Daily Political Wire

George Wenschhof

No News on Budget - all of the options remain in play. From the grand deal involving 4 trillion in cuts over the next decade to a smaller 1.5 trillion cut. In a purely symbolic move, the House will first vote to pass a balanced budget amendment this week prior to considering any proposed budget deal. Bloomberg.com points out the proposal is short on details - you can read their take here.

While, the balanced budget bill may pass the House, it is unlikely to receive a vote in the Senate. The Washington Post has their take on the situation here.

Senator Tom Coburn (R-Okla.) to propose a 9 trillion budget reduction plan today. One of the original members of the Senate "Gang of 6", a bipartisan group which has been working on a plan to cut the deficit. Coburn left the group over disagreements surrounding entitlement programs.

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Lawrence Summers Urges Swift Euro Action on Debt Crisis - the former White House economic adviser says it is important to signal no bank will be allowed to fail to build confidence in the system. Reuters.com has more here.

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Obama To Nominate Cordray for Consumer Financial Protection Agency - former Ohio Attorney General Richard Cordray became the one after it became clear Elizabeth Warren, who advocated for the newly formed agency would not survive the nomination process in the Senate. TheHill.com has more here.

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General John Allen Assumes Control in Afghanistan - as General David Petraeus officially becomes the new director of the C.I.A. - Allen will oversee the draw down of U.S. troops and the ultimate goal of U.S. withdraw from Afghanistan. Politico.com has more here.

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