LIVE COVERAGE: HOUSE PASSES DEBT LIMIT INCREASE Advertisement
In case you missed it, Congress and President Barack Obama reached a "historic, bipartisan compromise" to raise the debt limit and lower the federal deficit last night. We'll bring you live coverage of the votes and vote-wrangling here.
Republicans: 148-50 Democrats: 19-52 Total: 167-102
Republicans: 137-44 Democrats: 15-42 Total: 151-85
Republicans: 118-78 Democrats: 11-32 Total: 129-70
From POLITICO: Treasury Secretary Timothy Geithner called together top officials from U.S. business groups Monday for a last minute rally to get the debt ceiling bill passed. An executive familiar with the meeting described it as “rah rah for getting the debt ceiling done.”
Cox Radio's Jamie Dupree tweets: One member of the House Republican Whip team tells me they are "close" to having enough votes for approval
The House is calling members to the floor. The vote will begin in about 12 minutes.
The Administration strongly supports enactment of the Budget Control Act of 2011. It is imperative that the United States not default on the Nation’s obligations, that the full faith and credit of the United States be preserved, and that the Nation’s fiscal house be put in order. The bill would increase the debt ceiling to a level that will be sufficient for the Nation to meet its obligations through the beginning of 2013, while providing both a significant down payment on deficit reduction and a means to reduce the deficit further through a balanced approach that allows both for cutting spending and for addressing revenues by eliminating tax subsidies or through comprehensive tax reform. If the bill were presented to the President, he would sign it.
"Both parties got us into this mess. Both parties will have to work together to get us out of it."
The Chairman of the Republican Conference: The American people aren't looking for a balanced approach, they're looking for a balanced budget.
As many as 300 representatives may back the bill — especially after Pelosi's wee-received speech. (She got a round of applause from the Democratic side of the aisle.)
Pelosi: "We have come here to make the future better for future generations. That is what our founding fathers visualized for America." Pelosi: "It is hard to believe we are putting our best foot forward with the legislation that comes before us today." Pelosi: "I‘m not happy with it, but am proud of some of the accomplishments contained in it.” Pelosi says this delay has led to uncertainty that has impacted American families Pelosi: "I urge my colleagues to think of seniors" and support the bill
The House will adjourn for it's five week August recess after tonight's debt vote, meaning the partial FAA shutdown will continue. 4,000 employees will remained furloughed, and hundreds of construction projects will remain unfunded until Congress returns in September.
"I am voting for this bill. Not because I like this bill." "We're here because we missed an opportunity to pass a truly balanced bill." Hoyer: "We need to vote not as Republicans or Democrats — but as Americans."
Most Democrats will likely vote against the bill, but most Republicans appear to be ready to support it.
Rep. Peter DeFazio (D-OR) tells The Huffington Post that Biden told House Democrats, that if all else had failed, Obama was willing to invoke the 14th
She said it probably is a satan sandwich "with satan fries on the side," but she's voting for it.
At a Capitol Hill press conference the House Progressive Caucus said most will vote against the bill today.
"In order to produce a plan that is big and bold enough to address the problem the committee will have to go above and beyond the minimum goals prescribed for it by tackling all parts of the budget. The committee should produce recommendations that make social security permanently solvent, slow the growth of health care spending, and enact pro-growth tax reform which would clean up the code and make the system more efficient while also reducing the deficit." Read the full statement here:
Boehner says the current deal meets the GOP "standards" to raise the debt limit. Cantor trumpets the lack of tax hikes in the bill Cantor says "the big win for us and the American people is that there are no tax hikes in this bill" Rep. Paul Ryan claims victory for House Republicans. Ryan predicts "a majority of Republicans will support this" Boehner says "all leaders have the responsibility to bring the sufficient number of votes" Boehner on the Super Committee: "We have not made any decisions, but I'm sure that we'll continue to have conversations about our appointees to the committee." Boehner: "I've got a big job to do here. Those running for president have their own aspirations."
"Speaker Boehner tells Diane Sawyer he's got the votes..." The quote, via @RickKlein: "We got there - but we've got to get the bill passed. And I think we will."
