The President will address the nation from the East Room at 9pm ET. We’ll be waiting.

• Nancy Pelosi, in her statement on the competing proposals to raise the debt limit: “It is clear we must enter an era of austerity; to reduce the deficit through shared sacrifice.” Wow. There you have it.

• Shows he knows who the leader of the party is: Speaker Boehner briefed Rush Limbaugh on his debt limit plan before his caucus.

• A gentle reminder that George W. Bush’s policies created the budget deficit, not that anyone will bother to tell you that.

• Given how off the rails Standard and Poor’s has gone, I think it’s accurate to say that a short-term debt limit increase would raise everyone’s taxes.

• Here’s the DSK maid’s public comments about the alleged rape, in Newsweek. And there’s also a review of her comments on ABC today. This is a highly unusual playing out of an allegation in the media while the criminal indictment stalls out.

• Zachary Goldfarb looks at the politics of the President’s shift to austerity.

• The missing ingredient to this graphic is that the Harry Reid plan has a 0% revenue component.

• The finance lobby scored a victory in the courts with a ruling throwing out an SEC regulation that would have made it easier for shareholders to oust members of a corporate board.

• The rating agencies aren’t buying the Greek bailout, are downgrading the country’s debt and assuming an imminent default.

• Of course the debt limit shouldn’t exist. This bit of research on debt limit battles past should tell you that. But in this case, both the Republicans AND the White House wanted to use it as leverage for deficit reduction. You play with fire, you get burned.

• We actually owe most of our debt to ourselves. That’s not a fortune cookie, it’s a description of who owns US debt.

• House Democrats are engaging in a kind of filibuster against the Republicans’ environmental budget bill, which guts the EPA, the Clean Air and the Clean Water Acts. 27 House Dems are participating in the effort.

• I agree that Paul Ryan has been exposed as a fraud, but not that it just happened. It’s been clear for some time.

• A senior North Korean diplomat will visit the US. I’m always wary of even thinking about progress or rapprochement with the North Koreans, but maybe this will spur some.

• We have no idea what kind of political candidate Elizabeth Warren would be, just like we didn’t know about Wesley Clark or other first-time candidates. It’s really a complete unknown.

• Syria will allow political parties other than the Baath Party, but like all other concessions from Bashar al-Assad, this one will not satisfy the protest movement.

• New York City is putting a lot of time and effort into expanding solar power, including devising kind of a Groupon of solar power.

• The ACLU-New Jersey and Gawker want to see emails between Gov. Chris Christie and Roger Ailes, to uncover the unseemly relationship between right-wing politicians and right-wing media.

• It’s not like Norway will now bomb Oslo because it allowed a safe haven for a terrorist.

• The money spigot has opened in Wisconsin, as corporate groups are now spending big for Republicans in the recall elections.

• Another Blue Dog leaving the House. There really won’t be a whole lot of them left by the next Congress.

• Fulfilling a campaign promise, Jerry Brown will sign the California Dream Act, which will allow undocumented college students in the state to qualify for in-state financial aid. Incidentally, Rick Perry supports the federal Dream Act.

• Did you know watch: since the Norway massacre on Friday, there have been at least four mass shooting incidents in the United States.

• Keep an eye on the intense dispute between the Egyptian military and its protest movement, as it’s on the verge of boiling over.

• Lots of drug patents are on the verge of expiring, which should signal lower prices ahead.

• Erick son of Erick is a pathetic figure.

David Dayen

David Dayen

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