let s get you the latest news on the gulf oil disaster now. on day 87. bp plans to begin testing the pressure on new well cap soon. a self-imposed delay and another cause by a leaking pipe have been resolved. if the cap withstands the pressure, bp hopes to capture practically all the leaking crude. other big stories, the senate plans a final vote on the historic financial regulatory bill. democrats got the 60 votes needed this morning in a vote to cut off debate and advance the bill. and the online company, realty track says foreclosures fell by 5% during the first half of 2010. still, experts say foreclosures are on track to set a record for autumn of this year. allison cossick is on the floor of the new york stock exchange and is standing by with more on
Detailed text transcripts for TV channel - CNN - 20100712:15:00:00
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and we will see if it happens. we will see what general petraeus has to say about it. he, of course, supports the president, but many xhaernd xhc say it is condition-based and we will have to wait and see how many troops are brought home by then. and that is what he testified before congress that that date is a conditions based, and if the conditions don t justify the start of the withdrawal, presumably it won t happen, and if it does, it will. questions for general petraeus as early as next week during the confirmation hearing. a lot more coming up on this story, but it is breaking news we are following on another front right now just a day after bp set a new record in collecting leaking crude, right now, oil is flooding into the gulf of mexico big time. it follows a deep sea accident which has now forced bp to raise that containment cap to check for damage. brian todd is all over the breaking news. he is here in the situation room. wow, whenever you say, whenever
says containment device is covering the main leak and that it could start pumping out crude as soon as next week. the spokesman says it could take up to 12 hours for the giant steel and concrete box to settle into the mud at the bottom of the gulf. a mile below the surface. and another two days before the pump can get started. here s a reminder of how this is supposed to work. once this big box is in place. workers are to hook up a pipe to try to divert the oil into tanker on the surface. bp engineers claim that could capture as much as 85% of the leaking crude. though we can t confirm that. they say no one has ever tried this in such deep water where the pressure is strong enough to crush a submarine. but at this point, they tell us they will try almost anything. we have never constrained ourselves to the technology available at the time this began. and we have within been stretching and looking for every idea. what we will do is continue to look for every option we can find wheth