Williams calls Kent Conrad's dog the "101st Senator" #InsideCongress

House GOP conference call on debt ceiling at 830pm tonight.

GOP HUDDLE: House republicans to hold conference call at 8:30pET. (But asked to dial in 15 min earlier b/c fewer operators avail now.)

RT @eyokley: RT @samyoungman: Dem familiar with negotiations says everyone's on board; just waiting for Boehner

Jared Bernstein, former economic adviser to Vice President Joe Biden, blogs that the size of spending cuts in the deal would be draconian for social welfare programs.

CLOCK IS TICKING. What does crunch time mean for government bills coming due? Reuters Washington economics editor Tim Ahmann explains:

If the debt limit is not raised, the U.S. Treasury could face its first payments crunch on Wednesday, when around $23 billion would normally go out to Social Security recipients. However, the Treasury had $53.6 billion in cash on hand as of Thursday and many analysts say it should be able to meet all government obligations until Aug. 10 or later.
The Treasury has declined to offer a projection of its likely receipts, saying only that it could not guarantee it could pay all the government's bills after Tuesday without a hike in the debt cap. Analysts widely believe it would give priority to bondholders over other government payments if the ceiling is not raised to conserve its cash and head off a potential financial crisis.
The Treasury was eyeing progress in the talks and would likely only lay out its emergency plans if it appeared the emerging compromise would not hold.
On Thursday, Aug 4, $90 billion in Treasury debt matures, which could be rolled over. The real tight spot for debt could occur on Aug 15, when at least $29 billioni in interest rate payments are due.

FACTBOX-U.S. government obligations after Aug. 2
July 31 (Reuters) - The U.S. Treasury will no longer be able to borrow funds to pay its bills after Aug. 2. Democratic and Republican lawmakers have yet to seal a deal to raise the $14.3 trillion debt limit and avert default.
On average, the U.S. Treasury borrows $125 billion every month to meet Washington's financial obligations, such as interest on the U.S. debt and Social Security payments to elderly and disabled Americans.
Following are Treasury's spending commitments after the August deadline, according to the Bipartisan Policy Center:

Aug. 3
* $32 billion, including $23 billion to Social Security recipients

Aug. 4
* $10 billion, including $3.1 billion in Medicaid and Medicare health care expenses for the elderly and disabled
* $90 billion in maturing U.S. debt, according to the Treasury Department.

Aug. 5
* $12 billion, including $3.4 billion in federal salaries and $2 billion in defense spending

Aug. 8
* $11 billion, including $1.4 billion in defense spending and $2.2 billion in healthcare payments

Aug. 9
* $11 billion, including $2.5 billion in Medicaid and Medicare payments and $1.5 billion to the Department of Education

Aug. 10
* $19 billion, including $8.5 billion in Social Security payments

Aug. 11
* $11 billion, including $3 billion in Medicaid and Medicare payments

Aug. 12
* $9 billion, including $2.2 billion in health care payments and $3 billion in welfare and unemployment benefits

Aug. 15
* $41 billion, including at least $29 billion in interest payments on U.S. debt. ((Full coverage of U.S. budget and debt [ID:nUSBUDGET]))
((rachelle.younglai@thomsonreuters.com; +1 202 898 8411))

House Republicans just about to start conference call on debt limit negotiations

President Obama to speak at 8:40pm

BREAKING: President Obama to make statement from WH at 8:40p ET.

Sen Harry Reid is expected to speak soon on the Senate floor as well

President Obama expected to make statement in the briefing room at 8:40pm.

Reid: "Leaders of both parties have come together"

SENATOR HARRY REID SAYS THEY HAVE A COMPROMISE DEAL

Senate Democrats to meet at 11am on Monday; deal will be presented to both caucuses tomorrow

Reid on floor now: "My message to the world tonight is that this nation and this Cong are moving fwd, and we are moving forward together."

Reid: "both parties gave more ground than they wanted to...that is the essence of compromise

McConnell: "There is now a framework to review that will insure significant cuts in Washington spending"

REID: Both parties are moving forward together. MCCONNELL: GOP conferencing in the morning, but there is now a framework,