it's a done deal. president obama signs a compromise debt limit bill into law. market jitters, fears of the u.s. defaulting on its debt are gone, but stocks tumble on wall street and around the world. and on trial, violence in the streets of cairo as the trial of ousted egyptian president hosni mubarak is said to begin. captioning funded by cbs >> good morning, everybody. appreciate you joining us. i'm terrell brown in for betty nguyen. lots to get to this morning. how about this, just one day after the debt deal became law, republicans and democrats alike are complaining it doesn't do enough to fix the ailing u.s. economy. investors apparently agree. world financial markets are down

sharply this morning following yesterday's big drop on wall street. tara mergener has more on the debt limit law and what comes next. >> reporter: he put the ink on the paper but president obama didn't thank or congratulate congress as he typically does after major bills are passed. >> it was a long and contentious debate. >> reporter: instead he looked forward. >> we've got to do everything in our power to grow this economy and put america back to work. >> the ayes are 74 and the nays 26. >> reporter: passed hours before the deadline the emergency bill increases the government's borrowing limit and makes $1 trillion and immediate spending cuts, a bipartisan super committee from both houses of congress will determine another $1.5 trillion in savings, and the battle lines for that task are already being drawn. at issue whether tax revenue is in the mix. >> there are not going to be tax increases, that's one thing this committee will not even consider, and i don't think they should.

>> we've had too much talk the last few days of republicans, as early as this morning, republican leaders in the senate saying there will be no revenue. that's not going to happen. >> reporter: the president didn't let the point slide either. >> everyone's going to have to chip in. it's only fair. >> reporter: there's also some question whether the committee can be effective at all. >> i wouldn't focus a whole lot on what would happen if they didn't function because i think they are. >> reporter: if the committee fails, massive across the board cuts would be imposed automatically, but for now, after a long, bitter fight, congress is on recess until next month. tara mergener for cbs news, washington. for a closer look on what's happening on stock markets around the world this morning. not a pretty picture. here's ashley morrison on "cbs moneywatch," good morning to you. >> good morning, terrell. stocks in asia fell sharply this morning despite word of the debt deal. japan's nikkei and hong kong's hang seng lost more than 2%

and european stocks fell sharply at the open. on wall street the market is on its longest losing streak in two and a half years as more evidence of a stalled agency added to worries about the debt deal. the dow sank 266 points yesterday to close below 12,000 while the nasdaq lost 75. the new law raising america's debt ceiling was needed to avoid default and preserve america's aaa credit rating. it seems to have worked. the moody's rating service says it will leave that aaa rating in place but with a negative outlook to show there's still a risk of a downgrade. meanwhile the head of china's central bank has warned washington to get its economic house in order. china is the largest foreign owner of u.s. debt with more than $1.1 trillion in treasury bonds. so the chinese government welcomed the debt deal and wants washington to avoid further steps that might hurt investors and today china's rating agency downgraded the u.s. credit

rating from "a plus" to "a." in other economic news, u.s. auto sales were higher last month. gm's u.s. sales rose about 8%. ford sales were up 9% and chrysler 20%. in contrast, japanese automakers toyota and honda saw sales drop by more than 20%. terrell, it's japanese cars most popular with car thieves. the three most stolen cars last year were the 1994 on ta accord, the 1995 honda civic and 1991 toyota camry, in fourth place the most stolen american vehicle, the 1999 chevrolet silverado. and i don't know about you, if i'm stealing a car, not that i would, it would be new. right? >> you would think that anyway, but hey, now we know, right? >> yep. >> ashley morrison in new york thank you so much. in the caribbean tropical storm emily is getting stronger. the storm now headed toward the dominican republic and haiti. forecasters say they should get hit by heavy rain and 45-mile-per-hour winds by midday.

