Yesterday, Secretary of Education Arne Duncan announced a major override of the No Child Left Behind accountability law for schools. Duncan's proposal will mean that states can apply to bypass performance requirements in the law. One of those requirements is that 100 percent students be proficient in reading and math by 2014. Arne Duncan talks about about the overhaul in the law and how it will affect students and schools. (Transcript available after the jump.)

How closely tied are the financial markets to the economy at large? In reaction to the country’s credit rating downgrade on Friday the markets had their worst day since the 2008 financial crisis yesterday as the Dow Jones dropped about 635 points and the Nasdaq was down 175. But do these numbers affect our country’s ability to create jobs? Do they have any meaningful relationship to consumer confidence, the arguable engine of our economy?

Looting and arson has spread across London for a third successive night, as rioters took to the streets of more deprived boroughs from Hackney in the East to Ealing in the West. While much of the British capital remains quiet, including the major financial and government districts, police and fire crews have struggle to contain the violence where it has occurred. Over 450 people have been arrested, and more than 6,000 police were deployed across London on Monday night.

Economists forecast that Friday's unemployment report will show the nation's unemployment rate has not changed at 9.2 percent, with an expected figure of 90,000 jobs added last month. Congress has done little to address unemployment, infuriating voters around the nation. But, the Polytechnic Institute of New York University has an idea about lowering unemployment. The institute has teamed up with the city of New York to found an incubator that provides a physical space and money to help new businesses take off.

Today is the fifth day of Ramadan — the holiest month on the Islamic calendar during which, typically, life in the Middle East slows down. Businesses close early, and families and communities gather every night to break their fast. But this year has been strikingly different. The Syrian government has used the holy month to intensify its violent crackdown on protesters, with tanks entering the town Hama every day since the weekend. Meanwhile in Egypt, hundreds of armed troops stormed Cairo’s Tahrir Square earlier in the week, beating protesters with electric batons.

With Congress at an impasse over an authorization bill for the Federal Aviation Authority, the agency is partially shutdown, leaving about 4,000 FAA workers indefinitely furloughed. They have already gone one two-week pay period without receiving a paycheck — and that could last until September if Congress does not come to an agreement soon. 

McAfee, a leading cyber security company, issued a report on Wednesday that indirectly points to China as the source of a broad ranging cyber attack on more than 72 organizations throughout the world — including the United Nations, the Olympic movement and the U.S. government. As cyber attacks become a growing threat to the country, the National Security Agency has made a push to employ the best and brightest to combat these attacks. Often, the most qualified people to play defense are often the ones that were once on the offensive — former hackers.

One of the biggest obstacles to providing aid to those affected by the drought and famine crisis in Somalia has been the militant group al-Shabab, which controls large parts of southern Somalia. The al-Qaida-linked group is refusing to allow many Western aid organizations into the country, and at the same time is blocking people who attempt to flee. As a result, the lives of 500,000 children are at risk as they suffer from malnutrition. Al-Shabab is viewed as a dangerous and extremist force in Somalia today, but that was not always the case.

After weeks of a bitter standoff, Congress and the White House have finally reached a deal on how to raise the debt ceiling in the 11th hour. The deal was passed by the House of Representatives on Monday evening and is expected to pass the Senate early Tuesday afternoon. But some question whether the President conceded too much in the debate, and if the administration is calling this compromise a victory. For a perspective from the White House, we talk with Jennifer Psaki, White House Deputy Communications Director.

When times are tough, Americans often turn to comic books. The so-called Golden Age of Comics in the U.S. began with the Great Depression, when out-of-work Americans were desperate for superheroes and role models. Our appetite for Superman and the Green Lantern only grew as Hitler marched across Europe. And Americans aren’t the only ones who need superheroes in difficult times. Our guest for this segment is the author of "The 99," a comic book series published in Kuwait and translated into nine languages. "The 99" follows Islam-inspired superheroes as they fight evil dictators and extremists.

Over the weekend, the AP gained access to a six-page essay handwritten by Rosa Parks, recounting details of a white man attacking and attempting to rape his black housekeeper. It’s unclear whether the story is autobiographical or fictional, but it provides a window into the life of Rosa Parks, a legendary human rights activist who spent years bringing the cases of rape and violence against black women to national attention.

As the deadline for increasing the nation's debt ceiling inches closer, individual states are getting ready for the possibility that the Treasury will run out of cash. According to the National Association of State Budget Officers, 35 percent of state budgets rely upon federal funding to keep programs like unemployment, Medicaid, transportation projects and highways running.

The looming threat of the U.S. defaulting on its debt has prompted many to discuss what the consequences might be here. But what happens to the rest of the world if the U.S. defaults? According to the International Monetary Fund, it will be a disaster. At a press conference yesterday, IMF chief Christine Lagarde called a U.S. default "a very, very, very serious event, not just for the U.S., but the global economy at large."

In his speech last night, President Obama urged the House and Senate to reach a compromise on a debt plan by August 2. "We can't allow the American people to become collateral damage to Washington's political warfare," he said. Immediately afterward, House Speaker John Boehner gave a live speech responding to Obama, in which he pushed for Obama to sign the Republican plan to raise the debt limit. The Democratic-led Senate and Republican-led House have proposed two vastly different plans. So, what happens if they can’t agree by the deadline? 

Democrats and Republicans will this morning release their separate plans to raise the debt ceiling before the August 2 deadline. But only one plan can pass and Congress is running out of time. The lack of time has thrown a spotlight on the 14th amendment, which some say would allow President Obama to increase the debt ceiling on his own. 

The Horn of Africa's worst drought in more than 60 years continues to wreak havoc as millions of people are affected by the resulting famine. Somalia has been the worst hit so far but delivering aid to the region has proved difficult since large parts of southern Somalia are controlled by the Islamic militant group al-Shabaab. Kenya, Eritrea and Ethiopia are also struggling with the humanitarian crisis. 

There are two major stories in the news both revolving around deals that have been held up by long, entrenched standoffs.

First, the debt debate wages on in Washington. After hours of closed-door meetings with high-level members of Congress, rumors floated around Capitol Hill yesterday that President Obama and Speaker of the House John Boehner were close to reaching a debt deal that would call for as much as $3 trillion in savings. 

Eurozone leaders are meeting in Brussels today, for an emergency summit on the looming debt crisis in Greece. Greek Prime Minister George Papandreou called this summit a "make-or-break" moment. Meanwhile, the International Monetary Fund warned that this crisis could spread to the rest of Europe, even if Eurozone leaders prevent a default in Greece.

Ten days after the 9/11 terrorist attacks, Rais Bhuiyan, a Muslim from Bangladesh, was working behind the counter at a gas station convenience store in Texas when a man with a gun entered. The gunman, Mark Stroman, shot Bhuiyan in the face, seeking what he later called revenge for the 9/11 attacks. Bhuiyan survived, but two others that Stroman also targeted because they appeared to be Muslim, did not.

Late last month, President Obama gave a speech laying out his plan to withdraw U.S. troops from Afghanistan. "Even as there are dark days ahead in Afghanistan, the light of a secure peace can be seen in the distance. These long wars will come to a responsible end," Obama said.