As the political soap opera concerning the Debt Ceiling Negotiations, which I have dubbed As the Stomach Turns, continues, Americans wake up this morning to the following developments, per foxnews.com:

The White House and Republican congressional leaders made significant progress toward a deal to avert a potentially catastrophic first-ever government default threatened for early next week, according to officials familiar with the talks.

Under a plan negotiated late Saturday night, the nation’s debt limit would rise in two steps by about $2.4 trillion and spending would be cut by a slightly larger amount, the officials said. The first stage — about $1 trillion — would take place immediately and the second later in the year.

Congress would be required to vote on a balanced budget amendment to the Constitution, but none of the debt limit increase would be contingent on its approval. The officials who described the talks did so on condition of anonymity, citing their sensitive nature.

President Barack Obama is seeking legislation to raise the government’s $14.3 trillion debt limit by enough to tide the Treasury over until after the 2012 elections. He has threatened to veto any legislation that would allow a recurrence of the current crisis next year but has agreed to Republican demands that deficits be cut — without tax increases — in exchange for additional U.S. borrowing authority.

Without a compromise in place by Tuesday, administration officials say the Treasury will run out of funds to pay all the nation’s bills. The subsequent default could prove catastrophic for the U.S. economy by causing interest rates to rise and financial markets to sink, sending shockwaves around the world, they say. With financial markets closed for the weekend, lawmakers had a little breathing room, but not much. Asian markets begin opening for the new work week when it is late Sunday afternoon in the U.S. capital.

“There is very little time” Obama said Saturday in his weekly radio and Internet address. He called for an end to political gamesmanship, saying “the time for compromise on behalf of the American people is now.”

One official commenting on the late night negotiations said the two sides had settled on general concepts, but added there were numerous details to be worked out — and no assurance of a final agreement.

In other words:  same ‘ol, same ol’.

As polls published over the last couple of weeks have shown, Americans are downright disgusted with their elected representatives:

Per bloomberg.com:

A Washington Post-ABC News poll of 1,001 Americans showed 45 percent “strongly disapprove” of the way Obama is handling the budget deficit. The July 14-17 survey showed 77 percent said Republican leadership has been not willing enough to compromise on the issue.

A CNN/Opinion Research Poll July 18-20 found that 54 percent of people disapproved of the way Obama is handling his job, compared with 46 percent in an April 29-May 1 poll. The survey showed 55 percent had an unfavorable opinion of the Republican Party, compared with 48 percent in a March 11-13 poll. The poll showed 49 percent had an unfavorable opinion of the Democrats, compared with 48 percent in the March poll.

And, a recent poll by gallup.com on the handling of the Debt Ceiling Negotiations, gives a fairly clear picture as to how Americans feel about these “so-called” leaders:

President Obama’s 41% approval rating on handling the situation is 10 percentage points higher than Boehner’s and 18 points higher than Reid’s. However, more Americans have an opinion about Obama’s handling of the situation than is the case for the other two men, so when those with no opinion are factored out of the results, Obama’s advantage is lessened. Among those with an opinion about his handling of the situation, the president has 44% approval and 56% disapproval, compared with 39% and 61% for Boehner and 31% and 69% for Reid.

One notable challenge for Speaker Boehner is rank-and-file Republicans’ relatively low level of support for his handling of the situation. Half of Republicans approve of Boehner’s handling of the debt crisis, compared with 75% of Democrats who approve of Obama’s handling. Reid does worst of all among rank-and-file identifiers with his own party, receiving 36% approval among Democrats (36% of Democrats also disapprove of Reid’s handling the situation, with the remainder not having an opinion.

However, even though Obama is slightly ahead of Reid and Boehner in his handling of the Debt Ceiling situation, his overall approval ratings are sinking like the Titanic.  As of Friday, July 29th, 2011, again, according to Gallup:

President Obama’s job approval rating is at a new low, averaging 40% in July 26-28 Gallup Daily tracking. His prior low rating of 41% occurred several times, the last of which was in April. As recently as June 7, Obama had 50% job approval.

Obama’s approval rating averaged 46% in June and was near that level for most of July; however, it has stumbled in the past few days, coinciding with intensification of the debt ceiling/budget battle in Washington.

…Obama’s job approval rating among Democrats is 72%, compared with 34% among independents and 13% among Republicans. In the prior three weeks, his average approval rating was 79% among Democrats, 41% among independents, and 12% among Republicans.

That poll by Gallup explains the release of this work of fiction, In Debt Limit Showdown, Obama Edges to the Right, by the New York Times’ Jackie Calmes:

However the debt limit showdown ends, one thing is clear: under pressure from Congressional Republicans, President Obama has moved rightward on budget policy, deepening a rift within his party heading into the next election.

Entering a campaign that is shaping up as an epic clash over the parties’ divergent views on the size and role of the federal government, Republicans have changed the terms of the national debate. Mr. Obama, seeking to appeal to the broad swath of independent voters, has adopted the Republicans’ language and in some cases their policies, while signaling a willingness to break with liberals on some issues.

Yeah, right, Ms. Calmes.  And I’m a 22-year-old Dallas Cowboy Cheerleader named Buffy.

Where Do You Go Beyond Disgusted?

How about Revulsion?

I’m there.  How about you?