"What they did is what happens when panic sets in after they lose a Mississippi House seat, " he said, referring to the Democratic victory Tuesday night in a special election for what had been a staunchly Republican congressional district.

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And the bipartisan nature of this settlement and the outstanding work that these state attorneys general did is a testament to what happens when everybody is pulling in the same direction.

WHITEHOUSE: President Obama Speaks on Landmark Housing Settlement with Banks | The White House

At the same time, it became clear that the lock-box was popular with voters, who decided they did not want their contributions frittered away on current spending (no one pointed out that in fact this is not what happens: the budget debate does not affect the rights of pensioners or the status of the trust fund).

ECONOMIST: Budget making