Top of the Agenda: Debt Fight Shifts to Congress
With two weeks until an August 2 deadline that could see the U.S. default on its debt obligations, and talks over a deficit-reduction plan all but dead, congressional leaders (WSJ)
The House will vote on a "Cap, Cut, and Balance" bill (CNN)
Meanwhile, the Senate is moving forward with a plan being drafted by Senate Minority Leader Mitch McConnell and Senate Majority Leader Harry Reid that would empower the president to raise the debt ceiling in tranches (WashPost)
The bipartisan Senate proposal has triggered infighting among the GOP (Politico
McConnell's plan could lead to a "day of reckoning"
The Tea Party, which is heavily influencing House Republicans in the debt debate, is promoting a form of constitutional fundamentalism
With the deadline looming for resolving the U.S. debt standoff, concern is rising