Econ 101: July 13, 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.

  • “Federal Reserve officials have formalized a plan for how the central bank will wind down” its efforts to combat the weak economy, but have yet to decide when to implement it. [Wall Street Journal]
  • Home-buyers are one again being offered loans with “the same conditions and catches critics say tripped up subprime borrowers five years ago.” [Wall Street Journal]
  • Speaker of the House John Boehner (R-OH) told House Republicans yesterday “that the far-reaching debt reduction agreement he discussed with President Obama ‘is no longer operative.’” [The Hill]
  • While both Speaker Boehner and Senate Minority Leader Mitch McConnell (R-KY) have endorsed a balanced budget amendment to the Constitution, “Boehner is pressing for the measure in the debt limit deal, while McConnell is not.” [The Hill]
  • Secretary of State Hillary Clinton argued yesterday “that continued U.S. government spending abroad was crucial to America’s economic growth and global leadership.” [McClatchy]
  • Sen. Carl Levin (D-MI) yesterday “introduced the latest version of his legislation to reduce tax abuse and avoidance by U.S. taxpayers, saying it could provided needed revenue for reducing deficits.” [Wall Street Journal]
  • More than 450 business leaders and groups, including the U.S. Chamber of Commerce, urged an increase in the debt ceiling, and “warned that even a technical default would not only throw financial markets into disarray but also increase the cost of mortgages, auto loans, credit cards and student loans.” [Reuters]
  • New York’s Attorney General “has asked for information about the $8.5 billion settlement agreed to late last month by Bank of America and representatives of 22 large investment firms holding soured mortgage securities, indicating that he may intervene to challenge the deal.” [New York Times]
  • The credit ratings agency Moody’s “cut Ireland’s credit rating to junk on Tuesday, warning that the debt-laden country would likely need a second bailout.” [Reuters]
  • How baseball can explain the debt ceiling deal. [National Journal]