They apparently chanted: "Boehner, get off it, it's time to tax corporate profits" Another one: "Hey, Boehner Get A Clue, It's About Revenue"
House GOPer: "we'll do at least 180 (votes) and could easily be at 200+. very easy whip. neither tension nor drama." expects lopsided vote
The Congressional Progressive Caucus will hold a 4pm news conference on the debt deal. Yesterday, Chairman Rep. Raúl Grijalva put out a scathing critique of the bill.
Read The Wall Street Journal Report Here Pelosi needs to bring at least 60-70 Democrats on board for this bill to have a chance of passing.
Biden: "We have to get [the debt ceiling] out of the way to get back to growing the economy." Biden repeatedly used the phrase "if it passes." But he said "I feel confident that this will pass." Biden: "This bargain does not prevent us from being able to continue to fund those initiatives within our budget that are the job creators." She still has not publicly endorsed the debt deal. Asked if it can it pass, she replied: "You have to ask the Speaker. He has the majority." Note last Thursday (the day his plan nearly failed a House vote) he said he was having a "Zippitydoodah-day."
Both House caucus meetings ran overtime as both Speaker of the House John Boehner and House Minority Leader Nancy Pelosi seek to build support for the debt deal. Cantor Spokesman Brad Dayspring says the GOP delay is do to House votes, but there are reports that the leaders are having difficulty getting the required 216 votes.
Vote still not scheduled.
Spokesman Brian Patrick e-mails: "At a press conference this afternoon, Senator Reid claimed that Leader Cantor said revenue could be a part of the joint committee. Nothing could be further from the truth. As Leader Cantor has said since the beginning of this debate, House Republicans will not agree to tax increases. Period. Senator Reid's claim is absolutely FALSE." Sen. Mike Lee (R-UT) tweets: "I intend to thoroughly understand the bill before I vote."
From spokeswoman Jo Maney: Rules has passed the rule providing for consideration of the updated Budget Control Act by voice vote. Floor action expected by afternoon. "We hope to get the bill from the House tonight... I'm hopeful we can get this leg done very quickly." Reid asked if we need more comprehensive deficit reduction: "The answer is not only yes, but HELL YES." Reid: "I never count my votes until they're cast"
Support for the debt limit bill is building in both houses of Congress The Hill is keeping a running "whip count" of how members of congress say they will vote. He said he is a firm yes vote on the deal.
That would mean the FAA partial shutdown will continue — and in the remote chance that if changes need to be made to the bill once it reaches the Senate, the House will not be nearby.
From Senate Republicans via Ezra Klein 
He's not happy with President Obama or Congress. Here's what he'd have done.
He claims Medicare recipients won't be hurt - although triggers could cut payments to Medicare providers. Carney: "We will not have a situation where people will hold the economy hostage" by failing to raise debt limit — "at least until 2013"
Key step to moving debt deal to the House floor today.
White House Press Secretary Jay Carney: "You may notice that the cloud of uncertainty is lifting up off our economy — or almost" Carney says Biden will tell Democrats that the deal "is a victory for the American people." He highlights that it protects things like Pell Grants. Carney is pushing for a "balanced" agreement to be reached by the "Super Committee." He says the White House is confident such an agreement could be reached — because of how close the White House and Speaker of the House John Boehner were to reaching a deal to raise the debt limit including revenues. Carney defends the triggers, saying they are supposed to be painful to both sides: "The legislation has an enforcement mechanism, a trigger to create huge incentives for congress not to pull them." "It is equally onerous for both sides, forces committee to come to agreements that bear fruit." Carney: "We unnecessarily sent a message across the country and across the globe that America might default on its obligations." Carney says Obama will "push very strongly" for extending the payroll tax holiday. Carney says the deal is a signal to the financial markets that Washington is "getting its act together." White House refuses to say how it expects the credit rating agencies to react to the deal. Asked where the revenues are, Carney replied: "We couldn't get that done." Carney says that "done well, done wisely" deficit reduction can help the economy
The Hill reports that tea party Sen. Jim DeMint (R-SC) has threatened moderate Sens. Olympia Snowe (R-ME), Dick Lugar (R-IA), and Orrin Hatch (R-UT) with primary challenges if they back the compromise debt plan. Lugar and Hatch face serious tea party challengers.
