What you need to know to navigate today's most critical debates.

How to impress the bond markets (Guardian)
Dean Baker suggests that instead of gutting Social Security and Medicare, we could save hundreds of billions of dollars by cracking down on Wall Street firms, pharmaceutical companies, and insurers.

Zombies Have Already Killed the Deficit Commission (NYTimes)
Paul Krugman takes aim at the head of the deficit commission for spreading debunked lies about the impending bankruptcy of Social Security.

The country's behind a climate bill (LA Times)
Polls show that the public supports government action on climate change, even if it doesn't understand the specifics. Isn't this a perfect opportunity for some presidential leadership?

Who will succeed Peter Orszag? (WaPo)
The White House's budget director will be stepping down in July, and Ed O'Keefe has rounded up a list of potential replacements.

Dead on Arrival: Financial Reform Fails (Baseline Scenario)
For the pessimists among us, Simon Johnson argues that the FinReg bill is practically worthless for reducing systemic risk.

Disappointing Finance Bill Still Has Issues Worth Fighting For (Truth Out)
For the optimists, Kevin Zeese argues that the bill makes substantive progress on derivatives, capital requirements, and consumer protection.

Swipe Fee Deal: Merchants Beat Wall Street (HuffPo)
Lobbyists caved on regulation of most swipe card fees, but they carved out an exception for prepaid debit cards and excised a provision that would have allowed merchants to offer discounts for using certain cards.

Consumer agency will clarify financial products' costs, terms (MarketWatch)
ND20 contributor Elizabeth Warren says that the new agency won't eliminate the need for personal responsibility and smart financial planning, but it will help to ensure that the game isn't rigged against consumers.

U.S. indirectly paying Afghan warlords as part of security contract (WaPo)
Congress can't find the money for an extension of unemployment benefits, but billions of our tax dollars are being used to bribe groups like the Taliban.

When Greatness Slips Away (NYTimes)
Bob Herbert wonders how we went from a country inspired by challenges to one that throws its hands up in despair on almost every major issue.

The high price of homelessness (Guardian)
States and cities are cutting funds for affordable housing in order to achieve short-term deficit reduction, but they're overlooking the long-term cost of funneling the homeless into emergency shelters.

What to do about the doc fix? (WaPo)
Ezra Klein examines the need for a permanent fix to Medicare's dysfunctional Sustainable Growth Rate, and why it's easier for Congress to keep passing the buck.

A Bruise on the First Amendment (NYTimes)
The Supreme Court voted to uphold a vague PATRIOT Act provision that criminalizes association with terrorist groups, raising issues for lawyers, journalists, and others who choose to represent or study such organizations.

Watching Commercials: Your Civic Duty (MoJo)
Conservative pundit Ira Stoll has ferreted out yet another anti-capitalist liberal outrage: Suggesting that parents should talk to their children instead of devoting their full attention to network TV advertisements.

What you need to know to navigate today's most critical debates.

That '30s Feeling (NYTimes)
Paul Krugman argues that deficit hawks in Germany and the U.S. have no coherent rationale for their spending cuts, but they're still bound and determined to bring on the pain.

Democrats should show a little pride and purpose (WaPo)
Why have midterm elections in November if the Democrats are ready to declare defeat by June? E.J. Dionne believes that the historic achievements of the last 17 months are something to brag about, not slink away from.

Against Despair (Democracy Journal)
Michael Tomasky offers an in-depth comparison of President Obama's record with the legacies of FDR and LBJ and cautions that meaningful progress has never been easy or instantaneous.

Lawmakers say questions remain after BP chief's testimony (CNN)
BP CEO Tony Hayward testified before Congress yesterday, and Rep. Joe Barton, who clearly has his finger on the pulse of public opinion, took the opportunity to apologize for making BP pay for destroying the Gulf of Mexico.

Ripping the populist mask off GOPBP (Salon)
Joe Conason argues that we shouldn't be surprised when Republicans like Barton decide to shill for Big Oil -- they're just doing what comes naturally.

No Clear Path Forward After Jobs Bill Fails Again In Senate (HuffPo)
Ben Nelson and Joe Lieberman joined Republicans to block the jobs bill from coming to a vote, because they can't even pretend to care about 10 percent unemployment.

The Growing Push to Impose a Transaction Tax (NYTimes)
Taxing certain types of speculation at a fraction of a percentage point could raise upwards of 170 billion dollars a year, which would be helpful if deficit hawks actually showed any interest in generating new revenue.

The Breakup (TNR)
Noam Scheiber examines the complex relationship between President Obama and JP Morgan CEO Jamie Dimon and explains why they've gone the way of Al and Tipper.

Too Young Not to Work But Too Old to Work (Washington Independent)
Annie Lowrey notes that Americans over 55 have been hit hardest by the recession and face the biggest obstacles (including rampant age discrimination) to finding new jobs. Worst of all, there isn't much they can do about it.

Robbing the Poor to Give Air Miles to the Rich (MoJo)
Kevin Drum thinks it's time to put a stop to exorbitant overdraft and interchange fees and ensure that everyone knows exactly what price they're paying for their debit card use.

Opportunity knocks, but America probably won't listen (WaPo)
Ezra Klein argues that a drastic overhaul to the health care system is the key to deficit reduction in the U.S., but it appears almost impossible after the bruising battle for President Obama's modest reforms.

