Hitting the Ceiling: With an August deadline looming, the House overwhelmingly refused Tuesday to raise the legal limit on government borrowing, setting the stage for a long, sweaty summer of haggling over the shape of the largest debt-reduction package in at least two decades, the Washington Post reports.
Scapegoat: How just one employee of Goldman Sachs, Fabrice Tourre, alone came to be the face of mortgage-securities fraud has raised questions among former prosecutors and Congressional officials about how aggressive and thorough the government’s investigations have been into Wall Street’s role in the mortgage crisis, The New York Times reports.
Insider Trading: SAC Capital Advisors LP faces an insider trading probe from the U.S. Securities and Exchange Commission related to the $15 billion takeover of biotechnology firm MedImmune Inc., according to The Wall Street Journal.
Who Needs Lawyers?: While entrepreneurs can file trademark applications with the U.S. Patent and Trademark Office (USPTO) on their own, many pay attorneys $150 to $500 per hour to handle the complex process. Since Trademarkia made its debut in 2009, the legal website has streamlined and made the task cheaper, Bloomberg reports.
Sprint v. AT&T: In a 377-page filing with the Federal Communications Commission, Sprint, the leading foe of the wireless mega-deal, paints a grim scenario for the future of the wireless market if the deal gets approved, Politico reports.