Afternoon Update: Boehner and Obama Nearing Budget Deal, Leaders Told

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July 21, 2011 Afternoon Update

TOP NEWS Boehner and Obama Nearing Budget Deal, Leaders Told By CARL HULSE and JACKIE CALMES Top members of Congress were informed that a deal could be reached soon on a budget compromise, including spending cuts and revisions to taxes, officials said on Thursday. Wall Street Makes Fallback Plans in Event of U.S. Default Times Topics: Debt Ceiling Euro Zone Leaders Clinch Rescue Plan for Greece By STEPHEN CASTLE The 109-billion-euro aid package for Greece could push the country into default on some of its debt but would also give Europe sweeping powers to shore up struggling economies. Heat Wave Moves Into Eastern U.S. By ANAHAD O'CONNOR and TIMOTHY WILLIAMS A blistering band of heat that has killed two dozen people this week is expected to push temperatures in the Northeast toward 100 degrees on Friday. Andy Schleck Charges in Tour, Voeckler Holds Lead By GREG BISHOP Andy Schleck of Luxembourg tried to wrest control of the Tour de France with a daring ride Thursday, but Thomas Voeckler of France would not yield his overall lead. Blunt Anthem Tells Syrian Leader It's Time to Go By ANTHONY SHADID "Come on Bashar, leave," is the refrain as Syrians revel in the delights of speaking and singing their minds. • NYTimes.com Home Page »

Multimedia Video: TimesCast Congressional leaders are told a debt deal could come soon; finding a short-term solution to Greece's debt; and Syria's new antigovernment protest anthems. Opinion Opinionator | The Score Who, and Where, Are America's Composers? The real lives of most composers don't reflect the decades-old stereotypes about their music, craft or who they are.

BUSINESS DealBook Express Scripts to Buy Medco for $29 Billion By ANDREW ROSS SORKIN and CHRIS V. NICHOLSON Express Scripts, the pharmacy benefits manager, is buying Medco Health Solutions for $29.1 billion, a major consolidation for a health care industry in transition. DealBook Morgan Stanley Posts $558 Million Loss but Beats Expectations By KEVIN ROOSE Despite showing improvement in its major divisions, Morgan Stanley reported a loss of $558 million on Thursday, as it continued to deal with the aftereffects of the financial crisis. Surveys Point to Slowdowns in Euro Zone and China By MATTHEW SALTMARSH AND BETTINA WASSENER One survey showed that growth stalled in the euro zone's manufacturing and service sectors, while in China another index showed that attempts to slow a red-hot economy are working. Nokia to Cut Costs More After Loss By KEVIN J. O'BRIEN Nokia announced plans to accelerate cost-cutting efforts as it reported a loss of €368 million in the second quarter, while Ericsson took a charge for restructuring costs. DealBook Consumer Bureau Finds Support on Its First Day By BEN PROTESS Consumer and liberal groups rallied around the Consumer Financial Protection Bureau as it opened for business, despite Republican complaints. • More Business News »

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