Larry Summers, formerly one of President Obama's top economic advisers, says turning too quickly to austerity could be disastrous for the economy.
Four years into Franklin Roosevelt's first presidential term, the worst of the Great Depression seemed behind him. Massive jolts of New Deal spending had stopped the economic slide, and the unemployment rate was cut from 22 percent to less than 10 percent.
"People felt that there was momentum," U.S. Senate historian Donald Ritchie tells Guy Raz, host of weekends on All Things Considered. "Finally, there was the light at the end of the tunnel."
Cold beer is on tap in Minnesota this weekend. But it was almost the casualty of the two-week shutdown of the state government that may have come to an end.
MillerCoors, which holds "brand label registrations" for 39 beers, including Miller, Coors, Blue Moon Pale and Hamm's — almost 40 percent of the beer sold in Minnesota — sent in its renewal notice on June 15.
But the state Alcohol and Gambling Enforcement Agency said that MillerCoors overpaid its registration fees and refused to stamp the paperwork.
The week in Washington began and ended with presidential news conferences. In between, there were daily meetings between President Obama and leaders of Congress over what to do about the federal deficit as the deadline nears for raising the federal debt limit.
But despite some dire warnings about defaulting on some of that debt, the government seems no closer to an agreement that could solve either its short- or long-term budget woes.
Two top names at Rupert Murdoch's News Corp. resigned on Friday. Earlier in the week, Murdoch had to abandon his $12 billion bid to takeover BSkyB, the British broadcaster. Meanwhile, the FBI has opened an investigation into whether reporters working for News Corp. tried to access cellphone messages and records of 9/11 victims here in the United States. Host Scott Simon speaks with Clive Crook, columnist for the Financial Times and a contributor to the Atlantic.