The Washington Post: Boehner abandons efforts to reach comprehensive debt-reduction deal:
House Speaker John A. Boehner abandoned efforts Saturday night to cut a far-reaching debt-reduction deal, telling President Obama that a more modest package offers the only politically realistic path to avoiding a default on the mounting national debt.
GOP Senators and Representatives appear to be holding the line on their "no new taxes" pledge. They are also fighting for spending cuts. The Democrats are demanding more taxes and more spending. The two sides appear to be too far apart to reach a compromise on the debt ceiling. Then I saw this tweet from Zerohedge:
Two weeks from now: no tax hike, no spending cut, and debt ceiling rises by $2.5 trillion. PR spin - the "Great Compromise"
It feels depressingly likely.
We'll get to go through this all again next summer just a few short months before the November election.