Econ 101: August 3, 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.

  • President Obama yesterday signed into law the debt limit deal passed by Congress, “and submitted a formal request to Congress to lift the $14.3 trillion debt ceiling, instantly giving Treasury $400 billion in additional borrowing power.” [Washington Post]
  • Both Moody’s and Fitch Ratings yesterday “affirmed their AAA credit ratings for the U.S. while warning that downgrades were possible if lawmakers fail to enact debt reduction measures and the economy weakens.” [Bloomberg]
  • Republican leaders have vowed not to appoint anybody to the special committee created by the debt ceiling deal who will consider tax increases, “prompting Democrats to threaten a hard line against cuts to Social Security and Medicare benefits.” [Washington Post]
  • “With their incomes barely rising, Americans spent less in June and saved more money,” according to the latest data from the Commerce Department. [Marketwatch]
  • According to the latest data from, “the number of homes listed for sale declined sharply in a number of U.S. cities during the second quarter, offering glimmers of hope that some housing markets are starting to recover.” [Wall Street Journal]
  • Sens. Carl Levin (D-MI) and Chuck Grassley (R-IA) have proposed legislation that “would force states to make sure they have up-to-date information on corporations and limited liability companies, a move they say would help law enforcement agencies fight a host of crimes” and crack down on shell companies. [The Hill]
  • Sen. Mark Udall (D-CO) predicted yesterday that “his proposed balanced budget amendment to the Constitution, which contains a poison pill for the GOP, would get a vote in the Senate by the end of the year.” [Roll Call]
  • Bank of America has reportedly “told state and federal officials that it wants protection against future litigation relating to mortgage servicing and in exchange is willing to reduce the amount owed by some of its troubled borrowers.” [CNBC]
  • A former UBS banker was indicted by the U.S. yesterday “for selling offshore tax-evasion services to wealthy Americans, the latest evidence of a rapidly-hardening U.S. approach toward Swiss banking.” [Reuters]