Econ 101: July 20, 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.

  • The House yesterday approved the Republicans’ radical “cut, cap, and balance” plan by a vote of 234-190; the legislation is extremely unlikely to pass the Senate. [New York Times]
  • The House will vote today on legislation aimed at weakening the nascent Consumer Financial Protection Bureau. [Reuters]
  • Minnesota’s legislature began a special session yesterday afternoon “to consider a budget compromise brokered by Democratic Governor Mark Dayton and Republican leaders to end a nearly three-week government shutdown.” [Reuters]
  • Speaker of the House John Boehner (R-OH) said yesterday “that a $3.7 trillion deficit-reduction plan from the Senate’s Gang of Six appears to fall short of goals set by House Republicans.” [The Hill]
  • An overwhelming majority of voters in a new poll “want oversight of financial firms and reforms to take effect as soon as possible, including the creation of a consumer protection bureau. ” [The Hill]
  • Due to the recession, “more people are moonlighting — working a full-time job plus another job — to pay for necessities or to hedge against possible layoffs and pay cuts.” [McClatchy]
  • “Housing starts rose more than expected in June to touch a six-month high and permits for future construction unexpectedly increased,” according to new data from the Commerce Department. [Reuters]
  • “Western states hit hardest by the housing crisis are feeling the greatest economic stress two years after the recession ended,” according to an Associated Press analysis. [Associated Press]
  • 36 states and the District of Columbia “have told the U.S. Department of Education that they want to compete for $500 million in new Race to the Top money that is designed to spur improvements in early-childhood programs.” [Education Week]
  • During a hearing yesterday, business lobbyists pressed the National Labor Relations Board to scrap new rules that would speed up union elections [The Hill]
  • “Banks may launch lawsuits if a euro zone bank levy is imposed on the industry to help fund a rescue of Greece,” claiming that the tax “would unfairly punish banks not exposed to the country.” [CNBC]