Posted by Ryan Faughnder
For Marketplace Morning Report, Fri., July 29, 2011
The delay of the House vote on Speaker John Boehner's debt-reduction plan throws the U.S. into an economic "Twilight Zone." Some former Treasury officials say there's no real point to having the debt ceiling, anyway. Is the delay about procrastination? Not exactly, say human behavior analysts. Then we explore how the debt ceiling debate has severe economic implications for states.
Oil company profits were high this quarter, but not as high as expected. Bob Moon reports on why. China has been taking the U.S. to task for so far failing to make an agreement on the debt, but it's not as if China is likely to stop investing in the America's economy. Debt crises are happening all over - even in Egypt. Tracy Samuelson reports on food truck owners trying to expand into the non-mobile restaurant business. The U.S. unveils new fuel economy standards and Europe is not happy.
Jill Schlesinger helps make sense of today's depressing GDP figures. But hey, it's not as bad as the Great Depression. John Steele Gordon puts things in historical perspective. And a lot of people are scared of a government credit rating downgrade, but surprisingly, not Fannie Mae.
Please visit our "Raising the Debt Ceiling" interactive graphic.
Here are the songs we played: