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has fallen short. dan joins me from london. appreciate it. so dan, this comes down absolutely, yeah, this is fast turning into sorry, go ahead. this comes down to a private contractor. they were tasked with providing security for the games, so what s the concern now? where did they fall short? well, they basically haven t been able to guarantee the number of guards that they were contracted to provide at various different olympic sites. we re going to turn up on time. we haven t quite drilled down to the bottom of exactly why that is but we re told it s something to do with scheduling problems with software problems, basically that they can t insure that the people they trained will turn up at the right place or that the people have the right accreditation or can get to one place or another. logistical problems bike this private security firm who last wednesday told the government, look, we can t fulfill the contract of supplying 10,000 guards. you re going to ....
another recession. and adds new urgency to the political debate here in washington over new jobs initiatives. the dow jones industrial average was down just short of 420 points or 3.7%. the nasdaq down 5.2%. the s & p 500 down 4.5%. it is what drove the markets down that is again stoking recession fears. overseas more jitters as europe struggles to contain its debt crisis. here at home, data some see as evidence of a new downturn. weekly unemployment claims rose much more than expected. sales of existing homes dropped by 3.5% in july. analysts had been expecting a modest increase. the key manufacturing index was way down. and inflation on consumer goods was up. add in collapsening consumer confident and you get sober advice like this. 2012 could be a very difficult year. i m on the camp that we have more chance of being in recession than avoiding it. so they should be conservative right now. their confidence should be down. because there s every reason out there that ....
this american morning. . busy weekend. good morning, august 1st. a lot going on today. it was an agonizing weekend and we were all up late last night. e-mails flying at midnight. it was busy. but things are a little brighter today than they were last night and saturday night and a little brighter. tiny bit. we start with that possible break-through in the debt ceiling crisis. in a few hours the house and senate are expected to vote on a plan by president obama and congressional leaders to raise america s borrowing limit in exchange for massive spending cuts. i want to announce that leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default. the default that would have had a devastating effect on our economy. a sense of what the agreement looks like, going to increase the debt ceiling by up to $2.4 trillion. that is enough to get us through 2012, we hope. the plan also includes $917 billion in immediat ....