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RUSH: So there is no debt deal on the table. The Dingy Harry debt deal has been rejected. McConnell’s deal is, as best we can tell, done. There is no deal. So Reid’s deal gone. It’s being portrayed by Drudge as Reid caved. The thing that’s soon coming to be on the table is the Boehner deal, and now just to review the Boehner deal: $1.1 or $1.2 trillion in cuts in exchange for raising the debt ceiling a trillion dollars. Raising the debt ceiling a trillion dollars will take us through next April, which happens to be tax-filing time, which would mean… Well, that’s something Obama does not want, and he said, “I’ll veto anything 30, 60, 90 days. I’m not going there.”

Then he changed his mind on that late last week. I think late last week he would have signed pretty much anything sent up there, especially after watching the Friday night press conference that he gave. Do you realize how unprecedented all that was? They couldn’t even find members of the B Team in the White House press corps Friday at 6:30. The A Team was long gone to Cape Cod, Nantucket, or what have you. The B Team was sitting at home wishing that they had the money to get to Cape Cod and Nantucket. The C Team is who they had to call in there, and it was not a full White House pressroom. Ah, there were some A Team people there, but for the most part everybody had gone. Friday is Document Dump Day.

Friday is when they release stuff that they don’t want anybody to know and it’s guaranteed not to be covered because all the news people have gone off to their weekend summer homes. So Boehner was hanging around to answer that press conference at 6:15. All this was big, big stuff. So Boehner’s plan basically is 1.1, $1.2 trillion dollar in cuts, no defense cuts. No new “revenue.” No tax increases. In exchange for raising the debt ceiling a trillion dollars. Two members of each leadership in Congress would get to name three members to a congressional blue ribbon panel to make the cuts. So it would be a 12-member commission: Six appointed by Democrats, six appointed by Republicans. They would report back, and then the debt ceiling runs out in April, here we are all over again.

Obama, if this thing survives, is this is what will be set up for him to sign. No guarantee on that yet. But that’s the only thing that’s on the table right now. Cut, Cap, and Balance… Oh, there is a push in the Boehner plan also for the Balanced Budget Amendment. Not immediately, but down the road. Cut, Cap, and Balance appears to be gone. McConnell’s deal’s gone. Dingy Harry’s $2.5 trillion tax increase, that’s gone — and the President is doing nothing. The President is the odd man out. The President is waiting for all this to come up. So that’s where we are and it’s what we’re looking at, and there are all kinds of stories today. You know, it’s kind of gratifying because there are stories today, “You know, we don’t need to raise the debt limit.”

People are just beginning to realize this. You, of course, as regular listeners of this program have known this for months: We don’t need to raise the debt limit. In fact, if you’re really worried about the foreign markets (which, by the way, did not plummet), and if you are really worried about the our full faith and credit rating, and if you are really worried about all this, all we need to do is lower debt ceiling. If we actually lowered the debt ceiling? Whew! Folks, I shudder to think the impact that would have on markets. You want to talk about a boom? You would see a boom unlike you’ve seen in a long time, if there were legislation proposed to cut the debt ceiling, to reduce it. It’s a golden opportunity out there.

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