is that enough? that this would sort of solve that problem? we do have to see more of the details, were ut having served on a presidential commission back in 2005, president bush s bipartisan tax refor commission, i know how hard it is to end up way bold plan when dealing with bipartisan reform. i think wall street was disenchantsed it was tossed aside. to see that back on the table and teed up as the basis for the plan is a great thing. when wall street looks at plan like this, what primarily are think looking for? what of the benchmarks? i think the split, assumptions made by economic growth. that s the real key to pulling us out of this. you mentioned in a piece to this, the ratings agencies. i think maybe the ratings agency was erring on the side of progressiveness in light of they
wasn t for this big clash. have they been making such a big emphasis on it? i don t think they would. i don t think the ratings agency would. we brought it on ourselves? we brought it on ourselves. for every reason. look, there s all kinds of reasons. you re questioning the ratings agencies. i would say flat out, that had we just raised the debt ceiling without any question whatsoever, no political debate whatsoever, yes, they would object but it would be down the road, ok? they wouldn t object until down the road. this crisis that we re in right now, we may not send out some government checks, that s a big reason why we are going to get a downgrade or may get a downgrade. got to be careful. we have to be careful. that s why we watch the varney & company program on the fox business network every day. weekdays, off today at 9:20. 1600 bucks an ounce for gold. that s a headline. hold it? sell it? what do you do with the gold? i m saying you ve made a lot of money, ok?
we brought it on ourselves? we brought it on ourselves. for every reason. look, there s all kinds of reasons. you re questioning the ratings agencies. i would say flat out, that had we just raised the debt ceiling without any question whatsoever, no political debate whatsoever, yes, they would object but it would be down the road, ok? they wouldn t object until down the road. this crisis that we re in right now, we may not send out some government checks, that s a big reason why we are going to get a downgrade or may get a downgrade. got to be careful. we have to be careful. that s why we watch the varney & company program on the fox business network every day. weekdays, off today at 9:20. 1600 bucks an ounce for gold. that s a headline. hold it? sell it? what do you do with the gold? i m saying you ve made a lot of money, ok? that s all i m saying. thank you very much. keep the money. thanks, stu. up next, the gunrunning scandal surrounding eric holder could get
tough enough to withstand another financial shock. i think they ve injected themselves into a situation that s beyond their comprehension. plus a former fed boss paul volcker has a blunt message for the ratings agencies. quit meddling in things you don t understand. we have that candid interview in full. but first, though, we begin with the tide of debt that is causing problems on both sides of the atlantic. this of course with the results of the european banking stress tests out later on today. now, that is seen as one of the one of the most debted nations, italy, is of course trying to fight to stave off a bailout to become the fourth euro nation if it were to do so to request one from the imf, the eu and also the ecb. this was the scene just yesterday as lawmakers approved a four year, $57 billion austerity plan. the lower house is expected to adopt some of these measures later on today. and newspapers have been having quite a field day with this situation. let me sh
parties in parliament called on murdoch to dump his plans to pursue it. at least four members of the u.s. congress want the government to investigate whether u.s. citizens were victims of phone hacking by murdoch s media outlets. international journalists were attempted to hack into the phone messages of 9/11 victims. > ruling party officials say mr. salih will go back after he s 4 surgery. those are the headlines. those are the headlines in cnn in london. world business today starts now. very good morning to you from cnn rome. and good afternoon from cnn hong kong. i m pauline chu and this is world business today. these are the top stories on this thursday, july 14th. running on empty and running out of time on both sides of the atlantic. there s a tense stalemate in washington as lawmakers fail yet again to head off the looming debt default. meanwhile, italy races to push through austerity measures and restore confidence in the country s economy. plus, rupert