President Obama waged class warfare on Monday when he announced a plan to narrow the budget deficit by increasing the minimum tax rate for those making more than $1 million a year. Republicans shot back, demanding instead that people without any money start paying taxes on that non-money. It's a classic rich vs. poor stalemate—one that Stephen Colbert attempted to solve on tonight's Report when he looked to the ground—six or so feet below it, actually—before suggesting a third party solution.

Despite rumors to the contrary, Treasury Secretary Tim Geithner will stay in his post through the campaign season. Not because he's good at his job, so much as because confirming anyone else would be a huge pain. [Politico]

It's only been one day since ratings agency Standard & Poor's downgraded the U.S. Government's credit rating from AAA to AA+, and already I've been forced to kill two people who tried to steal my food. And it could get worse! The agency says there's a one-in-three chance the U.S. will be downgraded again.

House Republicans proved that they hate Senate Majority Leader Harry Reid (D - Nev.) sufficiently by calling a vote and rejecting his debt ceiling proposal before the Senate even got a chance to vote on it. [NYT]

Vice President Biden appeared to fall asleep during President Obama's deficit reduction speech (so did the woman behind him). Not that we blame him! Numbers are hard, and the speech came right in that mid-afternoon sweet spot for naps.

As repayment for unemployment benefits he collected in 1964, retiree Dennis Ferguson is helping California close its "massive" deficit with a check made out to the state for $10,000. Just 2.5 million more old guys and they're all set!

The New York Times has created a nifty little online toy that allows you to create a plan to reduce the U.S. budget deficit, and see how much money it'll actually save. So, what's the secret?