have a great weekend. you re in the cnn news room where the news uned fors live this saturday, july 16th. live pictures now from washington where it s a day off from the talks about the debt ceiling, but not because there s a done deal. president obama and congressional leaders are still at an impasse after discussions at the white house all week long. the president maintained during his weekly address he wants to consider both tax hikes on the wealthy and spending cuts on popular entitlement programs. we ll try to get the president s the address now a moment. the republican response? a different take on the issue. they insist that tax hikes are off the table and a balanced budget amendment is needed. the solution to a spending crisis is not tax be ins. yet washington is consistently demonstrated that it cannot control its urge to spend. that is why the only long term solution is a balanced budget amendment to the constitution. only by restoring constitutional restraint
officers tens of thousands of pounds in cash for information, sometimes handing over envelopes of cash at a fast food chain drive-thru. so far implications have been swift. the 168-year-old news of the world tabloid has been shut down. today mr. murdoch s company endsed its year-long $12 billion effort to take over british sky broadcasting company. that sent the stock tumbling. had mr. murdoch acquired the company, he would have owned 40% of all commercial television in britain. the business consequences of this scandal are still unfolding, but the legal consequences started unfolding years ago. in 2007, a news of the world editor and private investigator hired by the paper were jailed for the phone hacking. the editor, andy coulson denied knowing about the hacking but resigned anyway. david cameron then hired that
right only pretend to care about the debt. what they care about is shrinking government and lowering taxes. tonight we re going to put a spot light on the unsupported republican claim that somewhat higher taxes for the better off means fewer jobs for everyone. also, the rupert murdoch scandal has claimed another victim. murdoch has dropped his bid to buy british sky broadcasting tonight. will it threaten his holdings here in the states? the latest poll on republicans may show that mitt romney is in more trouble than we think. he s ahead already, but michele bachmann is surging. the crowd up for grabs right now is backman-friendly. let my finish tonight with a person who may break the stranglehold that threatens to take down the u.s. economy. we start with the fight for a debt ceiling deal. steve king is a republican from iowa. let me ask you, congress marsh king, thank you for joining us. hi, chris. let s go over some of the highlights.
that s favorable to news corp. obviously the relevant questions are being asked, and it s too early to know ultimately where the scandal is going to go, but obviously the biggest existential crisis to face news corp in probably its history. you know, judd, what i m impressed by, david cameron i don t have strong views let s see if it works, but he broke with this guide the other day and said we re going after this guy, that was quite a break. i think that s a huge break in his influence, because as influential as he is in the united states, and you ticked through some of the politicians he s hired them. he is a monster in the uk. to lose all his support, such that this make acquisition of bskyb which he had been working on for years, he totally this to abandon it, and then in the wall street journal ironically enough today, he s considering getting rid of all of his uk
pli pleasure. can you break down potential charges news corp. might be facing, either here or abroad, whatever you find more important. in hacking in britain is the most outrageous charge but not the most serious charge. there s been bragging detectives were paid in excess 100,000 pounds, sums up to 10,000 dollars. those are the most serious criminal charges we d see in britain. how does it affect us in the u.s. is a great question, and we have a foreign corrupt practices act, which in some substance says if you have a publicly traded company, and news corp. is traded on the nasdaq, and that company is involved with bribing foreign officials, that being detectives at scotland yard, it s a violation of that act. we most frequently see that act