Debt ceiling crisis – House 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 Friday after House Republicans called off a vote late Thursday. The delay 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.
Economic data – The government will report Friday how much the economy expanded in the second quarter – but don’t expect much good news. A CNNMoney survey of economists forecasts the economy grew only 1.8% in the second quarter, which would be a slight slowdown from the first quarter when it grew a lethargic 1.9%. The University of Michigan’s consumer confidence report for July also is due Friday.