Econ 101: August 3, 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.

  • The House yesterday passed a bill aimed at aiding those affected by America’s ongoing drought. [The Hill]
  • The drought may cost up to $20 billion in crop insurance. [CNN Money]
  • Bank of America disclosed yesterday that it has received subpoenas in the LIBOR rate rigging scandal. [Marketwatch]
  • The European Central Bank is still refusing to take new actions to boost the Eurozone economy. [Financial Times]
  • A bipartisan group of lawmakers is pushing Congress to take up a five-year farm bill that includes deep cuts to food stamps. [The Hill]
  • A high-profile cybersecurity bill was blocked in the Senate yesterday. [Washington Post]
  • The IRS may have lost billions to identity theft, according to Treasury Department investigators. [Associated Press]
  • The U.K. will miss its deficit target this year, as austerity continues to stifle growth. [Bloomberg]