The Note’s Must-Reads for Wednesday, Aug. 3, 2011

By Jayson

Aug 3, 2011 3:01am

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 DEAL:
The Hill’s Alexander Bolton: “Senate passes deal to raise the debt limit, ending grueling saga” Legislation to raise the nation's $14.3 trillion debt ceiling became law Tuesday after the Senate easily approved it in a 74-26 bipartisan vote. President Obama signed the measure without ceremony shortly after receiving it, with the White House announcing the news via Twitter. No members of Congress attended the signing of legislation, which will cut federal spending by $2 trillion over the next decade and raise the nation's borrowing limit through the 2012 presidential election. LINK

The Los Angeles Times’ Peter Nicholas: “Debt drama takes political toll on Obama” Though he succeeded in staving off a historic default, President Obama emerges from the debt talks in a weakened political position with limited influence over a divided Congress. The protracted debate over the federal debt ceiling came to an official end Tuesday as the Senate, by a 74-26 vote, approved the compromise bill hammered out over the weekend. Obama signed it hours later. LINK

The New York Times’ Binyamin Appelbaum: “Spending Cuts Seen as Step, Not as Cure” There is something you should know about the deal to cut federal spending that President Obama signed into law on Tuesday: It does not actually reduce federal spending. LINK

The Washington Post’s David Fahrenthold, Lori Montgomery and Paul Kane: “In debt deal, the triumph of the old Washington” It was the new Washington that started this fight: the tea party congressmen who thought that fresh eyes and pure hearts qualified them as revolutionaries. The president who believed that the way out of the problem was to think bigger. LINK

Bloomberg’s Julie Hirschfeld Davis: “Debt Deal Compromise to Spark More Debates” President Barack Obama’s signature on a bill raising the debt limit sealed a compromise that averted a U.S. default even as it did nothing to narrow the gulf between Republicans and Democrats over tax increases and spending cuts. LINK

Politico’s Anna Palmer: “Debt ceiling bill’s super committee has lobbyists preparing” K Street wasted little time putting clients on notice about the next phase of the debt ceiling debate with a simple message: Nobody is safe from the super committee. Lobby shops say a much-broader-than-expected range of budget cuts and tax provisions could be in play, especially compared with the relatively small group of industries that were afraid of getting a haircut during the earlier debt ceiling negotiations led by Vice President Joe Biden. LINK

G.O.P.:
The Washington Times’ Stephen Dinan: “Freshman Republicans help ensure that tea party’s voice is heard” As the final vote on raising the government’s borrowing limit approached Tuesday, Republican after Republican took to the Senate floor to attack the bipartisan deal. The one unifying theme: Most were freshman, newly elected with the support of the tea party movement, and showed no qualms about bucking their own party’s leaders who wrote the deal. LINK

USA Today’s Catalina Camia: “GOP lawmaker apologizes to Obama for ‘tar baby’ remark” A House Republican apologized to President Obama for saying that being associated with Obama's policies would be like "touching a tar baby." LINK

2012 ELECTION:
The Wall Street Journal’s Jonathan Weisman: “Mormons Duck Political Duel” The Mormon Church is preparing for the 2012 elections with a campaign message of its own: It has nothing to do with orchestrating or promoting the presidential candidacies of Mitt Romney and Jon Huntsman Jr., both Mormons. LINK

OTHER:
ABC News’ Amy Bingham: “FAA Set to Lose $1 Billion After Senate Fails to Pass Funding” The Federal Aviation Administration will lose more than $1.2 billion in uncollected taxes alone, after the Senate adjourned today for a month-long "district work" period without passing a bill to re-fund it. LINK

The New York Daily News’ Nina Mandell: “Fox and Friends’ infuriated over President Obama’s proclamation honoring Ramadan” President Obama's proclamation honoring the Muslim holy month of Ramadan has some pundits up in arms. The statement, a simple sentence reading "Times like this remind us of the lesson of all great faiths, including Islam – that we do unto others as we would have them do unto us," caused an uproar in the "Fox and Friends" newsroom. LINK

ABC NEWS VIDEO:
Obama Signs Debt Bill Into LawLINK
Did Tea Party Members Help or Hinder Congress?LINK
2012 Campaigns ‘Made in America’?LINK

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