Morning EDition: August 3, 2011

Updated
By Jonathan Larsen

It’s pivot time. Here’s today’s Morning EDition:

TODAY

  • Pres. Obama holds a cabinet meeting.
  • Democrats hold 11:30am news conference on the FAA shutdown.
  • Pres. Obama attends DNC fundraisers in Chicago.

BUDGET

  • Most of the Tea Party members of Congress caved on their vow to default.
  • Conservative member of Congress voted against debt deal to protect her local hospital. Ya don’t say.
  • White House says the debt-deal battle will frame the choices for 2012.
  • Geithner argues the trigger creates powerful pressure for both parties to compromise on taxes and entitlements. Like a government default didn’t create powerful pressure?
  • Could the debt deal clear the way for Geithner to clear out?
  • Neither the market, nor independents are happy about the debt deal.
  • Analysts see debt deal pushing US toward a recession.
  • Credit-rating agency says the deal preserves America’s AAA rating.
  • Moody’s and Fitch warn of possible downgrades if US doesn’t reduce debt and economy doesn’t improve.
  • Summers says Obama should refuse to extend upper-income Bush tax cuts for any reason.
  • Obama’s pursuit of independents appears to be hurting his standing with independents.
  • House Dem Leader Nancy Pelosi (D-CA) says her super-commission appointees will oppose entitlement cuts.
  • Sen. Leader Harry Reid (D-NV) WANTED to appoint members who favor cutting entitlements, but might not due to GOP hard line. Thank you, GOP hard line.
  • Rep. Paul Ryan (R-WI) gloats over calling Obama’s bluff.
  • The GOP’s summer-recess talking points.
  • NOW Wall St. figures out that the debt deal is bad for the economy. Thanks for paying attention, rich guys.
  • A Democrat

The Ed Show Morning Edition

Morning EDition: August 3, 2011

Updated