in libya. the national criminal court wants him on charges of humanity. police arrested him on sunday while he was allegedly making a pipe bomb. authorities say he got bomb-making instructions from a website linked to al qaeda. those are the top stories. world business today starts right now. good morning from cnn london. and good afternoon from cnn hong kong. i m andrew stevens. the top stories this monday, november 21st. it s a landslide victory for their political party. talks have collapsed between qantas unions. the dispute is in the hands of the empire. and with hours to go and no budget resolution in sight, u.s. lawmakers are e preparing for defeat. first up though, spain has voted a new prime minister in in the form of the popular party leader who is promising to get the nation back on track with measures to come. if that s giving comfort to span yards, it s not having the same eflkt on investors today. what defined is set to continue. let s have a loo
impact of trillions. blogger jeff jarvis stirs up a storm by hurling an obscenity. the reporter whose story prompted david wu to resign over a sex scandal. should he have relied on unnamed sources? i m howard kurtz and this is reliable sources. it would be comical if it weren t so serious. washingtonality its worst as all of us in the news business trying to keep up with a story that changes by the hour. the senate scheduled to vote today at 1:00 p.m. to avoid a crippling default. look at the rolling news coverage suggests one inescapable conclusion, we often aren t sure what s going on either the countdown continues, american anger and anxiety keep building as the politicians let another day go by without a deal on the flash debt. it is one week and counting to august 2nd, the day the president says the government will run out of money and, among other things, will have to stop sending out social security checks. we are not yet in the end game. we are still in the bl
cnn congressional correspondent kate bolduan joins us now from capitol hill, what is the latest? reporter: you know the cbo numbers, the congressional budget office, jessica, this office that scores, gives a cost estimate, for legislation, it s very critical, and this evening it came out the cbo brought out gave out its estimate, and it says that the speaker boehner s bill falls short of what its target was. it says that it would only reduce the deficit by $850 billion, rather than the more than a trillion dollars than the legislation said it was going to said it was going to. here s why it s such a big problem. because of speaker boehner, he said there s one major principle, you ll remember, jessica, as they moved forward to raise the debt ceiling, that the amount of the cuts be greater than the amount they raised the debt ceiling. and in this legislation right now is called for raising the debt ceiling by $900 billion, $850 billion, is less than $900 billion, so know
and travelers squashed by major airlines. but first, to the desperate race against the clock to secure what president obama is calling america s national credit card. the country could face unprecedented default if congress is unable to agree on a deal to raise the nation s debt ceiling. failure to do so could downgrade america s debt rating and could be extremely damaging for global economy purposes. let s get all the angles. we ve just learned the president will be addressing the nation later to. kate baldwin is up on capitol hill. first to you. what s the very latest, the thinking behind the president s decision to address the nation and the world tonight? wolf, the thought was that the president like lly today ha to come out put and exclamation point on a very busy day. fruns and senate democrats, laying out their plans. already today, we saw a statement from the white house press secretary jay carney, endorsing senate majority leader reid s plan. and i ll save the de
is like dealing with a bowl of jell-o. they refuse to get serious about cutting spending and making the tough choices that are facing our country on entitlement reform. that s the bottom line. president obama has asked them to come to the white house to tell them how he plans to avoid closing on the debt deadline. he was confident they could reach a deal, but now he said he would be at the white house tomorrow. so, is he backing off? chief white house correspondent jessica yellin joining me now. both sides putting their own spin on things. what happened today? i ll tell you from here at the white house, when the president received the call from speaker spoener saying the deal was off, i am told there was a sense of surprise, frustration, even exasperation that congress can t come to negotiate a real deal. this is now the third time what seemed directionally leading to an actual deal broke down, and this time it seems to be over the question of taxes. in this instance, the