Morning Must Reads: Framework

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  • Here’s the White House’s fact-sheet on the debt-ceiling deal. The legislation itself can be found here.
  • What you need to know: The framework prescribes no new taxes and deep spending cuts, many of which could come from defense and security spending, over the next 10 years. It also would avoid another debt-ceiling fight next year and a bitter squabble  over the 2012 budget. Medicaid and Social Security are unlikely to be touched, Pell Grants for low-income students would be increased; and no economic stimulus was included.
  • The biggest short-term political hurdle is the House. Here’s how John Boehner was selling the framework to his members Sunday night, and here’s the schedule for today.
  • There will be a filibuster to break in the Senate.
  • Liberals see White House surrender in no uncertain terms.
  • This is austerity, plain and simple.
  • Whether or not Obama got rolled may depend on what happens with the new deficit commission and the Bush tax cuts.
  • The White House is straining to make the case that they’re playing a long-game. David Axelrod: “In the short term, everyone suffers politically. In the long term, I think the Republicans have done terrible damage to their brand. Because now they’re thoroughly defined by their most strident voices.”
  • Republicans will face a real dilemma when forced to choose between raising taxes or axing the Pentagon’s budget.
  • How one rank-and-file Democrat described the deal: “A sugar-coated Satan sandwich.”
  • No deal is final until the unpredictable House signs off, and the short-term bond market has begun to take note. The stock market is happy.
  • Romney Super PAC collects million-dollar checks, including one from famous MBS-shorter John Paulson.
  • And the debt ceiling debate in pictures.