potential tax hikes. some group of folks say they deserve a tax break worth more than a billion dollars. who is behind it and why the obama anministration is actually considering the proposal. brand-new shark sightings along the east coast. we ll tell you about the new dangers and concerns facing beachgoers right now. this is a little scary, not sitting up here but when you decide to get yourself wet it s scary. and my dog bailey and i love to hang out in the kitchen. you love the aroma of beef tenderloin, don t you? you inspired a very special dog food. [ female announcer ] chef michael s canine creations. chef inspired. dog desired. passion burning love is so strong
earning reports from very key companies. also on the buys beat we are a waiting apple s news conference and the problems with the iphone4, set to begin in about 30 minutes from now. the company is expected to address reception problems tied to the phone s antenna design. jon: finally for a white house and a president taking a beating at polls there is this a live feed of bp s busted well showing clear gulf waters 5,000 feet below. a far cry from the geyser we saw 24 hours ago. bp and the obama anministration are pretty optimistic about the results of the new cap so far even though they are not quite at the finish line. the final solution to this whole problem is going to be the relief wells and getting that completed, but there is no doubt that we have made progress as a consequence of this new cap fitting on, and that even if it
relief wells that are being drilled from up above. those are going down about 13,000 feet. what they are going to try to do is intersect this original well below the ocean line but above the oil, intersect here, fill it with cement and that will contain it for good probably by mid time august, back to you. megyn: that s what we are hoping. william la jeunesse thank you. the leak is capped for now, but that is about 88 days too late for those who live in the gulf of mexico, not to mention the wildlife down there. and they are not the only ones who must cope now with the fallout. can the obama anministration recover from the criticism surrounding its handling of the disaster? we ll have a fair & balanced at the bottom of the hour on that. a new senator for west virginia and we are awaiting right now a news conference where governor joe mansion will name a replacement for the late senator robert byrd. the governor did not have to go too far to find son are someone and we will hear that di
argument is, as i understand it, they ve gone too far. it s one thing to increase oversight, meaningful oversight of wall street in a way that would potentially prevent that melt down from happening again, but this according to critics cracks down on banks and actually the critics say small businesses as well in a way that could potentially prove to be detriment al. the obama anministration says it will help small businesses. the chamber of commerce says that s a bunch of bunk. smaller banks, their cost of compliance with the new regulation is going to be a much greater percentage of their profit than a larger bank, they are going to suffer. the same will happen to small businesses. their cost of compliance is going to be disproportionately higher. you know in this consumer protection there is something about individual lending, and i m wondering when it all comes when we find out what all the regulations are, is the government going to get between you and me now if one of us
let me see if i can get i don t know the answer to that but i will try to seek some answer on that. reporter: but it s not unusual for the administration, for any administration not to really go after these sanctuary cities. they ve been around for a while. in view of the obama anministration justice department going after arizona on the immigration law some critics are saying what about the sanctuary cities. jenna: thank you very much. thanks, molly. jon: update for you now on that steel plant explosion we first told you about last hour. it happened near pittsburgh, the fire still burning apparently at the u.s. steel corporations clairton coat works. no life-threatening injuries. apparently some kind of gas fire or explosion there. jenna: a seattle-based