If you're a Tea Party Republican, you probably don't care what the commie media in other countries think. But if you're interested, here's a roundup of what media and commentators are saying around the world.
Paul Krugman, the New York Times'influential columnist and MIT economics professor, comes out fighting, saying that the deal is a "disaster" and will "take America a long way down the road to banana-republic status ". Come on Krugman, stop sitting on the fence and tell us what you reallythink!
Larry Elliot in the liberal British newspaper The Guardianargues that the US has to rid itself of its addiction to debt .
The conservative Daily Telegraphclaims that this was a clear victory for the Tea Party and that they have proved that they "call the shots" in Congress.
While The Agein Australia says that the negotiations had shone an unflattering light on the "partisan and dysfunctional nature" of US politics and that the next financial crisis could be all the fault of the US.
A piece in the China Dailyquotes one Chinese economics professor calling for China to diversify its holdings out of the US dollar , which would be rather troublesome given the size of China's holdings in what is, for now, the biggest reserve currency in the world.
Monday, August 1 3.00 AM/ET: What's Going On In The Markets?
So, how will the news about the deal affect markets Monday and what will traders do first thing when they get to their desks?
After weeks of gloom, a relief rally is expected in the US.
Markets in Europe jumped after a month of fluctuations.
In the US stock futures were already on the rise last night.
Asian stocks rose as the news that a deal had been reached hit the markets.
On the other hand, gold, which has shot up because of its safe haven status in recent weeks, fell.
Oil rose more than $1 to over $118.
Monday, August 1 2.30 AM/ET: Monday Morning Wake-Up Call
After a tense weekend, there is now finally a debt deal on the table which leaders of both the Democrats and the Republicans can agree on. But what about those troublesome rank-and-file members, particularly the Tea Party Republicans whose stubbornness on this issue has made it look like they should be adapting the Democratic donkey as their emblem? Will Boehner be able to bring them into line before the crucial Tuesday deadline without further cuts to public spending?
Debt Deal's Prospects in House Uncertain
On CNBC Europe this morning, it's all anyone can talk about.
"This makes both sides look bad if it doesn't get through," Nick Carn, founder of Carn Macro Advisors, pointed out.
"This has to be regarded as a Republican victory in that it does put spending cuts very firmly back on the agenda."
"In the long run, the new big thing is smaller government."
"These things are all shadow-boxing to some extent. Even the numbers are all make-believe, as we all know, as governments don't use accrual accounting."
On the phone from San Francisco, Michael Yoshikami, founder of YCMNET Advisors, said: "The Democrats are going to approve this. More of a challenge is whether all the Republicans will move forward.
"This is a token first step. In the end, the US has much bigger difficulties than just the numbers that are being debated."
Sunday, July 31 9:30 PM/ET: Just Another Manic Monday
Tomorrow, the Senate is scheduled to come in at 1030am/et
- Republicans meet at 10a
- Democrats meet at 11a