Econ 101: September 9, 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.

  • Economists “offered mainly positive reviews of President Barack Obama’s $447 billion plan to stimulate job creation,” and predicted “it would put hundreds of thousands of people back to work next year, mainly because a Social Security tax cut for workers would be deepened and extended to small businesses.” [Associated Press]
  • By a 45 to 52 vote, the Senate last night “failed to advance a resolution that would have disapproved of a pending $500 billion increase in the nation’s debt ceiling.” [The Hill]
  • Federal regulators are reportedly “nearing a settlement with Fannie Mae and Freddie Mac over whether the mortgage finance giants adequately disclosed their exposure to risky subprime loans, bringing to a close a three-year investigation.” [New York Times]
  • A bipartisan group of senators “met privately this week to revive hopes of a grand debt-cutting bargain — exploring how to push the newly formed debt “supercommittee” to find far more than its assigned goal of $1.5 trillion in deficit reductions.” [Washington Post]
  • The Senate yesterday passed a patent reform bill “touted by lawmakers as important for creating jobs and encouraging innovation.” However, “patent experts said that the bill had been so watered down after years of debate and lobbying that it will do little to repair the country’s dysfunctional patent system — and is unlikely to spur much job growth.” [Washington Post]
  • Under the jobs plan unveiled yesterday by President Obama “the nation’s unemployment benefits system would undergo extensive changes, in what the administration said would be “the most sweeping reforms to the unemployment insurance system in 40 years.” [CNN Money]
  • Sen. Jon Kyl (R-AZ) threatened to resign as a member of the fiscal super-committee yesterday if the panel comes up with cuts to defense spending that he deems as too deep. [Reuters]
  • International Monetary Fund Managing Director Christine Lagarde said yesterday that “policymakers in advanced economies should use all available tools to boost growth,” calling for action in order to get past a “dangerous new phase” of recovery. [Reuters]
  • Under a plan before the House Judiciary Committee, “Half a million foreign farmworkers could gain visas annually.” [McClatchy]