emily is expected to continue toward the bahamas. it may bring rain to miami by friday afternoon and wilmington, north carolina, by sunday evening. a homeless man is in custody this morning after jumping the fence at the white house yesterday. he was captured and apparently posed no danger. he's facing charges of unlawful entry and contempt of court for violating a previous order to stay away from the white house. to the weather now and the scorching heat wave that's been baking the southern plains for weeks. in oklahoma and texas, this week may be the hottest week of this very hot year with triple-digit temperatures that take your breath away. this morning, there are excessive heat warnings or advisories in at least 12 states from texas to georgia and north to illinois. texas is getting some of the worst with dallas recording 32 straight days of 100-degree heat and 12 deaths confirmed since june. yesterday afternoon dallas set a record, 110 degrees. the elderly are most at risk. >> taking medications for things

like high blood pressure or diabetes can pre-dispose you to not having the typical symptoms that might alert you you're having a heat illness or something like heat exhaustion or heat stroke. >> a solder training at ft. bragg, north carolina, collapsed and died. and a high school football coach in texas died during practice. the record breaking temperatures are straining power sources which may mean rolling power outages. and on a weather note, they're cleaning up this morning in central florida after a tornado touched down yesterday. the twister roared through parts of broward county damaging several homes, uprooting trees and downing power lines. there were no reports of injuries. former egyptian president has hosni mubarak is back in cairo for the start of his trial, facing charges of corruption and ordering the killing of protesters during the uprising that forced him from office and trouble in the streets outside the court. elizabeth palmer followed this late report in cairo. >> reporter: although many egyptians still cannot believe this is really happening, former

president hosni mubarak was taken from his hospital bed in the resort of sharm el sheikh earlier this morning and flown to cairo. outside the police academy where the trial is being held, for security reasons, a crowd of several hundred people has gathered to watch the proceedings on a large screen television set up in a huge parking lot. a short time ago a helicopter flew overhead believed to be carrying the president, the crowd began to whistle and jeer, earlier there was fighting and rock throwing, until riot police showed up and flooded the area to keep pro and anti-mubarak factions apart. president mubarak will be facing charges of corruption and ordering the killing of protesters during the uprising back in january and february. the former president is expected to have to sit in a large metal barred cage inside the courtroom, which is normal procedure in egyptian criminal trials, but it will be a mind-boggling spectacle in this country where until just six months ago mubarak was all

powerful and untouchable. in the cage with him will be his two sons, the former interior minister and six other officials, all of them facing one or both of corruption charges or ordering the killing of protesters. elizabeth palmer, cbs news, cairo. some u.s. troops could remain in iraq past the end of the year. iraqi leaders voted yesterday to begin negotiating a deal to keep a limited american force there to train iraqi security forces. washington ordered to keep up to 10,000 troops in iraq but insist they be given legal immunity. the u.s. embassy in baghdad will review the iraqi request. the obama administration is expected to release a new report today on how to prevent home grown terror attacks in the u.s. it concludes local communities are best equipped to track down terrorists and says the way cities fight criminal games is a model they can use to fight

violent extreme i. just ahead on the "morning news" shocking new revelations about jaycee dugard's kidnappers. and a surprise in east texas, a previously undiscovered piece of the shuttle "columbia." first scott pelley has a preview of "cbs evening news." california set the standard for a public university system, but now drastic budget cuts mean students at berkeley and ucla are facing the elimination of courses while paying higher tuition, lessons that students at other states may be facing soon. that story tonight on the "cbs evening news." for you. whoo! uh-oh. what? mom's doing her exercise video again. when mom's on a health kick, all of us are. and now she's made us breakfast. uh-oh. ♪ [ male announcer ] eggo nutri-grain waffles. you know it's made with 8 grams of whole grain and is a good source of fiber. all they know is it tastes great. eggo nutri-grain waffles.

simply delicious. a network of possibilities. in here, the planned combination of at&t and t-mobile would deliver our next generation mobile broadband experience to 55 million more americans, many in small towns and rural communities, giving them a new choice. we'll deliver better service, with thousands of new cell sites... for greater access to all the things you want, whenever you want them. it's the at&t network... and what's possible in here is almost impossible to say. bolt that burrito. no matter what life throws at you, you can take the heat. until it turns into... heartburn. good thing you've got what it takes to beat that heat, too. zantac. it's strong, just one pill can knock out the burn. it's fast, the speed you need for heartburn relief. and it lasts, up to 12 hours. so let them turn up the heat. you can stop that heartburn cold: (sssssssss!!!)

