The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world. Click on the headlines for more.
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CNN: Vote delayed on GOP debt plan
Speaker John Boehner's plan that would raise the nation's debt ceiling and enact sweeping cuts in government spending could come up for a vote on Friday after House Republicans called off a vote late Thursday. …The delay in voting on the proposal revealed a deep rift within the GOP that could undermine the party's latest attempt to avoid an unprecedented national default and stave off potential economic catastrophe.
Wall Street Journal: Lending Markets Feeling the Strain
Rising signs of strain emerged across financial markets on Thursday as investors pulled out billions of cash out of money-market funds, in turn driving the funds to rein in lending in short-term markets. Financial markets have become increasingly alarmed at the deepening divide in Washington and the potential that the U.S. could be downgraded by credit-rating agencies or, worse, default on its debt.
CNNMoney: Debt ceiling deadlock: Who will get paid?
Who will get paid and who won't? That's the $14.3 trillion question as each day ticks closer to next week's debt ceiling deadline and Congress shows no sign of brokering a deal. … The consensus thinking has been that Treasury will prioritize who to pay first and who to put off. And at the top of the list of who gets paid will be investors owed interest on U.S. debt.
Roll Call: Liberals Seek Boost From Debt Talks
Two years ago, stimulus packages and bailouts fed a nationwide revolt that became the tea party movement. Now, liberal groups say frustration over the debt ceiling talks is fueling a left-wing equivalent.
CNN: Bachmann: Debt impasse is not an emergency
Republican presidential candidate Michele Bachmann again brushed off warnings from leaders in both parties that the country would face disastrous economic consequences if the government fails to raise the debt ceiling by next Tuesday.
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CNN: Official: Soldier said he wanted to attack Fort Hood troops
An AWOL Muslim American Army private arrested near Fort Hood has told investigators that he wanted to attack fellow soldiers at the military post, the police chief in Killeen, Texas, said Thursday. "Military personnel were a target of this suspect," Chief Dennis Baldwin told reporters about Pfc. Naser Jason Abdo, who is expected to face federal charges.
CNN: Don approaches Texas coast, could deliver much-needed rain
Tropical Storm Don picked up steam early Friday as it moved "briskly" toward the Texas Gulf coast, the National Hurricane Center said. The storm is expected to keep moving northwest and make landfall along the Texas coast Friday night or Saturday morning, according to the forecast.
CNN: Top general cleared after accusations in a Rolling Stone article
For the second time in a year, a top U.S. general has been cleared of allegations raised in a Rolling Stone article after an investigation by the Defense Department Inspector General. … Lt. Gen. William Caldwell had been accused in the magazine of ordering an Army officer to conduct psychological operations to try to influence congressional members.
CNN: Strauss-Kahn accuser says she's fighting for other victims
The hotel maid accusing former IMF chief Dominique Strauss-Kahn of sexual assault took a new step Thursday in her extraordinary public campaign to pressure prosecutors to bring her case to trial.
CNNMoney: Madoff trustee and Tremont Group settle for $1 billion
The court-appointed trustee in the case of Ponzi schemer Bernard Madoff announced that a settlement for $1 billion has been reached with the Tremont Group feeder funds. The firm of trustee Irving Picard and Tremont Group Holdings, one of the largest feeder fund groups in the Bernard Madoff Ponzi case, said on Thursday that the feeder funds will pay $1 billion into the account that has been established to compensate victims of the largest pyramid scheme in history.
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CNN: Libyan rebel chief found dead in Benghazi
The commander of Libya's rebel army was found dead in Benghazi along with two senior officers on Thursday, rebel leaders announced just hours after claiming big successes on the battlefield. The death of Gen. Abdul Fattah Younis came after the rebels' Transitional National Council sought Younis for questioning about military matters and alleged ongoing ties to Libyan leader Moammar Gadhafi, according to what Younis' supporters told journalist James Hider of the Times of London.
CNN: Earth to hit 7 billion mark this year, straining developing regions
Earth will become home to 7 billion people later this year, and most of the planet's growth will affect the developing countries the most, straining those regions' limited resources, a Harvard University professor said Thursday.
CNN: Norway to honor victims of terror attacks
Norway will pay tribute Friday to those killed and injured in two terror attacks a week ago, with a memorial service in Oslo organized by the youth movement of the Labour Party. …Meanwhile, Anders Behring Breivik, the suspect in last week's terrorist attacks, will be interrogated for a second time Friday, Oslo police chief Johan Fredriksen said.
Bloomberg: Spain Placed on Downgrade Review by Moody’s
Spain faces a possible downgrade by Moody’s Investors Service as its regions struggle to cut budget deficits and last week’s Greek bailout increases the risk that bondholders will have to pay for further European rescues. Moody’s is reviewing the nation’s Aa2 classification, the ratings company said in a statement today.
CNN: Chinese premier visits train crash site, pledges transparent probe
Acknowledging strong public anger and skepticism over the government's handling of a deadly bullet train collision last weekend, Chinese Premier Wen Jiabao Thursday promised a thorough investigation into the accident and its aftermath.
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Bloomberg: McDonald’s to Open a Restaurant a Day in China in Four Years
McDonald’s Corp., the world’s largest restaurant chain, “should” open a restaurant a day as it challenges Yum! Brands for dominance in Asia’s largest economy as rising salaries boost spending on fast food. “We should be opening a restaurant every day in the next three to four years” in China, Peter Rodwell, company president for Asia excluding Japan, Australia and New Zealand, said in an interview in Singapore today. “We’re now opening a restaurant every other day.”
CNNMoney: Gas prices drive Exxon Mobil profit up 41%
Exxon Mobil on Thursday reported a profit of $10.7 billion in the second quarter, up 41% from the prior year, driven in part by higher gas prices. …Exxon Mobil's earnings per share were $2.18 in the second quarter, 15 cents shy of the $2.33 consensus of analysts surveyed by Thomson Reuters.
New York Times: With Sales Plummeting, Nintendo Pares Outlook And Cuts a Retail Price
In a striking reversal of fortune for the world’s largest video game maker, Nintendo drastically cut its annual profit outlook on Thursday and said it would deeply discount its new 3DS hand-held device as it struggles to stem a flow of users to casual online games.
In Case You Missed It…
In an interview with CNN’s Wolf Blitzer, White House Chief of Staff Bill Daley says President Obama hasn't spoken to Speaker Boehner in a few days.
CNN: Vote delayed on GOP debt plan:
The Republicans created the problem child, and now they have to bring it back in line. BTW, Frodo failed. In the end Frodo surrendered to evil, only to be defeated by a stronger evil.