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House Speaker John Boehner said President Obama’s deficit-reduction plan does not demonstrate real “leadership.”

“Pitting one group of Americans against another is not leadership,“ Boehner said in a statement. "The Joint Select Committee is engaged in serious work to tackle a serious problem: the debt crisis that is making it harder to get our economy growing and create more American jobs. Unfortunately, the President has not made a serious contribution to its work today. This administration’s insistence on raising taxes on job creators and its reluctance to take the steps necessary to strengthen our entitlement programs are the reasons the president and I were not able to reach an agreement previously, and it is evident today that these barriers remain.”

Republican presidential hopeful Jon Huntsman says President Obama has “no new ideas on how to create American jobs.”

“For two and a half years he’s been peddling a version of the Buffett Tax Hike as a key pillar of his failed attempt to tax and spend and regulate this country to prosperity,” he said in a statement. “That simply hasn’t worked and it won’t work now. President Obama’s veto threats and partisan demands are a poor attempt to camouflage a $1.5 trillion tax hike that is deeply misguided and the latest example of his ineffective leadership on the economy.”

Republican National Committee chair Reince Priebus fired back at President Obama’s deficit-reduction plan just moments after Obama stepped away from the mic, saying it’s a “thinly-veiled attempt to score political points and foot the bill for his Stimulus 2.0.”

“By raising taxes on job-creators, Obama may win back some support from disgruntled liberal voters, but America will lose even more sorely needed jobs,” he said in a statement.

President Obama, revealing his deficit reduction plan, said “we can’t just cut our way out of this hole,” adding that a “balanced” solution must be implemented.

Mitt Romney is out with his pre-buttal of President Obama’s debt reduction plan, which is expected to be announced momentarily.

“President Obama’s plan to raise taxes will have a crushing impact on economic growth. Higher taxes mean fewer jobs – it’s that simple,” Romney said in a statement sent to reporters. “This is yet another indication that President Obama has no clue how to bring our economy back.”

The national media is now starting to figure something out: Michele Bachmann says a lot of things that aren't just kind of crazy, but manifestly false. Of course, this is in no way news to the folks here at TPM, or to our readers -- we've been keeping track of her for quite some time.

Bachmann, of course, has been raked over the coals for her claim, as part of an attack on Rick Perry for issuing an executive order that young girls in Texas be vaccinated against the sexually-transmitted disease HPV, that a woman told her after this week's Republican debate that the HPV vaccine had caused her daughter to develop mental retardation. This statement helped to spread long-standing myths that vaccines cause retardation or autism in some children, an idea that the medical profession has worked very hard to dispel.

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If President Obama manages to get his entire jobs plan passed -- a big if, of course -- it will quicken the pace at which the federal government is burning through its new borrowing authority and could set up another debt limit battle with Republicans before Election Day 2012.

There are several variables at play, and another debt limit fight before the election wouldn't be a sure thing. But it's not out of the question, especially if economic growth between now and then is weaker than predicted.

A slower-than-expected economy -- or a double dip recession -- combined with the jobs bill's $447 billion price tag, means the federal government could run out of borrowing authority right about October 2012, according to one worst-case-scenario estimate. The deal to raise the debt limit last month was designed to give the government enough cushion to make it past the election before the parties would have to square off again. But that was before Obama introduced his new jobs plan, and before revised economic forecasts revealed the economy's in worse shape than economists believed earlier this year.

Here are the variables to watch that could come together to create an exquisitely timed political crisis:

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