Economic update

With an update on the economy- GM is closer to bankruptcy after failing to get enough support from bondholders in a debt exchange offer. Facing a deadline to restructure by June 1, bankruptcy is looking increasingly likely. In housing news, cheaper prices caused home sales to rise in April, though the excess of foreclosed properties is causing prices to drop further. Larry Mantle gets an overview of the latest economic news from Neil Irwin of The Washington Post and Andrew LePage of DataQuick Information Systems.

With an update on the economy- GM is closer to bankruptcy after failing to get enough support from bondholders in a debt exchange offer. Facing a deadline to restructure by June 1, bankruptcy is looking increasingly likely. In housing news, cheaper prices caused home sales to rise in April, though the excess of foreclosed properties is causing prices to drop further. Larry Mantle gets an overview of the latest economic news from Neil Irwin of The Washington Post and Andrew LePage of DataQuick Information Systems.

Neil Irwin, National Economy Correspondent, The Washington Post

Andrew LePage, analyst at DataQuick Information Systems

Chris Thornberg, principal at Beacon Economics

David Welch, Detroit Bureau Chief for Business Week magazine