Econ 101: February 14, 2012

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.

  • Senate Minority Leader Mitch McConnell (R-KY) declared President Obama’s budget “dead on arrival” in the Senate. [The Hill]
  • Moody’s downgraded the credit ratings of six European countries, including Italy, Portugal, and Spain, and changed its outlook on the United Kingdom and France to “negative.” [CNN Money]
  • House Republicans will offer a proposal to extend the payroll tax cut without offsets, backing down from previous demands. [New York Times]
  • The federal government may reach its debt limit right before the 2012 elections. [Huffington Post]
  • The Federal Housing Authority will exhaust its returns by the end of 2012, according to budget projections released Monday, but funds from the mortgage settlement could keep it from needing money from Treasury. [Wall Street Journal]
  • The Consumer Financial Protection Bureau outlined its first plans to regulate mortgage servicers Monday. [Washington Post]
  • The financial industry threw “one last roundhouse punch” at the Volcker Rule yesterday, just before the deadline for changes to it. [Wall Street Journal]
  • The former chairman of the Financial Crisis Inquiry Commission has stepped down from his position at a group seeking to profit off of distressed mortgages. [Reuters]