Econ 101: July 6, 2011

Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.

  • In a short statement yesterday, President Obama “rejected calls for a short-term increase in the legal limit on government borrowing and summoned congressional leaders to the White House to restart negotiations over a long-term plan to restrain the deepening national debt.” [Washington Post]
  • Gov. Dan Malloy (D) signed legislation yesterday making Connecticut the first state in the nation to require that workers receive paid sick days. [Wall Street Journal]
  • House Republicans today plan to “present a long-term transportation bill expected to cut funding for highways and mass transit by almost one third.” [Washington Post]
  • Due to state and local budget cuts, “thousands of school districts across the nation are gutting summer-school programs, cramming classes into four-day weeks or lopping days off the school year, even though virtually everyone involved in education agrees that American students need more instruction time.” [New York Times]
  • U.S. shareholders took advantage of new powers granted to them by the Dodd-Frank financial reform law “to stage protest votes over executive pay during this year’s annual meeting season.” [Financial Times]
  • The nation’s mega-banks “are balking at a proposed plan they argue gives regulators too much power to snatch back executives’ pay if their institutions fail.” [Reuters]
  • U.S. and Chinese officials will reportedly “meet next week to discuss giving American securities regulators the right to investigate companies within China for the first time.” [Bloomberg]
  • WIll Rep. Thaddeus McCotter (R-MI) disavow his pro-labor record now that he’s running for President? [The Hill]
  • According to a report released by Fitch Ratings yesterday, several industries, including the software industry, are facing shortages of skilled workers. [Huffington Post]
  • In response to several states saying that they intend to ignore requirements under No Child Left Behind, Education Secretary Arne Duncan warned yesterday that he will enforce the “broken” law. [Education Week]
    • Phillip Wolgin and Angele Kelly take a look at the fiscal impact of state level anti-immigration legislation. [Center for American Progress]