• The economy added 117,000 jobs in July while the unemployment rate dipped to 9.1%. Those are modest but relieving numbers after several bad months and very low expectations. Public sector losses are still dragging the number down.
• “Double-dip” was being thrown around after yesterday’s global market rout. (TIME considered bringing

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• The White House will try its hand at yet another jobs pivot.
• Larry Summers puts a double-dip recession at one in three.
• Tim Geithner will stick around.
• Has Obama been ineffectual in dealing with Republicans in Congress, or just limited by the nature of his office?

• Robert Greenstein of the left-leaning CBPP despairs that the debt fight has established precedent for future dollar-for-dollar borrowing authority and spending cut swaps.
• Former Bush 43 economic adviser Keith Hennessey says it “establishes a pattern.” Mitch McConnell isn’t so abstract: ““What we have done… is set a new

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• The Senate will pass the debt deal at noon.
• Maybe it wasn’t such a raw deal for the Pentagon after all.
• Fifty-nine House Republican freshmen voted yes, as did more than half of the Tea Party Caucus.
• With the debt ceiling raised, the House is adjourned until Sept. 7. They’ll stay in pro-forma session to prevent recess

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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

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• The economy is spinning its wheels: It grew at a sclerotic 1.3% annualized rate in the 2nd quarter while 1st quarter growth was revised down to 0.4%. This is bad.
• Jay explains how the House GOP coalition fell apart last night, what’s next, and why it’s all left John Boehner limping.
• One could argue the failed House vote can be

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• All 53 Democratic Senators have pledged to oppose Boehner’s debt ceiling plan, which now looks likely to pass the House today.
• The Obama administration plans to announce at end-of-business Friday which checks won’t go out if there’s no deal. Here’s the likely answer.
• Barclay’s points to Japan in arguing that a downgrade wouldn’t

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• CBO analysis puts Boehner’s debt ceiling plan at less savings than advertised. House Republicans will rejigger the proposal, delaying a vote until Thursday.
• The White House just wants the goal line to stop moving.
• The Chamber of Commerce lines up behind Boehner’s proposal.
• There’s historical precedent for the specially empowered

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• President Obama declares “stalemate.”
• His call last night for viewers to contact Congress crashed several websites, including Boehner’s.
• Wall Street weighs downgrading America.
• A convincing case for getting rid of AAA ratings altogether.

• Debt impasse produces new heights of public disdain for political parties.
• Global markets dip slightly.
• The teen daughter of a friend of David Wu has accused the Oregon congressman of aggressive and unwanted sexual behavior.
• He won’t seek re-election, but is resisting resignation. Pelosi and Israel have called for an ethics probe.

• The White House is now open to a short-term debt ceiling extension of “a few days” if it helps secure a larger deal.
• Norm Ornstein shakes his fist at Congress.
• The Gang of Six plans raises far more taxes than the Obama-Boehner grand bargain because it assumes top-tier Bush tax cuts will be allowed to expire.

• Washington’s debt ceiling hysterics have gotten the public’s attention; 82% now say failing to raise would cause economic harm.
• Steve Gandel extrapolates from the Congressional Budget Office’s numbers on what sweeping deficit reduction could do to growth:

[CBO's] Elmendorf estimates that the deal would likely slow the economy by

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• Analysts say 30-year Treasury yields are now showing signs of Washington deadlock worry.
• House Republicans prepare for a fight on McConnell’s contingency plan.
• Conservative lawmakers don’t plan on being mollified by this week’s symbolic votes.
• CBO’s Elmendorf on the “cap” part of “Cut, Cap and Balance”: “… limiting federal

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