With the economy struggling to create jobs, Sen. Mike Crapo (R-Idaho) has urged congressional leaders to implement the pending free trade agreements with Colombia, Panama and South Korea that he says will save or create 380,000 jobs, according finding by the U.S. Chamber of Commerce. 

Sales of previously owned homes plunged 27 percent in July to the lowest level in 11 years.

House Minority Leader John Boehner (R-Ohio) on Tuesday urged President Obama to not follow through on his campaign pledge to increase taxes on wealthier Americans. 

Boehner contends breaking the promise will add certainty to the economy and could help return demand to the marketplace. 

Americans 55 and older are filing for bankruptcy at an increasing rate, according to the study Aging and Bankruptcy Revisited.

ON TAP FOR TUESDAY: House GOP leader John Boehner (Ohio) will speak on jobs and the economy at 8 a.m. at The City Club of Cleveland.

Boehner spokesman Kevin Smith said that his boss "will outline commonsense solutions to end the ongoing economic uncertainty, boost small business job creation, and end the spending spree in Washington." 

Ahead of the speech, Dems strike at Boehner. The Hill: http://bit.ly/aqVatt 

“John Boehner and the Republican leadership wouldn't know a new idea if they tripped on it,” Rep. Debbie Wasserman Schultz (D-Fla.) said during a Monday Democratic National Committee conference call.

Interesting quote: When asked if Boehner's speech is a "measuring-the-drapes moment," Wasserman Schultz said it was a "smoking-the-drapes moment."

TOP STORY: WSJ, A1: "Fed Split on Move to Bolster Sluggish Economy." 

"The Aug. 10 meeting of top Federal Reserve officials was among the most contentious in Ben Bernanke's four-and-a-half year tenure as central bank chairman. ... With the economic outlook unexpectedly darkening, the issue was a seemingly technical one: whether to alter the way the Fed manages its huge portfolio of securities. ... At least seven of the 17 Fed officials gathered around the massive oval boardroom table, made of Honduran mahogany and granite, spoke against the proposal or expressed reservations. At the end of an extended debate, Mr. Bernanke settled the issue by pushing successfully to proceed with the move." 

Bernanke gets a chance to clarify the new policy this weekend during the Fed's annual meeting in Jackson Hole, Wyo. http://bit.ly/cLClEa 

Kansas City Fed President Thomas Hoenig, an inflation hawk who opposed Bernanke's motion, also raises doubts over the Dems' Wall Street reforms. Reuters: "Hoenig said it was not yet clear whether the reform act would put big and small banks on an equal footing. 'That can only happen if markets are absolutely convinced that too big to fail has finally been ended and only time will tell. It's an open question,' he told the hearing in suburban Kansas City." http://bit.ly/cyzmPs 

Some judges want the government to get tougher with naughty banks. NYT: http://nyti.ms/9fQlgq 

AIG pays back $4B of bailout debt. WaPo: http://bit.ly/c3S0wf 

HOUSING MARKET REFORM UPDATE. The Obama administration is considering paying for federal backing of mortgages through new fees on lenders. WSJ: "While the administration hasn't settled on a plan to revamp failed mortgage giants Fannie Mae and Freddie Mac, which are now under federal supervision, a consensus appears to be emerging that some type of government guarantee will be needed to keep the ailing mortgage market functioning." http://bit.ly/acJQvc 

Meanwhile... Felix Salmon declares the White House homeowner relief effort to be a failure. http://bit.ly/daWA5n 

Also Tuesday... Data for July existing homes sales will be released at 10 a.m. by the National Association of Realtors. 

BAGEL BREAK: Like Elin, Tiger fans are also dumping Tiger. Bloomberg: http://bit.ly/dcY8Qr 

HP counters Dell bid for storage company 3Par with $1.6 billion offer. Hillicon Valley: http://bit.ly/c4LAYA 

And/but... Dell preparing to sweeten its offer. Bloomberg: http://bit.ly/9UYnUE 

Despite recent spate of acquisitions, analysts expect a slowdown in corporate earnings next year. WSJ: http://bit.ly/amwWhO 

WONK CROSSFIRE: Atlantic's Megan McArdle v. TNR's Jonathan Chait on stimulus effectiveness. Chait cites independent private forecasts showing the stimulus's benefits (http://bit.ly/aABY3c), while McArdle says those forecasts are often wrong (http://bit.ly/czAt5G). 

NYT on Bush-era tax cuts: Gray Lady editorial calls for expiration of tax breaks for the wealthy, a temporary extension of the middle-class cuts and tax reform. http://nyti.ms/bvZxjM 

What summer gas spike? Prices hit eight-month low. WaPo: http://bit.ly/c5RhxM 

DEBT REDUCTION IDEA OF THE DAY: Walter Pincus suggests that cost-cutting Defense Secretary Robert Gates should scrutinize military bands. http://bit.ly/aEqlfX 

A federal appeals court won't reconsider a March ruling that requires the Federal Reserve to disclose documents naming financial firms that could have failed without government aid.

The Fed is expected to review the decision and could appeal next to the Supreme Court. 

On May 4, the Fed asked the U.S. Second Circuit Court of Appeals to review a unanimous March decision by a three-judge appellate panel that it must release documents showing what firms borrowed from $2 trillion in lending programs started after Lehman Brothers failed in 2008. 

The decision was dated Aug. 20. The ruling upheld a decision of a lower-court judge in Manhattan who ordered in August 2009 that the information be released.

UCubed, a group representing unemployed and underemployed workers, sharply criticized Treasury Secretary Timothy Geithner for his handling of the economy after the Labor Department last week announced that jobless claims had unexpectedly jumped to 500,000. 

The final provisions of the new credit card law designed to end deceptive practices and help consumers went into effect on Sunday after a nearly year-long phase-in process. 

The final changes govern how much credit card companies can charge in late fees so that they more closely correspond with the required minimum payment. 

Typically, credit card issuers have charged a flat $39 late fee, but under the new law, if the minimum payment is $20, a consumer can't be charged a late fee that exceeds that amount. 

Gift card rules also changed, requiring that the popular cards are valid for at least five years and that only one fee can be assessed per month. 

In a letter Friday, Rep. John Yarmuth (D-Ky.) urged GM executives to reconsider opening new facilities in Mexico while the company still owed the U.S. billions in bailout dollars.