Economy/Ecommerce

The House and Senate are drafting two wildly different bills for raising the debt ceiling, and Obama addresses the nation on Congress’ stalemate. And the Chicago Fed’s index shows increased economic activity.

Equities markets in Asia reflect worry over U.S. default; Jefferson County, Alabama, may vote on Chapter 9 bankruptcy; and a Gallup poll shows Americans feeling grim about the economy.

Commercial real estate prices were up in May; existing-home sales edge downward; and Republican leaders were at the White House again on Wednesday, trying to work out the debt crisis.

Housing starts last month were higher than they’d been in the previous five; Capitol Hill’s Gang of Six proposes a deficit-cutting, ceiling-raising plan; and AP uncovers that robo-signing is still happening.

U.S. homebuilders are feeling a little more confident this month than last; Obama appoints Richard Cordray to head the Consumer Financial Protection Bureau; and the debt ceiling looms.

The Consumer Price Index dropped in June, and consumer sentiment is in the basement in July. Meanwhile, Congress tries to find ways to wiggle around actually cooperating.

Congress dithers while everyone, including China, urges them to get their act together; retail sales inched up in June; and the PPI index for finished goods continues to drop.

Rating agencies wait to see if Congress can get past its political blockade, and Bernanke warns of the consequences if they don’t. A Pulse of Commerce Index shows an economy in idle.