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Detailed text transcripts for TV channel - KGO - 20110805:10:32:00

It was a brutal day on wall street. the markets plummeted, finally closing down more than 500 points. it was the biggest one-day drop since december 2008. in less than two weeks the market has erased all of its gains for the year. in total some $940 billion worth of investors wealth wiped out. the average 401(k) saw a loss of nearly $12,000. investors are growing increasingly worried about a weakening u.s. economy and debt crises in europe. the u.s. economy is losing momentum. it shows up in the numbers. investors see those numbers. and they think, and i think for good reason, that it s time to move to the sidelines. reporter: the white house pointed a finger at congress and said lawmakers need to get to work. congress has the power to pass legislation that the president can sign. pass patent reform. if it passed the free trade agreements. reporter: easier said than done. ....

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CNNW State Of The Union July 17, 2011

tom davis. i m candy crowley. and this is state of the union. the president said he wanted a deal by friday so lawmakers met with him at the white house day after day after day. they took a break friday, and the president pushed again. if washington operates as usual and can t get anything done, let s at least avert armageddon. joining me now, white house budget director jacob liu. thanks for being here this morning. good to be with you, candy. we are told by hill sources that since the last white house meeting on thursday and this morning there has been no progress. do you concur? i think quite a bit has been going on since the meeting at the white house on thursday night. there s been activity. has there been progress? there s been activity and progress i think on two fronts. first, there are substantial discussions going on in the senate between the two leaders to make sure that at a minimum congress has a way to take action and avoid default on the u ....

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