Econ 101: July 15, 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.

  • Congressional negotiators and the administration held a “polite but inconclusive session that covered familiar ground and made no headway” towards brokering a debt ceiling deal last night. [New York Times]
  • The Obama administration has been “privately exploring with major banks and foreign investors whether the government could devise a way to avoid a severe disruption in financial markets if the federal debt ceiling is not raised.” [Washington Post]
  • In a poll conducted by Quinnipiac University, “a plurality of registered voters said congressional Republicans are to blame in the event the debt ceiling is not raised.” [Huffington Post]
  • Recently released government data suggests that layoffs were “the primary cause for rising unemployment in May and June,” though economists warn that “it remains too early to assert this with certainty.” [Huffington Post]
  • Credit Suisse “is the target of a U.S. investigation into hidden Swiss offshore accounts for wealthy Americans, making the Zurich-based bank the latest to be ensnared into a crackdown on foreign banks suspected of aiding tax evasion and tax fraud.” [Wall Street Journal]
  • Federal Reserve Chairman Ben Bernanke yesterday “rejected various alternatives to raising the country’s borrowing limit.” [Washington Post]
  • The Minnesota legislature and Gov. Mark Dayton (D-MN) announced yesterday “that they had, at last, reached a deal on the state’s budget, bringing what is expected to be a swift reopening of government services.” [New York Times]
  • “Lender delays in processing home- loan defaults will push as many as 1 million U.S. foreclosure filings from this year to 2012 or beyond, casting an ‘ominous shadow’ on the housing market,” according to the latest data from RealtyTrac. [Bloomberg]
  • The results of a stress test of European banks are “expected to show that as many as 15 lenders need more capital to withstand a prolonged recession, with criticism growing that the tests do not encompass the impact of a Greek default.” [Reuters]
  • White House Chief of Staff Bill Daley said last night that “the White House could send a free trade agreement with Korea with a worker retraining program to Congress ‘very soon.'” [The Hill]