And news that Washington has finally reached a deal, averting a potentially catastrophic debt default, is drawing a mixed reaction from the rest of the world.
NPR's Philip Reeves, in London, is watching the markets for us.
PHILIP REEVES, BYLINE: We all know that, at times, the markets can be panicky and irrational. Yet, during this crisis, they held their nerve. Analysts say traders were always pretty confident there would be a last-minute deal. This time, they were right.
We have been reporting for several weeks now on small businesses in America. Today, we explore a business system where entrepreneurs and corporations come together: franchising. Franchising is a bit like marriage. It takes a good long-term relationship to succeed.
I have a story on All Things Considered Wednesday (click on the audio link above to hear it) about the campaign to put labels on food containing genetically modified organisms, or GMOs. The idea is gaining ground in the Northeast — Maine and Connecticut passed labeling laws this summer, though they won't take effect unless more states do the same. And GMO labeling is on the ballot this November in Washington state.
On Wednesday, the stock market cheered the debt ceiling deal in Congress. The Dow gained 206 points and all the major indexes closed higher.
Investors of course have been watching the showdown in Washington very closely, since a default could have been a global financial disaster. At the same time, economists are trying to figure out how much the jitters and uncertainty over all this has been hurting the economy.
Originally published on Wed October 16, 2013 3:48 pm
If you hit the drive-through, chances are that the cashier who rings you up or the cook who prepared your food relies on public assistance to make ends meet.
A new analysis finds that 52 percent of fast-food workers are enrolled in, or have their families enrolled in, one or more public assistance programs such as SNAP (food stamps) Medicaid or the Children's Health Insurance Program (CHIP).
Originally published on Wed October 16, 2013 2:40 pm
Since the start of the fiscal standoff that led to a government shutdown and a flirtation with a historic debt default, Democrats have been led by the tag team of President Obama and Senate Majority Leader Harry Reid.
At times, their tactics resembled the good cop, bad cop routine where one officer offers the suspect a cup of coffee and the other smacks it from the suspect's lips. Reid, of course, is the smacker.
Originally published on Wed October 16, 2013 9:23 pm
Update at 10:18 p.m.: House Approves Bill:
The crisis is over. With about two hours before the country reached the debt ceiling, the House has approved the bill and it is now it's way to the White House. We've posted separately on that development and we are putting this live blog to bed.
This is MORNING EDITION from NPR News. I'm Renee Montagne.
STEVE INSKEEP, HOST:
And I'm Steve Inskeep. The prospects for a deal to avoid default and reopen the government now depend on the U.S. Senate, whose members include Saxby Chambliss, Republican of Georgia, who's on the line. Senator, welcome back to the program.
SENATOR SAXBY CHAMBLISS: Good to be with you, Steve.
Now, Treasury Secretary Jack Lew has warned Congress tomorrow, the 17th of October, is the day the government will likely have only about $30 billion on hand, which sounds like a lot. But sometimes, daily expenditures get a lot higher than that. This does not mean the government will default tomorrow if Congress does not act. As NPR's John Ydstie reports, the U.S. could manage to get through the next few days. But without a deal, the threat of default rises sharply next week.
With the threat of a government default looming, House leaders tried to take the upper hand in the standoff with a bill appealing to their most conservative members. They failed, resulting in chaos in the House and giving the initiative back to the Senate.