Business

12:41pm

Thu October 10, 2013
The Two-Way

Treasury Secretary: Debt Default Would Have Dire Consequences

Originally published on Thu October 10, 2013 1:49 pm

Treasury Secretary Jack Lew testifies during a Senate Finance Committee hearing on Thursday.
Mark Wilson Getty Images

Treasury Secretary Jacob Lew urged lawmakers on Thursday to raise the government's borrowing limit or face the prospect of causing lasting damage to the U.S. economy.

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12:33pm

Thu October 10, 2013
The Two-Way

After White House Meeting, Both Sides Agree To Keep Talking

Originally published on Thu October 10, 2013 7:48 pm

House Speaker John Boehner of Ohio arrives on Capitol Hill on Thursday.
Susan Walsh AP
This post was last updated at 7:19 p.m. ET.

After an hour-long meeting with President Obama, Republicans said they have agreed to keep talking, in hopes of bridging a gulf that has already led to a government shutdown and is threatening the first default in U.S. history.

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12:31pm

Thu October 10, 2013
The Salt

Salmonella Shutdown? USDA Threatens Closure Of Major Chicken Plants

Originally published on Fri October 11, 2013 11:17 am

Foster Farms, the chicken processor at the center of a major salmonella outbreak, now faces the threat of a shutdown at its facilities.
PR Newswire

Update: Friday, Oct. 11, 2013:

At 9:00 pm Thursday night, the USDA told us that Foster Farms had submitted and implemented immediate changes to their slaughter and processing systems to allow for continued operation.

"FSIS inspectors will verify that these changes are being implemented in a continuous and ongoing basis," Aaron Lavallee of USDA's FSIS told us. Additionally, to ensure that the Salmonella Heidelberg has been controlled, the agency says it will continue intensified sampling at Foster Farms facilities for at least the next 90 days.

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9:10am

Thu October 10, 2013
The Two-Way

Weekly Unemployment Claims Spike; Shutdown Gets Some Blame

Originally published on Thu October 10, 2013 1:36 pm

First-time claims for unemployment insurance were up sharply to 374,000 from 308,000 the week before, the Employment and Training Administration reported Thursday.

The increase for the week ending Oct. 5 is a departure from a trend in recent weeks that was lower than at any time since the spring of 2007, before the onset of the recession.

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8:19am

Thu October 10, 2013

4:44am

Thu October 10, 2013
Business

Fidelity Sells Short-Term U.S. Government Debt

Originally published on Thu October 10, 2013 7:39 am

Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with worry about American debt.

(SOUNDBITE OF MUSIC)

INSKEEP: Fidelity Investments has sold all of its short-term U.S. government debt. That limits losses for the country's largest manager of money market funds in case the U.S. Treasury run out of money on October 17th and Congress does not do something about the federal debt limit.

Fidelity's president said this move was precautionary. Transcript provided by NPR, Copyright NPR.

4:44am

Thu October 10, 2013
Politics

Some Republicans Say Debt Limit Fuss Is A Lot Of Hype

Originally published on Thu October 10, 2013 5:51 pm

Rep. Phil Gingrey, R-Ga., says it's "absolutely not true" to suggest that the U.S. can't pay its debts without raising the debt ceiling.
David Goldman AP

For weeks, economists and bankers have been warning that there will be catastrophic consequences if Congress fails raise the nation's borrowing limit.

They say it will mean the nation will default on its debt, which could rock U.S. and global markets. The Treasury has warned that it will exhaust the "extraordinary measures" it has been using to keep paying the nation's bills by Oct. 17.

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4:44am

Thu October 10, 2013
Politics

Shutdown Hits Usually Stable Business: Government Contractors

Originally published on Thu October 10, 2013 7:39 am

Transcript

STEVE INSKEEP, HOST:

More than 400,000 federal workers remain on furlough. That's the situation even after many Defense Department workers were called back to the office. And then there are federal contractors. These are private American business owners and workers who've taken over more and more government functions in recent years and who are now feeling the pain of a shutdown.

NPR's Yuki Noguchi reports.

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4:44am

Thu October 10, 2013
Business

Ad Dollars Follow Consumer Eyeballs To Smartphones, Tablets

Originally published on Thu October 10, 2013 7:39 am

Transcript

DAVID GREENE, HOST:

OK. You might already know this if you spend some time on the Internet, but revenue for online advertising is way up - reaching more than $20 billion in the first half of 2013 - that's an almost 20 percent hike from the same period last year, according to a report from the Interactive Advertising Bureau.

As NPR's Laura Sydell reports, ads on mobile devices are growing the fastest.

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4:44am

Thu October 10, 2013
Politics

10 Days Into Shutdown, 'We've Got To Do Better Than This'

Originally published on Thu October 10, 2013 7:39 am

Transcript

STEVE INSKEEP, HOST:

Now, the partial shutdown prompted angry debate across the country. But at the center of that debate, we found quiet yesterday. We dropped by a Senate office building where the halls were empty. Papers taped on doors read: We regret that due to the government shutdown our office is closed. *

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