A common mistake is claiming that the Affordable Care Act will bring “universal health care” to the United States. Ryan Lizza’s makes this claim in his defense of President Obama at the end of his long story in the New Yorker, but insurance is not care, and the ACA’s insurance coverage isn’t universal.

There is a widely believed myth that a Republican Senate could not use reconciliation to repeal most of the provisions of the Affordable Care Act. But that view ignores the history of how the reconciliation rules have been used, as well as the ability of a Senate majority to interpret or change its rules.

Today sees the rise of two key studies that reveal some fundamental truths about how an economy works, which are best looked at together. First, the CBO studied the question of how full employment would reduce the deficit. “Full employment” is defined here as a projection of what would happen if there wasn’t an “underutilization of capital and labor resources in the economy.” That’s pretty bloodless wonk-speak, but it means that the economy would be working to produce maximum output without idle labor sitting around collecting unemployment check. The unemployment rate they cite as the “full employment” rate is 5.2%. CBO estimates that the deficit would be 1/3 lower in 2012 as a result. This would result from an increase in tax revenue from higher employment, as well as a reduction in those qualifying for unemployment insurance and other social services.

Why 11 Democratic Senators and not 50 (all of them, less the three on the Super Committee) signed this effort spearheaded by Jeff Merkley is beyond me, but if more sign on it could be a crucial factor in actually pivoting away from deficit talk and toward jobs.

The CBO is up with a report today showing that the stimulus is responsible for 2.9 million jobs – a show of strength for the $787 billion program.

The latest long term budget projections from the Congressional Budget Office assume that unemployment will be very high for years to come.

As the chart shows the interest to GDP ratio is currently at a crushing 1.3 percent, near the post World War II low. However this figure overstates the burden somewhat. Last year the Federal Reserve Board refunded almost $80 billion to the Treasury. This was interest earned on government bonds and other assets it now holds. That leaves a net interest burden of 0.8 percent of GDP, by far the lowest of the post World War II era.

The Congressional Budget Office is out with a new report about the projected long term solvency of Social Security. The report reaffirms the basic fact that it will be roughly 27 years until the Social Security Trust Fund is exhausted.

There is a chance, if the economy slows, that a $2.1 trillion debt ceiling increase won’t be large enough to take us past the 2012 election. Even if this deal passes, we may see a repeat of this debt ceiling fight right in the middle of the election season.

The Senate Dems are careful to lay out really the only objection, the only actual difference, between the Reid and Boehner bills: one raises the debt limit by $2.7 trillion up front, and the other only raises it by $1 trillion. That’s it. Boehner’s plan can’t pass the Senate and has drawn a veto threat. Reid’s plan can probably get a majority in the Senate, but might not be able to clear a filibuster. In the House, it would probably get a lot of Democratic support, but Boehner wouldn’t bring it to the floor in its current form.