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Transcripts For CNN AM Wake Up Call 20110720

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 murdoch media empire, this just a day after rupert murdoch insisted to lawmakers he didn t know much. i don t know. i don t know. i was not aware at the time. i don t have any memory. i don t know anything about that. i m not sure what i said. i cannot spare to the accuracy o

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