Econ 101: September 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.

  • The White House yesterday proposed paying for its jobs bill by “limiting itemized deductions for families with taxable income of $250,000 or more a year, ending tax breaks for oil companies and corporate jet owners, and cutting out a tax break for investment-fund managers.” [Wall Street Journal]
  • President Obama will be “visiting a school undergoing a multimillion-dollar renovation to sell his proposal for creating more jobs. And it’s no coincidence that the school is in Ohio, the home state of House Speaker John Boehner, a critic of the president’s proposal to tax the rich to pay for his plan.” [Associated Press]
  • According to a new OECD report, the U.S. “is the only country among the G-20 members whose incoming workers are less educated than those retiring.” [Education Week]
  • House Majority Leader Eric Cantor (R-VA) yesterday “warned against a repeat of the spring showdown over spending that nearly shuttered the federal government, saying voters were in no mood for more political brinksmanship.” [The Hill]
  • This year, “the rate of increase for credit card debt has risen two-thirds compared to the same period last year, and it has increased 368 percent since two years ago. “ [Huffington Post]
  • Rep. Barney Frank (D-MA) is working on a bill “that would remove the votes of the five regional Federal Reserve presidents from the 12-member Federal Open Markets Committee (FOMC), which sets interest rates, and replace them with five appointees that would be nominated by the president and confirmed by the Senate.” [Huffington Post]
  • Foreign banks that have U.S. subsidiaries “are pushing for an exemption from new rules that would require them to submit ‘living wills’ to U.S. regulators outlining how they would be liquidated in the event of a failure.” [Wall Street Journal]
  • Senate Republicans “blocked an effort Monday by Senate Democrats to quickly pass a $7 billion aid package for victims of recent natural disasters like Hurricane Irene, tornadoes in the Midwest and the South and floods along the Mississippi, Missouri and other rivers.” [Associated Press]
  • A bipartisan deal reportedly reached in the House Transportation Committee, “would extend funding for the Federal Aviation Administration and federal highway projects through February.” The FAA’s funding is due to expire Friday, while the current surface transportation bill expires at the end of the month. [The Hill]
  • A securities analyst said yesterday that “fears of a possible impact of a European debt crisis on U.S. banks were overblown, with only Citigroup and JP Morgan Chase having a significant exposure to the crisis.” [Reuters]