"House will move first on the debt ceiling bill this evening or tonight." Update: Business Insider has now confirmed this independently with a GOP aide. According to the non-partisan Congressional Budget Office, the compromise plan will cut "at least $2.1 trillion" from the federal deficit over 10 years, while raising the debt limit between $2.1 trillion and $2.4 trillion. At least $21 billion would be cut from the fiscal year 2012 budget under the plan.
Boehner spokesman Kevin Smith tweets: "CBO score of final agreement confirms spending cuts ($917B) greater than the debt hike ($900B); $21B in cuts 1st yr" It's worth noting these "cuts" come from agreements to cap spending over the next 10 years — not specific plans to reduce expenditures. We're still waiting for the final CBO report.
The South Carolina Senator is up for reelection next year and tweets that he "cannot in good conscience support this deal."
The conservative group is opposing the bill and will count support for the bill against members of Congress in their official vote records. Their statement here:
Reid says deal is sign that Washington is not broken. He adds the Founding Fathers designed legislature setting up conflict. "I'm not proud of the conflict we've had these past many months, but I'm satisfied we reached an agreement." Reid: Deal "remarkable." "This is a great stride forward." Shows what we can achieve "not in spite of divided gov't but because of it"
Economist Paul Krugman accused President Obama of "surrendering" on the debt deal in this morning's The New York Times. Chairman of the National Economic Council Gene Sperling replied on CBB earlier saying: "Well, that’s wrong, and wrong, and then, I think, wrong. It was the president who stood firm, who didn’t blink on that, and in the end, we have a deal that takes that threat of default off of our political system, off of our economy, into 2013."
House Republicans need every vote they can get to make sure this deal passes. The opposition from Romney — largely considered a fiscal moderate and the party's front runner to unseat President Barack Obama — makes that job MUCH harder.
Here's the full Romney statement opposing the debt deal: “As president, my plan would have produced a budget that was cut, capped and balanced – not one that opens the door to higher taxes and puts defense cuts on the table. President Obama’s leadership failure has pushed the economy to the brink at the eleventh hour and 59th minute. While I appreciate the extraordinarily difficult situation President Obama’s lack of leadership has placed Republican Members of Congress in, I personally cannot support this deal.”
The GOP candidate is taking flak from The Daily Caller for staying silent during the debt limit negotiations. The even put his face on a milk carton. Read their criticism here
House Republicans will meet at 12:30pm and Democrats at noon to discuss the debt deal. Senate Republicans will meet at 10am, and Democrats at 11am to do the same. Vice President Joe Biden will attend both Democratic meetings.
Republicans going to have to offer a "very substantial number of votes... well over a majority of their people" to get it passed.
The Senate will convene at 10:30 and the House will convent at 10:00 am. Both will hold Democratic and Republican caucus meetings before scheduling debate and votes, though it is expected that the Senate will vote first, followed by the House.
The bill uses the McConnell "disapproval" method to raise the debt limit — where President Obama will be able to raise the debt limit as long as Congress does not oppose it by a two-thirds vote.
As we mentioned last night, the basic enforcement method for getting Republicans and Democrats to agree to the findings of the "Super Committee" are mandatory spending cuts. For Republicans, that means cuts to defense spending; and for Democrats, that means entitlement cuts.
- Drops $6.5 billion Senate plan to auction off certain TV frequencies to wireless/mobile phone companies.
- Also cuts Senate plan to reallocate "D Block" frequencies for a new national first responder network.
- Elimination of $11 billion in direct cuts to farmers from the Senate plan.
- Eliminates subsidized federal Stafford loans for graduate and professional school students.
- Increases Pell grants for college students.
- Does not include any language to solve the partial shutdown at the FAA.
You can read it here. We're still digesting it, and will bring you the latest when we've been through it.
White House Senior Advisor David Plouffe tells NBC news that the "Super Committee" created by the compromise agreement is authorized to raise taxes. Speaker of the House John Boehner said that was not the case last night. Expect more on this debate today.
White House Senior Advisor David Plouffe tells ABC News: "We're confident this deal will and should pass." Please follow Politics on Twitter and Facebook. | 
