The Note’s Must-Reads for Monday, August 1, 2011

Aug 1, 2011 3:40am

Compiled by ABC News Digital News Associates Jacqueline Fernandez, Jayce Henderson and Desk Assistant Ben Waldron

DEBT DEAL:
Bloomberg’s Margaret Talev and Mike Dorning: “Obama’s Grand Deficit Bargain Lost Out to 2012 Politics As late as last week, President Barack Obama was still calling for one, broad debt agreement that included cuts, entitlements and taxes. That’s not what will go before Congress this week, and Obama’s strategic positioning contributed to the missed opportunity for a potentially historic bipartisan deal, said Democrats, retired lawmakers and former White House advisers with experience in bipartisan negotiations. LINK

The Wall Street Journal’s Naftali Bendavid and Carol E. Lee: “Leaders Agree on Debt Deal” After weeks of partisan wrangling, President Barack Obama and congressional leaders reached a deal Sunday night to raise the government's debt ceiling while cutting spending by about $2.4 trillion, avoiding a government default but setting the stage for months more of stormy debates over how Washington taxes and spends. The Senate and House are expected to vote on the deal Monday, so the agreement still needs the support of many House Republicans, who have proven a restless, independent group in recent days. LINK

The New York Times’ Carl Hulse and Helene Cooper: “Obama and Leaders Reach Debt Deal” President Obama and Congressional leaders of both parties said late Sunday that they had agreed to a framework for a budget deal that would cut trillions of dollars in federal spending over the next decade and clear the way for an increase in the government’s borrowing limit. LINK

The Boston Globe’s Donovan Slack and Theo Emery: “Leaders reach 11th-hour debt deal; passage in Congress still uncertain” President Obama reached a sweeping bipartisan accord with congressional leaders yesterday that would cut trillions from the national deficit while raising the country’s debt limit, potentially averting a catastrophic default tomorrow on the nation’s debt. The agreement must pass both chambers of Congress, a prospect that still is uncertain. Party leaders planned to speak to rank-and-file lawmakers today and bring the measure up for a vote as soon as possible. House consideration is likely today. LINK 

Politico’s David Rogers: “Debt deal: Obama, Hill leaders break through” With their backs to the wall, the White House and congressional leaders reached a landmark debt ceiling deal Sunday night after weeks of confrontation that pushed the nation to the brink of default and dramatized the huge divide between the Republican House and President Barack Obama. Obama won greater certainty in managing the Treasury’s borrowing needs and committed himself to at least $2.4 trillion in new deficit reduction but without ever getting any concession from the GOP on accepting new tax revenues as part of the debt equation. LINK

The Washington Post’s Felicia Sonmez: “Debt deal presents small wins for Democrats, big victory for GOP – and large gamble for Obama” The announcement by President Obama, Senate Majority Leader Harry M. Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.) Sunday night that a debt-ceiling deal had been reached after months of negotiations marked a significant breakthrough in a process that more than once had appeared to have broken down. LINK

The LA Times’ Lisa Mascaro & Kathleen Hennessey: “U.S. leaders strike debt deal to avoid default” President Obama and congressional leaders announced a deal to resolve the months-long impasse over the federal debt ceiling, agreeing on a compromise that would aim to slice about $2.4 trillion from federal spending over the next 10 years. The final agreement, announced late Sunday, came after Republicans dropped their insistence on raising the $14.3-trillion debt ceiling in two stages and holding another debate at the end of this year. LINK

The Hill’s Sam Youngman: “Obama hails debt compromise after 'messy' debate” President Obama hailed the debt-ceiling compromise reached by congressional leaders Sunday night but warned that he will continue to make his case for ending tax cuts for the wealthiest Americans. The president, in a last-minute White House briefing room appearance after a weekend of intense negotiations, decried the “messy” process, lamenting “it has taken far too long” to reach a deal. LINK

The NY Daily News’ Thomas M. Defrank: “President Obama says Republican, Dem leaders have reached agreement with him to raise debt ceiling” Congress lurched closer to a meltdown Thursday night as House Speaker John Boehner yanked his debt bill – unable to convince Tea Party hardliners to sign on. In an embarrassing setback for the Speaker and the GOP leadership, Boehner ordered a delay – and later recessed the House to twist arms – minutes before the vote. LINK

OTHER:
The Washington Times’ Jim McElhatton: “Biden charging Secret Service for cottage rental” The U.S. Secret Service does more than protect Vice President Joseph R. Biden Jr. —  the agency also pays him rent. Since April, Mr. Biden has collected more than $13,000 from the agency charged with protecting him and his family for use of a rental cottage adjacent to the waterfront home he owns in a Wilmington, Del., suburb. LINK

ABC NEWS VIDEO:
“President Obama Says Deal Reached.” LINK
“Debt Deal Framework in Place” LINK

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