Wall Street's Do-Gooder Summer (NY Observer)
The big banks hope to burnish their reputations with philanthropic work and old-fashioned community outreach, like creating themed decorations for the blind and dumping children in filthy ponds.

What you need to know to navigate today's most critical debates.

From the Oval Office (NYTimes)
President Obama's televised address on the Gulf oil spill offered reassurances and the skeleton of a plan. Now it's up to him to add meat to the bones.

Obama's "Fireside Chat" -- FDR or Jimmy Carter? (HuffPo)
By laying out modest ambitions in a moderate tone, President Obama tried to avoid a repeat of Jimmy Carter's "malaise," but his speech lacked the personal connection and steely resolve of FDR's chats with the nation.

Arizona immigration law may increase Phoenix foreclosures (Arizona Republic)
Real estate analysts speculate that driving entire ethnic groups out of the state just might have some unfortunate consequences.

Wall Street Lobbyists Feeling Left Out (Washington Monthly)
Lobbyists were so sure they could rewrite finreg behind closed doors, and now it seems like no one will listen to them. Doesn't it break your heart?

Are Obama and progressives on the outs? (WaPo)
Katrina vanden Heuvel argues that progressive groups are trying to save Obama's presidency, but his administration seems less than grateful.

Supporting Older Americans (NYTimes)
America's population is getting grayer, and its working population is getting smaller -- which is exactly why we should be welcoming new blood.

In jail for being in debt (Star Tribune)
Debtors' prisons were eliminated almost 200 years ago in the U.S., but some states are still helping collection agencies hunt down and incarcerate people who fall behind on their bills.

The wrong medicine for a bad economy (Salon)
It turns out that promising to institute budget cuts that will be more painful than an ax to the head isn't very reassuring.

China's workers learn to speak up -- but carefully (WaPo)
Younger, better-educated workers are leading spontaneous strikes against inequality and wage suppression, but independent unions aren't in the cards for now.

Focus on National Security (Fiscal Times)
Bruce Bartlett notes that some conservatives are starting to see the wisdom of cutting defense spending, though hardcore hawks still want a bigger Pentagon.

Scenes from the Reagan Cult (TNR)
While progressives try to honor FDR's legacy and build on his accomplishments, many conservatives would like to get in a time machine and travel back to 1984.

Psychoanalyzing the Tea Partiers (MoJo)
Kevin Drum thinks it's time to stop treating the Tea Party like a new phenomenon and acknowledge that every Democratic president since FDR has attracted the same kind of bitter opposition.

"Don't tease the panther": An exclusive look at Glenn Beck's The Overton Window (Media Matters)
If you haven't had time to read Beck's new magnum opus but you want details on the vast left-wing conspiracy to frame the Tea Party for nuking Las Vegas, Media Matters provides a helpful summary.

What you need to know to navigate today's most critical debates.

Obama to Demand Vast Fund from BP for Victims' Claims (WaPo)
In a speech from the Oval Office on Tuesday night, President Obama will announce that he plans to establish a multi-billion dollar fund and an independent mediator to cover damages and clean-up costs for the Gulf oil spill.

Why Section 716 is the Indispensable Reform (Baseline Scenario)
Jane D'Arista explains why spinning off prop desks is essential to shrinking the outsized derivatives market and ending the era of government-backed risk.

Europe embraces the cult of austerity -- but at what cost? (Guardian)
In the wake of the Greek debt crisis, the G20's sharp turn toward fiscal conservatism has left the European public and their allies in the U.S. with a bad case of whiplash.

Does Fiscal Austerity Reassure Markets? (NYTimes)
Deficit hawks claim that harsh fiscal retrenchment will soothe market fears, but as Paul Krugman demonstrates with a comparison of Spain and Ireland, repeating an argument often enough doesn't make it true.

Get it Right! (TNR)
In an interview with E.J. Dionne, Lawrence Summers argues that deficit-wary Democrats must realize that getting Americans back to work is their top priority. Otherwise they would be Republicans.

A Tennessee Valley Authority for the Gulf Coast? (Washington Independent)
With employment stalled and Deepwater still gushing, the Obama administration may be considering a major public works project to help rebuild the battered Gulf.

Britain should back down over BP (FT)
BP is a major player in Britain's stock market, but sticking up for the oil giant won't stir any sympathy among Americans.

Shill, Baby, Shill (The Nation)
Chalk another one up for corporate advertising: We may all be skeptical of BP's current PR campaign, but they pulled the wool over our eyes for years with little more than bright colors and a catchy beat.

Don't Blame the Dream of Homeownership (HuffPo)
Robert Kuttner argues that it's time to stop blaming the subprime crisis on innocent homeowners and start blaming the financial sharks who perverted government programs that had been working effectively since the days of FDR.

Obama Presses for Aid to Cities and States (NYTimes)
Without more aid to states, hundreds of thousands of teachers, firefighters, police officers, and other public employees will be laid off this year, which could create both an economic downturn and a generation of illiterate arsonists.

Left-Right Defense Wonk Coalition Looks to Cut $960 Billion from Bloated Pentagon Budget (Washington Independent)
A panel of experts has determined that the Pentagon could save almost a trillion dollars if it stopped spending money on tools it doesn't need and missions it shouldn't undertake. That sounds much too logical for Congress to go along with it.

Growth and the Right (NYTimes)
A new study shows that economic stagnation breeds support for extreme right-wing groups and nationalist parties, but voters move quickly back to the left when times are good. In other words, Scott Brown may want to keep his pick-up idling.