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July 24th, 2011
04:54 AM ET

State of the Union Early Bird for July 24, 2011

(CNN)-It's early on a Sunday morning, so State of the Union is bringing you the best of the morning headlines to go with your cup of coffee.

On our radar:  The latest in the debt ceiling talks, the aftermath in Norway, and same-sex marriages today in New York.

Check out what we're reading, and watch our interviews with Treasury Secretary Tim Geithner and GOP presidential candidate Tim Pawlenty today at 9am/12pm ET.


U.S. leaders struggle to reach debt deal as deadline clock ticks

Boehner tells GOP he will unveil new debt strategy

“The goal of our discussions now with the leaders is not to do something in the Reid-McConnell framework,” Boehner said, according to one participant. “It will be something new.”

Republicans Back Short-Term Debt-Limit Agreement, Risking Veto

“The Tea Party is effectively playing Russian roulette with the bond market and they will, with certainty, lose,” Christian Cooper, head of U.S. dollar derivatives trading in New York at Jefferies & Co. said, referring to a faction of Republican lawmakers that has ratcheted up the pressure for deep cuts in federal spending to curb the deficit. Jefferies is one of 20 primary dealers that trade with the U.S. Federal Reserve.

Default Seen as Unlikely, but Markets Prepare

The heightened uncertainty is prompting financial firms and other companies to stockpile cash. Walter Todd of Greenwood Capital, a wealth management firm in Greenwood, S.C., said that so far he had advised his own worried customers not to do the same, operating under the assumption that a deal would be reached. But after the talks fell apart on Friday, Mr. Todd said he and his partners began to discuss a more pessimistic possibility.

“If nothing changes, if the headline out of the weekend is that the talks have broken down, I think you’ll start to see assets reacting to that,” Mr. Todd said.


Lawyer: Norway terror suspect will 'explain himself' Monday

Norway Attacks Put Spotlight on Rise of Right-Wing Sentiment in Europe


After Long Wait, Same-Sex Couples Marry in New York


Gen. John M. Shalikashvili, former Joint Chiefs chairman, dies at 75

GOP committee places 9 on ballot for straw poll

Tim Pawlenty chief says Michele Bachmann won't last over long haul

Thanks for reading!

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