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FROM THIS EPISODE

With Democrats angry at him for offering spending cuts and Republicans adamant about higher taxes, President Obama is trying to look like the only adult in Washington. We look at the politics of increasing the debt ceiling to avoid another recession. Also, Elizabeth Warren is bypassed for head of the consumer watchdog agency, and the Women's World Cup brings joy to a stricken nation.

Banner image: Checks are piled at the US Treasury printing facility in Philadelphia, Pennsylvania. President Obama recently stated that he can't guarantee retirees will receive their Social Security checks in August if the House and Senate can not reach an agreement on reducing the deficit. Photo Illustration by William Thomas Cain/Getty Images

Financial Shock

Mark(Author) Zandi

Producers:
Christian Bordal
Sonya Geis
Frances Anderton

Reporter's Notebook Japanese Win at Women's World Cup a Tonic for Wounded Country 5 MIN, 59 SEC

TV broadcasters told Japanese audiences to be inspired by their team. Coach Norio Sasaki told the players to think about the earthquake, tsunami and nuclear disaster as they worked their way up in World Cup competition. The outcome was a major sports upset and a much needed restoration of pride for a devastated nation. Women's soccer is not a big deal in Japan, and its team was not considered among the world's elite. But they defeated powerhouses: Sweden, Germany and finally the United States, which they had never beaten before despite 25 opportunities.

Guests:
Frank Deford, National Public Radio
Douglas Erber, Japan America Society of Southern California

Making News Elizabeth Warren Bypassed for Head of Consumer Watchdog Agency 7 MIN, 47 SEC

President Obama disappointed supporters of Elizabeth Warren today by nominating Ohio's former Attorney General, Richard Cordray, to lead the new Consumer Financial Protection Bureau.  But, as the confirmation process begins, he promised to hold out against changes to finance reform. Binyamin Appelbaum is domestic correspondent in Washington for the New York Times.

Guests:
Binyamin Appelbaum, New York Times (@BCAppelbaum)

Main Topic Politics and the Debt Ceiling 37 MIN, 14 SEC

As the debt ceiling deadline looms, veteran Republican leaders reportedly are telling Tea Party members not to mess with America's full faith and credit. But some 40 House members say they won't vote to increase the ceiling, so Democrats will be needed, and their price is new revenues to save entitlements. Three different options have been proposed to break the deadlock. Republicans call their option "Cut, Cap and Balance." Democratic and Republican Senate leaders have a compromise that would let President Obama increase the ceiling while Congress says "no." The President is trying to split the difference, proposing cuts that will take domestic spending to historic lows and repealing tax breaks for the wealthy. On Friday, this "Grand Bargain" seemed the most likely but today, ABC News reported that it might be back on the table. We hear about an upcoming week of political theater with each side trying to avoid another recession while developing issues for next year's elections.

Guests:
Amy Walter, Cook Political Report (@CookPolitical)
Frank Newport, Gallup Poll (@gallup)
Mark Zandi, Moody's Analytics (@dismalscientist)
Ryan Ellis, Americans for Tax Reform
David Corn, Mother Jones magazine (@DavidCornDC)

Polling Matters

Frank Newport

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