Business

2:34pm

Wed October 16, 2013
The Salt

Why U.S. Taxpayers Pay $7 Billion A Year To Help Fast-Food Workers

Originally published on Wed October 16, 2013 4:48 pm

New York City Council speaker and then-mayoral candidate Christine Quinn speaks at a fast-food workers' protest outside a McDonald's in New York in August. A nationwide movement is calling for raising the minimum hourly wage for fast-food workers to $15.
Richard Drew AP

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).

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1:56pm

Wed October 16, 2013
It's All Politics

Good Cop, Bad Cop Routine Gets A Result For Obama And Reid

Originally published on Wed October 16, 2013 3:40 pm

President Obama and Senate Majority Leader Harry Reid, D-Nev., shared the same goals but had notable stylistic differences in their approaches to the fiscal fight.
Carolyn Kaster AP

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.

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8:44am

Wed October 16, 2013
Planet Money

When Will The Government Run Out Of Money?

Originally published on Wed October 16, 2013 12:19 pm

Quoctrung Bui

In the course of any given month, the government collects billions of dollars in taxes, spends billions more, and borrows money to cover the difference between what it collects and what it spends.

If Congress doesn't raise the debt ceiling soon, the government won't be able to borrow money to cover the difference anymore and won't be able to pay all of its bills.

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7:35am

Wed October 16, 2013
The Two-Way

As It Happened: The Fight Over The Debt Ceiling, Shutdown

Originally published on Wed October 16, 2013 10:23 pm

Senate Minority Leader Sen. Mitch McConnell, R-Ky., walks to the Senate floor after agreeing to the framework of a deal to avoid default and reopen the government, on Capitol Hill on Wednesday.
Carolyn Kaster AP

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.

Our Original Post Continues:

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5:58am

Wed October 16, 2013
Politics

Debt Ceiling Deal Depends On U.S. Senate

Originally published on Wed October 16, 2013 8:00 am

Transcript

RENEE MONTAGNE, HOST:

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.

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4:42am

Wed October 16, 2013
Business

Banks Ease Purse Strings On Luxury Home Loans

Originally published on Wed October 16, 2013 5:58 am

Transcript

RENEE MONTAGNE, HOST:

And for the first time in decades, interest rates for loans on jumbo homes are lower than rates for a typical mortgage. And because of that, the luxury market is the fastest growing home loans sector.

From member station KJZZ in Phoenix, Peter O'Dowd reports.

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4:33am

Wed October 16, 2013
Economy

When Will Congress' Inaction Push U.S. Into Default?

Originally published on Wed October 16, 2013 8:41 am

Transcript

STEVE INSKEEP, HOST:

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.

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4:28am

Wed October 16, 2013
Politics

No Deal On Tuesday Leads To Day 16 Of Shutdown On Wednesday

Originally published on Wed October 16, 2013 5:58 am

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.

4:11am

Wed October 16, 2013
Business

German Businessman Who Built Gummi Empire Dies At 90

Originally published on Wed October 16, 2013 6:20 am

In 1945, Hans Riegel took over the gummi bear company founded by his father. He transformed Haribo from a local German candy company to a household name recognized around the world.

4:11am

Wed October 16, 2013
Politics

Congress Keeps Working As Debt Ceiling Deadline Nears

Originally published on Wed October 16, 2013 7:54 am

This could be the last day the United States is assured of its borrowing authority. Congress could forestall this crisis by raising the debt ceiling, as it has roughly a hundred times before. But the debt ceiling is tied to the same confrontation that's kept much of the federal government shut down.

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