Econ 101: July 29, 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.

  • The Treasury Department “intends to wait and see how Congress plans to move ahead [with legislation to raise the debt ceiling] before getting into details of how it would prioritize expenses and make a $29 billion interest payment to bond holders on Aug. 15th.” [Politico]
  • House Republicans plan to meet at 10 a.m. today “to assess their options after they delayed a vote on their debt-ceiling bill [last night] due to a lack of support.” [Reuters]
  • The Federal Reserve plans to provide financial firms with guidance on “how to handle the potentially turbulent financial waters if the United States exhausts its borrowing authority.” [Reuters]
  • The CEOs of some of the nation’s largest banks “sent a letter to the White House and Congress on Thursday urging them to hurry up and reach a debt agreement.” [CNN Money]
  • Labor unions plan to run ads in the districts of eight Republicans, including House Majority Leader Eric Cantor (R-VA), criticizing their positions on raising the debt ceiling. [The Hill]
  • Business groups are considering filing lawsuits to block some aspects of the Dodd-Frank financial reform law. [Wall Street Journal]
  • The Obama administration has reached a deal with major auto manufacturers “to raise fuel efficiency standards for cars and light trucks between 2017 and 2025, resolving a contentious negotiation over how to cut vehicles’ greenhouse gas emissions.” [Washington Post]
  • The ratings agency Moody’s today put Spain on notice for potential downgrade, “adding to concerns that a Greek rescue package has done little to halt the spread of Europe’s debt crisis.” [Reuters]
  • The Senate Banking Committee will hold a hearing on Richard Cordray’s nomination to head the Consumer Financial Protection Bureau on Thursday. Republicans have vowed to filibuster any CFPB nominee. [The Hill]
  • Will Gorver Norquist’s anti-tax pledge hold? Maybe not. [BusinessWeek]
  • Sen. John McCain said last night that Speaker of the House John Boehner’s leadership of the GOP “is clearly at stake” in the debt ceiling debate. [NBC’s Chuck Todd]
  • States across the country “are bracing for plummeting high school graduation rates as districts nationwide dump flawed measurement formulas that often undercounted dropouts and produced inflated results.” [Associated Press]
  • Advocates are pressing lawmakers to preserve K-12 education funding in any debt ceiling deal. [Education Week]