Econ 101: January 2, 2013

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 bill passed by the House last night to avert the so-called “fiscal cliff” will raise taxes on the wealthiest Americans for the first time in 20 years. [Wall Street Journal]
  • House Republican leaders chose to adjourn Congress for the year without voting on aid for the victims of Hurricane Sandy. [Associated Press]
  • Banks and federal regulators are reportedly working towards a $10 billion settlement that will stop reviews of foreclosure fraud cases. [Wall Street Journal]
  • 10 states are facing legal challenges over their level of education funding. [Washington Post]
  • Small business borrowing rose slightly in November. [Reuters]
  • The Chicago teachers’ union sued the city, alleging that recent layoffs have disproportionately affected African-American teachers. [Education Week]