Debt ceiling: the endgame begins

1:09 p.m.: President Obama warns that if the debt ceiling is not raised by August 3rd, Social Security, disability, and veterans’ checks may not go out.
2:56 p.m.: Senate Minority Leader Mitch McConnell (R–KY) proposes an escape hatch that would allow the President to unilaterally raise the debt limit, subject to Congressional disapproval. (The Democrats would be fools to accept this plan, but it represents a massive step backward from the Republican position that any debt-ceiling hike not accompanied by massive spending cuts and zero tax hikes is unacceptable.)
5:27 p.m.: Right-wing Republican base has a cow.
6:56 p.m.: House Majority Leader John Boehner (R–OH) says he likes Senator McConnell’s plan.
7:40 p.m.: Grover Norquist says he kinda sorta likes the plan.