TPM News

Italy’s borrowing rate on Wednesday skyrocketed to a record 7 percent, but euro zone officials don’t have any plans for a financial rescue of the country, Reuters reports.

“Financial assistance is not in the cards,” one unnamed euro zone official said.

Sen. Lamar Alexander told Reuters that Republicans on the deficit super committee have to agree to more revenues — and democrats to more spending cuts — for a debt deal to be successfully reached.

“They’re at the point where there’s either about to be a big revelation or a big failure,” Alexander told Reuters.

The Obama re-election campaign launched a “GOP Debate Watch” website to fundraise off certain key terms they anticipate will be used at the Republican presidential debate tonight in Michigan.

People can pick a term — like “obamacare,” “repeal,” “class warfare” and others — and pledge a dollar amount every time a candidate uses those words.

Sen. Dick Durbin (D-IL), the Senate’s No. 2 Democrat, says the GOP super committee members' offer of about $300 billion in new tax revenue is a “breakthrough,” The Washington Post’s Felicia Sonmez reports.

“I assume good faith,” Durbin told reporters. “I think that’s the best starting point. And I assume that what we heard from Republicans is a breakthrough that can lead to an agreement, and that’s what we need.”

CNN reports:

A Military Commission hearing at the U.S. Navy Base at Guantanamo Bay Cuba began Wednesday — 17 minutes behind schedule — for the man the United States says is the brains behind the deadly bombing of the USS Cole.