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Obama agenda: Treasury's back-up plans

The Treasury Department will face growing pressure Friday to detail its emergency plans to operate the government next week after a House Republican revolt Thursday night complicated efforts for Congress to raise the debt ceiling by Aug. 2,” the Wall Street Journal says.

“To avoid defaulting on U.S. government debt, the Treasury plans to prioritize its payments by ensuring that it will make a $29 billion interest payment to bondholders on Aug. 15. That would leave about $101 billion in cuts to others owed government checks in August, including contractors and recipients of Social Security benefits or military pensions. Obama administration officials have warned that missing any bond payments would constitute a default on government obligations, which could shake financial markets and possibly trigger another crisis and recession.”

“The Obama administration accused Iran yesterday of entering into a ‘secret deal’’ with an Al Qaeda offshoot that provides money and recruits for attacks in Afghanistan and Pakistan,” the AP writes. “The Treasury Department designated six members of the unit as terrorists subject to US sanctions.”

Just asking, but how many Democrats shop at Home Depot? “Wall Street honcho Ken Langone took President Obama to the woodshed yesterday for acting ‘unpresidential’ and ‘petulant’ by pitting rich and poor Americans against one another during the bruising battle over the debt limit,” the New York Post writes. “‘He's not bringing us together. He's willfully dividing us. He's petulant,’ said Langone, a former director of the New York Stock Exchange and founder of Home Depot. ‘Ronald Reagan would never go into the Oval Office without his jacket on -- that's how much he revered the presidency,’ Langone said in a CNBC interview yesterday. ‘This guy [Obama] worked like hell to be president . . . Behave like a president. Let me look at you as a model to how we should behave. What does he say? Fat cats, jet airplanes. What is the purpose? Us versus them.’”

But Lagone also said… "People like me have to understand that it isn't business as usual. I think it's a travesty for a man of my success and my means to get anything from the federal government. I think I should pay more taxes."