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Econ 101: September 15, 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.

  • President Obama’s latest deficit reduction plan, which the White House plans to roll out next week, “will leave out changes to Social Security.” [Wall Street Journal]
  • According to new data from RealtyTrac, “default notices sent to delinquent U.S. homeowners surged 33 percent in August from the previous month, a sign that lenders are speeding up the foreclosure process after almost a year of delays.” [Bloomberg]
  • The Labor Department has ordered Bank of America to “pay $930,000 to an employee who uncovered fraud at Countrywide Financial Corp. and was fired in violation of whistleblower protections.” [Bloomberg]
  • House Republicans yesterday moved ahead “with a stopgap spending bill to keep the government operating though mid-November and provide upward of $3.65 billion in short-term federal assistance to replenish strained disaster reserves.” Senate Democrats have been pushing for significantly more disaster aid. [Politico]
  • “Sitting on massive piles of cash and searching for investments that promise decent returns,” U.S. banks have been making riskier loans. [Wall Street Journal]
  • According to the latest data from the College Board, “SAT reading scores for graduating high school seniors this year reached the lowest point in nearly four decades, reflecting a steady decline in performance in that subject on the college admissions test.” [Washington Post]
  • Mega-manufacturer Boeing “is not endorsing a House Republican bill limiting the National Labor Relations Board’s (NLRB) powers, even though the company’s dispute with the agency provoked the legislation.” [The Hill]
  • A Senate subcommittee yesterday approved “a boost in funding for the nation’s financial market regulators overseeing the implementation of the Dodd-Frank act.” The House has, thus far, been unwilling to appropriate funds to implement Dodd-Frank. [The Hill]

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