As Spain struggles to cope with its national debt, the socialist government there is turning to some extreme measures. It's auctioning off state industries, like airports and the national lottery. The government is hoping to generate enough cash to avoid asking the E.U. and International Monetary Fund for a bailout. But as Lauren Frayer reports from Madrid, selling off state assets is not the most straightforward solution.
S&P dropped Italy's government debt a notch, pointing to weak economic growth and political divisions that could make it harder to resolve its debt problems. Prime Minister Silvio Berlusconi shot back with a statement saying the move was "dictated more by newspaper articles than by reality."
President Obama's call for $1.5 trillion in tax hikes to reduce the deficit puts him on a collision course with congressional Republicans. Some of Democratic supporters may welcome Obama's newly combative negotiating style, but deficit watchdogs warn his plan falls short in key areas.
The U.S. Postal Service lost $8.5 billion last year. On Monday, President Obama endorsed a plan to reduce mail delivery to five days a week to cut its massive losses. Postmaster General Patrick Donahoe talks to Steve Inskeep about the future of the mail service.