News from NPR

The city of Stockton, Calif., filed for federal bankruptcy protection Thursday, becoming the largest city in U.S. history to do so.

Some worry it's part of a wave. Six other municipalities have filed for bankruptcy protection this year. That's roughly on track with last year's pace, which saw 13 bankruptcies — the most in two decades.

A wave of municipal bankruptcies could be the country's next big financial crisis, several Wall Street analysts have warned.

Figuring out who benefits most politically from Thursday's Supreme Court decision that upheld the constitutionality of President Obama's health care overhaul seems to be today's toughest assignment.

On It's All Politics, our colleague Frank James says it's "difficult to overstate how big a win" it was for Obama.

If the euro is to survive, the eurozone needs to be more like one country, and less like a bunch of different countries that happen to sit on the same continent.

European leaders just took a baby step in that direction. They agreed to create a banking union. Like many things in global finance, this sounds boring but is actually a pretty big deal.

You may already have made a mental note as to where you were when you heard the Supreme Court had upheld the health care law known as Obamacare. It's one of those moments that become touchstones of our memory, personal connections to the history we have witnessed in our lifetimes.

The Supreme Court may not be the source of such moments very often, but when its rulings reach this level of our awareness, they alter the course of our lives.

"Syrian opposition groups that track casualties reported on Friday that the previous day was the deadliest so far this year, and possibly in the entire Syrian uprising, with as many as 190 civilians killed in a 24-hour period," The New York Times is reporting.

"European stocks rallied after policy makers eased repayment rules for Spanish banks, relaxed conditions for possible aid to Italy and unveiled a $149 billion growth plan for the region's economy," Bloomberg News reports this morning. "U.S. index futures and Asian shares also rose."

Pessimism swept over advocates of the Affordable Care Act after oral arguments this spring seemed to go decidedly against the Obama administration. But the Supreme Court's ruling on Thursday — and its decision in another high-profile case this week — suggest oral arguments aren't as predictive of final outcome as some believe.

Transcript

LINDA WERTHEIMER, HOST:

Our last word in business today comes from a giant in the advertising industry. Her name is Shelly Lazarus. The Brooklyn native began working at the ad agency Ogilvy and Mather at a time when the industry looked much like the one portrayed in the TV show "Mad Men."

RENEE MONTAGNE, HOST:

An industry run mostly by men. It was 1971 when Shelly Lazarus arrived at the company, fresh from Columbia University, with an MBA - a time when few women were earning business degrees.

Transcript

RENEE MONTAGNE, HOST:

Transcript

LINDA WERTHEIMER, HOST:

Good morning. I'm Linda Wertheimer. Much excitement about a big bid on a New Zealand public transit train offered on an online auction. The broken-down train has close to three million miles on it. It's over 60 years old. That's significantly older than the highest bidder, who is four years old. The tech-savvy toddler's $30,000 bid has been removed, and the posting now reads: Adults only. This is not a toy. It's MORNING EDITION. Transcript provided by NPR, Copyright National Public Radio.

Though there's been welcome news about progress in fighting the wildfire that has now destroyed about 350 homes in and around Colorado Springs, Colo., there's also the sad news that at least one person has died.

Here's this morning's lede from The Denver Post's coverage:

Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts with a new owner for Modelo.

(SOUNDBITE OF MUSIC)

MONTAGNE: The world's biggest brewer, Anheuser-Busch InBev, announced today it's becoming bigger. The Belgian company says it's buying the rest of the Mexican brewer known for the beer, Corona. InBev had already owned a non-controlling stake and is paying more than $20 billion for full control. Analysts say the buy will help InBev move into new markets. Transcript provided by NPR, Copyright National Public Radio.

Transcript

RENEE MONTAGNE, HOST:

And European leaders worked through the night last night, at a summit in Brussels aimed at tackling the eurozone's worsening debt crisis.

PHILIP REEVES, BYLINE: NPR's Philip Reeves is there and says they've reached an agreement on at least some issues.

Spain and Italy are among the largest economies in Europe. Their borrowing costs have been spiraling towards unsustainable levels. Spain has warned that it can't afford to pay them for much longer.

Transcript

LINDA WERTHEIMER, HOST:

Yesterday's ruling on health care took the financial markets by surprise. Stocks were mixed with some shares finishing the day sharply higher. By the end of the day, stock traders seemed to shrug off the ruling.

NPR's Jim Zarroli reports.

Transcript

RENEE MONTAGNE, HOST:

And we hope you've enjoyed Meat Week on MORNING EDITION. On next week's menu: pie.

(SOUNDBITE OF SONG, "HONEY PIE")

THE BEATLES: (Singing) Honey pie, you are making me crazy. I'm in love, but I'm lazy. So won't you please come home?

Transcript

RENEE MONTAGNE, HOST:

This is MORNING EDITION, from NPR News. I'm Renee Montagne.

LINDA WERTHEIMER, HOST:

And I'm Linda Wertheimer.

The Supreme Court surprised almost everyone yesterday when it upheld the heart of President Obama's health care law: a requirement that everyone either have insurance or pay a fine or tax. It's a big victory for president. It also gives his challenger, Mitt Romney, some important opportunities.

Here's NPR's national political correspondent, Mara Liasson.

Transcript

LINDA WERTHEIMER, HOST:

This is MORNING EDITION from NPR News. I'm Linda Wertheimer.

RENEE MONTAGNE, HOST:

And I'm Renee Montagne. The Supreme Court's decision to uphold President Obama's health care law defied many predictions: the outcome, the legal grounds, and the makeup of the court majority. For Chief Justice John Roberts, his definitive court opinion was either a triumph of judicial restraint, or a sellout, depending on who you talk to.

Transcript

LINDA WERTHEIMER, HOST:

Just last week, Republican leaders were warning their rank and file not to gloat if the health care law were overturned. Well, after the decision came yesterday, GOP leaders regrouped and vowed to keep fighting. NPR's Andrea Seabrook reports.

ANDREA SEABROOK, BYLINE: House Majority Leader Eric Cantor stepped up to the microphone.

REPRESENTATIVE ERIC CANTOR: If for nothing else, today's health care decision underscores the importance of this election.