BREAKING: ABC News’ Jonathan Karl is reporting tonight that the Obama White House and Republicans have struck a tentative deal to increase the Debt Ceiling before the August 2 deadline set by President Obama:

ABC NEWS - ABC News’ Jonathan Karl reports:

ABC News has learned that Republicans and the White House have struck a tenative deal to raise the debt ceiling before the Aug. 2 deadline. It’s not done yet, but here is the framework of the tentative deal they have worked out, according to a source familiar with the negotiations:

- Debt ceiling increase of up to $2.8 trillion

- Spending cuts of roughly $1 trillion

- Vote on the Balanced Budget Amendment

- Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase)

- Committee must make recommendations before Thanksgiving recess

- If Congress does not approve those cuts by late December, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare.

UPDATED 11:13 PM ET: ABC News has added that a “Vote on the Balanced Budget Amendment” is also included in the tentative deal. The White House is now saying no deal has been struck – that talks are ongoing.

Here is video of Patricia Powell, founder and CEO of the Powell Financial Group, appearing on Fox News today, where she advised Americans to have cash on hand in the event there is no deal on the Debt Limit by August 2. Powell suggested people should have “$1,000″ in cash, because there is an outside chance people could have trouble accessing their credit.

“For most of us, if we had $1,000 in bills in our drawer, we would be fine. I don’t expect you’re going to need them. But you know what? If you need them, it’d be nice to have.”

Via The Daily Caller

UPDATE: 8/5/11 – Watch Rubio Deliver His Own “A Time for Choosing Speech” to Young Conservatives – Complete Video 8/2/11

Absolutely incredible.

Here is video of GOP Sen. Marco Rubio giving a truly impassioned speech on the Senate Floor today, where he issued a call to Democrats to “save the country” along with Republicans by “seeking solutions” to the core problem America faces: Spending. Rubio said raising the debt ceiling is the “easiest” thing to do right now. Getting the spending under control is the real problem that must be dealt with.

Rubio also allowed Democrat Sen. John Kerry to interrupt him with some questions, which he handled with great ease (around the 7-minute mark of the video).

Marco Rubio is a gifted speaker. Republicans, and even more importantly, the nation, has a bright future with him.

Via The Powers that Be

Here is video of Democrat House Minority Leader Nancy Pelosi losing it on the House Floor today, calling House Speaker John Boehner’s Debt Limit Bill, “perfectly absurb,” and then saying Boehner had “gone over to the dark side.”

Pelosi was speaking for the Reid Bill – which went down to defeat by a wide margin after Pelosi’s speech. When Republican David Drier tried to get Pelosi to yield, she shouted, “I will not yield.”

Pelosi is a complete lunatic. Democrats need to keep putting Nancy Pelosi and Harry Reid out front. Obama should take them around the country with him to campaign all through 2012. The more Americans hear Nancy Pelosi, the bigger Obama’s defeat will be!

Here is video of the U.S. House announcing the Harry Reid Debt Limit Plan was rejected by a vote of 173-246. The vote required a 2/3 Majority of the House to suspend the rules and call the bill up to the floor for consideration. It only got 173 votes – not a majority, much less a 2/3 majority. The House has adjourned for the day and will return tomorrow, though no votes are expected tomorrow.

A hint at his impending announcement for President? Here is Rick Perry speaking to Colorado Conservatives where he said it was good to be in Denver – “the mile high city” – “particularly when you’re headed into a conflict.”

Watch the complete speech.

Here is complete video of Texas Gov. Rick Perry speaking at the Western Conservative Summit in Colorado yesterday, where he challenged his listeners to join him in “restoring the nation’s principles,” and “lighting the way for millions adrift in a sea of economic misery.” Perry sounded very much like a man ready to enter the 2012 Presidential race, asking, “If we don’t, who will? If not now, when?”