of horror every day, including hospitals underfire and an entire population deprived of the basic means of survival. as soon as the news conference starts, we will return to it. time for a look at the business news now with ben thompson. we begin in the us, where world leaders have been arriving in san francisco for the ongoing summit of the asia pacific economic co operation, orapec. but all eyes will be on the high stakes meeting between us presidentjoe biden and his chinese counterpart, xijinping. the leaders of the world s two biggest economies have a lot to discuss including their ongoing disputes over trade, technology, taiwan and the drug fentanyl. for more on this joining me now is drjie yu, senior research fellow on china at the think tank chatham house. thanks for being with us on the programme, and i m looking up the agenda and there are just four hours set aside for the meeting of the two world leaders. the white house already playing down expectations of what t
now, the plan does not address the debt ceiling. you see the debt clock there. it ticks down to august 2nd. that s when the u.s. could start defaulting on some of its bills. it could be a jumping-off point for a bigger deal. here are some of the highlights of the plan according to cnn senate forces, it shaves about $4 trillion off the debt load. rejiggers the tax load, cuts short-term spending by about $500 billion. it changes the entire budgeting process and it reforms social security. now, this plan is not to be confused with something you heard about yet, cut, cap and balance. that s a house plan that passed last night, imposing strict limits on future federal spending. that is likely doa, probably won t pass the senate. the president is promising to veto it if it did. in about 90 minutes, the spotlight in the news corp. phone hacking scandal turns to british prime minister david cameron. he ll be front and center at the house of commons talking about his links to the mu