A reminder that the best place to keep across the weekend’s developments, as they happen, is in our TPM Livewire. Check it out.

Nothing’s over until it’s over. Surely that’s a truism the last few weeks have proven over and over again.

That being said, the contours of a compromise deal to break D.C.’s deadlock, and increase the debt ceiling, are now coming into focus.

Brian Beutler’s got our story.

Sen. Reid (D-NV) announces he’s delaying Senate vote until tomorrow at 1 PM to give time for negotiations currently underway at the White House.

Not really relevant to the immediate situation. But for future reference let’s remember that the entire concept of a debt limit ceiling is ridiculous. If the Congress votes to spend more than it will take in in tax revenues, that is a vote to borrow money. Period. For Congress to vote once to borrow the money and then have to vote again to borrow the same money is silly.

That’s not to say this has any constitutional relevance; Congress has broad latitude to do stupid things. But this was always a silly way of doing business — which is the reason why no other major country has a similar procedure — a time bomb waiting for one of the two parties to decide to play Russian Roulette with the nation.

Dems prepped for tonight’s debt limit vote to fail as Republicans push stealth Social Security to kick in automatically as ‘trigger’ if next round of cutting doesn’t happen.

I’ll very much believe it when I see it. But there has been an escalating chorus on the Dem side over the course of the day that if there’s no agreement reached, President Obama should invoke authority under the 14th Amendment to continue paying the federal government’s obligation after August 2nd.

I do not think it’s at all likely to come to fruition. But in such a volatile climate as we’re likely to see over the next 48 hours, all developments are worth noting.

Wisconsin Republican admits she compared public schools to Nazi Germany.

McConnell says he’s spoken to Obama and Biden within the hour, expresses confidence a deal can be reached.

Harry Reid tells reporters that he and Leader Pelosi have been summoned to the White House, on their way.

The House and Senate have just reconvened for what is set to be an extraordinary weekend session of down-to-the-wire maneuvering, with now just days to go until the U.S. faces a possible default on its debts. Read More