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The debt ceiling rap

07/26/11 07:41PM

A rap on the debt ceiling — it exists! ReasonTV, the group behind the music video, wrote in a YouTube post, "we may not be able to address our current debt ceiling woes, but we can at least put them to a good beat." The video urges Congress to "make it rain" and "raise da debt ceiling!" It's no Kanye. Those are still better lyrics than the over-used politician folksy phrase, "kick the can down the road." (h/t FamousDC.com). read more

Rep. David Wu (file)

Congressman Wu steps down

07/26/11 06:05PM

After growing calls for his resignation, Democratic Rep. David Wu announced today he will leave office. The Oregon Congressman has been accused of having an unwanted sexual encounter with an 18-year-old, who was the daughter of one of his friends."With great sadness, I therefore intend to resign effective upon the resolution of the debt ceiling crisis. This is the right decision for my family, the institution of the House, and my colleagues," Wu said in a statement.Wu already stated he wouldn't seek re-election, but that wasn't enough to stop mounting pressure to step down ASAP. read more

Data Source: Congressional Research Service and news reports

Brief history of debt ceiling increases

07/26/11 04:06PM

National Journal put together a cool graphic a few months ago, illustrating the history of debt ceiling increases. It's not a new thing in Washington. Congress has raised the debt limit 10 times in the past 10 years. What is new, as Lawrence brought up again in last night's rolling coverage, is the fierce debate to raise it. read more

First Word: July 26, 2011

07/26/11 03:21PM

A look at headlines shaping tonight's rundown.Speaker John Boehner presses debt plan opposed by Democrats, IMF urges debt-limit increaseHouse sites, phones inundated after President Obama's call to reach out on debtA fired up Nancy Pelosi tears into GOP deficit planEric Cantor to GOP: Quit whining and voteWealth gap between whites, minorities widens to greatest level in a quarter centuryI'm not a presidential candidate, Chris Christie says in Iowa read more

Watch the dueling debt speeches

07/25/11 10:54PM

President Obama addressed the nation from the White House regarding ongoing debt ceiling negotiations between Democrats and Republicans. He called for an end to the stalemate, and urged immediate action. "The American people may have voted for divided government, but they didn't vote for a dysfunctional government," the president said tonight's speech.Minutes later, House Speaker John Boehner offered a response to Obama's speech. He said the GOP will not give Obama a "blank check" on the debt.You can watch both of their remarks below. Give us your reaction in the comment section below. read more

Unchartered territory in debt debate

Unchartered territory in debt debate

07/25/11 08:00PM

The Republican debt plan would keep the fight over the debt limit going into the next year, affecting the economy and the President's re-election campaign. Jared Bernstein, the former chief economist to Vice President Biden, joins The Last Word. watch

The politics of bad faith

The politics of bad faith

07/25/11 08:00PM

David Frum of FrumForum.com and The Nation’s Ari Melber joins The Last Word with analysis on how each political party has been handling of the debt negotiations. watch

T-Paw goes on the offense

T-Paw goes on the offense

07/25/11 08:00PM

As Tim Pawlenty's campaign begins to get some traction in Iowa, his campaign goes on offense -- but not against presumed Republican frontrunner, Willard M. Romney. MSNBC’s Lawrence O’Donnell explains in the Rewrite. watch

Reid bill calls GOP bluff on debt circus

Reid bill calls GOP bluff on debt circus

07/25/11 08:00PM

Howard Fineman of The Huffington Post, and The Washington Post's Ezra Klein discuss how the Republican rejection of the Harry Reid proposal for lowering the deficit exposes their real goal of resurrecting the fight in six months as an election stunt. watch

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