Econ 101: July 28, 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.

  • House Republicans are moving ahead with a vote on Speaker John Boehner’s (R-OH) debt ceiling plan today “even though the legislation faces a White House veto threat and unanimous opposition among Senate Democrats.” [Associated Press]
  • In the next few days, the Treasury Department may release details of “who would get paid and how much in the event Congress does not approve any new borrowing authority by Aug 2nd.” [Politico]
  • Senior Democrats yesterday said that “the Aug. 2 deadline for raising the nation’s debt ceiling might not be as rigid a cutoff date as the administration has been saying.” [The Hill]
  • Wall Street bankers and executives “are complaining that the Federal Reserve is refusing to engage in scenario planning for a US downgrade or default.” [Financial Times]
  • Sixty-seven percent of those questioned in a new poll said “they would prefer that politicians focus on employment” instead of the deficit. [Bloomberg]
  • Education Secretary Arne Duncan yesterday “reiterated the Obama administration’s commitment to keeping the maximum Pell Grant at $5,550 in fiscal year 2012, although the grants are the main reason the Education Department’s requested budget has increased 20 percent since 2010.” [Inside Higher Ed]
  • Wall Street is upset that the Labor Department is moving ahead with rules that would require brokers who run retirement funds to only look out for the best interest of their clients. [Wall Street Journal]
  • “Foreclosures declined in more than 84% of U.S. metro areas during the first half of the year,” according to the latest data from RealtyTrac, “but that doesn’t mean these markets are staging a turnaround.” [CNN Money]
  • Mega-bank Goldman Sachs is hoarding aluminum in warehouses in Detroit, “creating a supply pinch for manufacturers of everything from soft drink cans to aircraft.” [Associated Press]
  • House Ways and Means Chairman Dave Camp (R-MI) said yesterday that a deal had been forged to move ahead on three pending free trade pacts, but “a Senate Democratic aide and the White House countered the statement, saying no deal has been crafted.” [The Hill]
  • Of the 12 Federal Reserve Districts surveyed by the central bank for its latest economic report, “just one reported an uptick in growth.” [The Hill]
  • Kentucky Attorney General Jack Conway (D) yesterday filed suit against the for-profit college chain Daymar Colleges, claiming that administrators “have consistently deceived students by making false promises about the ability to transfer course credits and have forced them to purchase textbooks and supplies at substantially marked-up rates.” [Huffington Post]