitlement programs. 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 Todays’ David Jackson: “Obama team threatens to veto Boehner debt plan” While waiting for Congress to make its next move, the Obama administration today threatened to veto the two-step debt reduction plan put up by House Speaker John Boehner — though they're pretty sure it won't come to that. "The speaker's proposal cannot pass the Senate, will not pass the Senate, will not reach the president's desk," said White House spokesman Jay Carney. LINK

Politico’s Mike Allen: “The $200-billion fine print” Speaker John Boehner (R-Ohio) delivered a PowerPoint presentation to the Republican Conference Monday that explained how his two-step plan to raise the debt ceiling would “reduce the deficit by at least $1.8 trillion over 10 years,” and then would allow the president to request a debt-limit increase of $1.6 trillion. The point, according to the presentation, is to create “cuts that exceed the debt hike” – by an apparent $200 billion. LINK

The Boston Globe’s Matt Viser: “Woes mount for GOP debt plan House Speaker John Boehner’s latest plan to avoid a default on the national debt ran into trouble, causing him last night to delay the vote planned for today while he rewrites the legislation. Boehner encountered strong resistance from within his own caucus all day yesterday, as many conservative Republicans insisted his bill on the government’s debt ceiling did not cut deeply enough into federal programs. LINK

The Wall Street Journal’s Naftali Bendavid and Carol E. Lee: “Boehner Plan Faces Rebellion” House Speaker John Boehner, facing a rebellion among conservative Republicans and questions about the amount of spending cuts in his plan for raising the borrowing limit, abruptly postponed a vote on the measure scheduled for Wednesday. The delay added further confusion less than a week before a possible government default. It was a setback for GOP leaders who had promoted Mr. Boehner's plan as the best way to raise the debt ceiling while cutting the deficit. LINK

ABC NEWS VIDEOS:
Rep. Mulvaney: I'm "Struggling" with Boehner's DealLINK
Sen. Coats: Office "Besieged" by Phone CallsLINK 

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