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FROM THIS EPISODE

The debt ceiling will be lifted and the US will be able to pay its bills. But what's the impact of the hard-won deficit-reduction agreement on jobs, the economy and America's credit rating? On Reporter's Notebook, pork belly futures go belly up.

Banner image: (L-R) Senate Majority Leader Harry Reid (D-NV), Senator Patty Murray (D-WA), and Senate Majority Whip Richard Durbin (D-IL) hold a news conference at the US Capitol, after the Senate passed the bipartisan debt ceiling legislation. Photo by Chip Somodevilla/Getty Images

Producers:
Sonya Geis
Katie Cooper
Christian Bordal

Making News President Obama Signs Debt Deal 7 MIN, 30 SEC

The Senate has joined the House in passing the deficit-reduction bill, and President Obama has already signed it. But he called it the result of a "manufactured crisis," and listed a host of actions he wants Congress to take when both houses return from their August recess. Jamie Dupree is Washington Bureau Chief the Cox Media Group, parent of the Atlanta Journal-Constitution.

Guests:
Jamie Dupree, Cox Media (@jamiedupree)

Reporter's Notebook No Future(s) for Pork Bellies 6 MIN, 24 SEC

Since the early 60's, the term "pork bellies" has popped up in magazines, movies and other aspects popular culture. Agriculture journalist Gary Truitt, owner and president of Hoosier Ag Today, which provides news and information to the agricultural community, explains what these futures were and why they aren't any more.

Guests:
Gary Truitt, Hoosier Ag Today

Main Topic After the Debt Deal, What Now? 36 MIN, 28 SEC

The United States won't default on its debts for the first time, so that problem is solved. But the price paid to Tea Party Republicans could make the economy worse. The deficit will be reduced with spending cuts only. Tax increases are off the table. What will it take to boost the economy or create new jobs? Will the US be able to retain its AAA credit rating? What happens when the so-called "super committee" of twelve gets down to identifying the actual cuts? Medicare, Medicaid and Social Security have been protected. Will Republicans be fighting among themselves over how much to cut from defense?

Guests:
David Wessel, Wall Street Journal (@davidmwessel)
David Rothkopf, Carnegie Endowment for International Peace
John Feehery, QGA Public Affairs (@JohnFeehery)
Winslow Wheeler, Center for Defense Information

The Pentagon Labyrinth

Pierre M. Sprey

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