We'll likely know the outcome sometime after 11:00 AM EST

[blogslut]

That's when the President and Vice President are scheduled to meet with the Congressional Leadership.

http://www.whitehouse.gov/schedule/president

Article links:

CSM
http://www.csmonitor.com/USA/Politics/2011/0707/National-debt-talks-Signs-some-in-GOP-may-yield-on-tax-loopholes">When President Obama invited congressional leaders to resume debt talks at the White House on Thursday, he added a call to “check their ultimatums at the door” – and some fixed partisan taboos indeed appear to be shifting...

WP
http://online.wsj.com/article/SB10001424052702303365804576431664248244194.html?mod=googlenews_wsj">In a sign that both sides see the opportunity for a fundamental revamp of the U.S. budget, Mr. Obama and House Speaker John Boehner have recently discussed an option that includes tying a deficit package to a broad tax overhaul, people familiar with the talks say. That overhaul would raise revenue by ending some tax breaks, in exchange for lowering individual and corporate rates...

BBC
http://www.bbc.co.uk/news/world-us-canada-14067028">Mr Obama is expected to propose cutting the US budget deficit by up to $4tr (£2.5) over a decade, possibly by trimming popular social programmes.
[br />Meanwhile, Republican resistance to raising new tax revenue appears to be softening, analysts say.

The deadline to raise the $14.3tn (£8.9tn) US debt ceiling is 2 August...]

[originalpckelly]

1. We are so fucked no matter what.

[Recursion]

2. If the concession is Medicare cost controls and means testing SS, I don't see the horror

Those are both things that should probably happen anyways.

[Tierra_y_Libertad]

3. Capos have a "sit down" at Barack's place to slice up SS and Medicare.