There's one week to go before the so-called supercommittee on Capitol Hill is supposed to come up with a deal that combines at least $1.2 trillion in budget cuts and revenue increases to narrow upcoming deficits over the next decade. If lawmakers don't reach an agreement, that amount of spending cuts are supposed to happen automatically — with about 50 percent coming from defense and 50 percent from domestic spending other than Social Security and Medicare.
When he died on Oct. 5, Steve Jobs was eulogized as the tech visionary who put elegantly designed gadgets into the lives of people who often hadn't realized the devices were essential — until Jobs, and Apple, created them. This week, Jobs' admirers will have another chance to hear him speak, thanks to the film Steve Jobs: The Lost Interview.
Today, Chrysler is expected to announce plans to add more than 1,000 jobs at an assembly plant in Ohio. Local officials there have reportedly signed off on tax incentives for the plant expansion in Toledo. It's where Chrysler makes the Jeep Liberty and Wrangler.
The House Financial Services Committee voted on Wednesday to suspend nearly $13 million in bonuses paid to executives at Fannie Mae and Freddie Mac. The measure would also prohibit future bonuses. The Senate is expected to take up similar legislation.
Let's remember a bit of very recent history. Back in August, Congress came close to defaulting on U.S. government debts. Republicans wanted big cuts in spending. They finally got some, but a deal with President Obama pushed more deficit reductions off to the future, to a bipartisan committee which has been meeting this fall, and now has one week left until its deadline to reach a deal.
And our last word in business today is save the tanooki.
(SOUNDBITE OF LAUGHTER)
MONTAGNE: The animal rights group People for the Ethical Treatment of Animals is attacking Nintendo's new video game "Super Mario 3-D Land." In the game, Super Mario sometimes wears the skin of a tanooki, which is a raccoon dog. Steve, you may have to finish...
STEVE INSKEEP, HOST:
Oh no, come, no, no. It's fine. Come on, it's a raccoon dog. It's a nice animal.
And here's a follow-up to the dramatic scandal at Olympus, which we've been following on this program. It's one of Japan's most respected corporations - or it was. Now executives Olympus are facing criminal charges and prison sentences. The company may be delisted from the Tokyo Stock Exchange, and may also go bankrupt. All this after revelations of dubious acquisitions and allegations of massive accounting fraud. From Tokyo, Lucy Craft has more.
Australia is the latest stop on President Obama's tour of the Pacific Rim countries that the president thinks should be the new focus of U.S. foreign policy. It is already the focus of a competition for influence with China.
Republican presidential hopeful Newt Gingrich is rising in the polls, but Rick Perry is back in the spotlight after some proposals he made in Iowa yesterday. The Texas governor wants Congress to take a 50 percent pay cut, as part of a sweeping plan to overhaul the government.