Morning Must Reads: Swap

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  • News of the morning: Obama has put a very large deficit reduction deal in play. He’s looking to swap Medicare and Social Security cuts for some $1 trillion in new revenues, in part by tying future tax reform to immediate spending cuts.
  • He may be risking liberal flight, but the fine print matters a lot.
  • It’s very important for the Treasury Department to make clear that there’s no contingency plan if the Aug. 2 debt ceiling deadline isn’t met. Of course, there’s a secret contingency plan.  
  • The rhetorical line between spending and tax cuts is often arbitrary.
  • A federal appeals court has halted enforcement of Don’t Ask Don’t Tell.
  • Minnesota doesn’t know much about its own shutdown because it fired all the people who know about the shutdown.
  • Bachmann goes up with an intro TV spot in Iowa, including an on-the-news pledge against raising the debt ceiling.