zantac. [ female announcer ] we all want cleaner laundry. we all want a world with fewer chemicals. we all want the best of both worlds. introducing all free clear oxi-active. a powerful new detergent without dyes or perfumes that helps get out your toughest dirt and stains. its added natural cleaning boosters help get your whole family's wash incredibly clean. tough on stains. gentle on skin. new all free clear oxi-active. . previously undiscovered piece of the a previously undiscovered piece of the space shuttle "columbia" turned up in east texas where the shuttle crashed in 2003. it's a fuel tank for the shuttle's electrical generator. it ended up in a lake dried up by the drought. that tank is being returned to nasa. casey anthony may be returning to orlando, florida, this week for another round in court.

a judge says she must serve a year probation for check fraud in a case unconnected with her daughter, caylee. anthony hasn't been seen since her release last month. anthony's attorneys have filed a motion to block the judge's action. prosecutors in california released some very disturbing video taken by phillip garrido and his wife. they are the couple who kidnapped jaycee dugard and held her captive for 18 years. kobrt in sacramento has more. >> the system as a whole failed and we should be angry about it. >> reporter: el dorado district attorney vern peerson not holding back, instead holding accountable everyone from federal and state parole agents who visited the home several times and never found anything wrong to the psychiatrist and psychologist who he said used pseudoscience to give garrido pass after pass. it's all laid out in the singing final report the da

documented the multiple missteps that allowed phillip garrido to rape, hold captive jaycee dugard for 18 years. peerson listed the mistakes in law enforcement that led like dominos to dugard's captivity including the fact that garrido should have been identified as a suspect in the kidnapping since he committed four similar crimes in south lake tahoe, he should have been found out by parole agents and never should have been released from prison in 1988. >> after being convicted he was able to manipulate the psychologists and psychiatrists to basically do his bidding and recommend early releases on his behalf. >> reporter: the da says these two pictures show the different sides of phillip garrido, the first the one he showed to mental health evaluators in prison, recommended he be paroled. the second a freed phillip garrido, a man who terrorized women and children with his sexual perversions. >> we should all be angry.

governments should be more accountable to the people that we're asked to protect. coming up, your weather forecast. and in sports two national league contenders go head to head in extra innings. woo, that hurt. head to head in extra innings. has a del this flat-out delicious -- the new $3 flatbread breakfast combo. a toasty 6-inch flatbread breakfast sandwich and a 16-ounce cup of freshly brewed seattle's best coffee. all for just $3. build your better breakfast today. is it a blast of clean ?

is it winning the race against time ? it's the countless innovations of lg, designed to make life good. so is it an appliance or something better ? and off we go! seeking inspiration from the world's best yogurts for activia selects in paris we discovered the inspiration for a totally new yogurt. activia selects french so silky and smooth with lots of juicy fruit. then our search took us to beautiful greece and this thick and creamy greek yogurt, so rich and full of flavor. it was a grueling trip! try new activia french and greek yogurt. a world of great new tastes. here's a look at the weather in some cities around the country. thunderstorms and 82 degrees in new york, thunderstorms as well in miami, 92 degrees. thunderstorms in chicago 82.

sunny and 108 in dallas. and 86 and sunny in los angeles. time now for a check of the national forecast. latest satellite picture shows thunderstorms moving from the midwest into the ohio valley. clouds can also be seen moving into the northeast. clusters of storms are flaring up in the rocky mountain states. scattered clouds dot the south while skies are clear along the west coast. later today, strong storms and heavy rain will reach from the northeast and the mid-atlantic back into the ohio valley. drier weather is in the forecast in the midwest. the south continues in the grips of stifling heat with highs topping 100 degrees. it will be nice all along the west coast. in sports this morning, an extra inning win for st. louis, two outs in the 11th inning in milwaukee, lance berkman singled in matt holliday. they beat the brewers 8-. the cardinals trail milwaukee in the national league central division by two and a half games. bottom of the ninth boston,

the red sox smacked a single to center, the runner from second base beat the throw to home plate gave boston the walk-off 3-2 victory over cleveland. in chicago mark teixeira, from the yankees, set a new record for home runs from both sides of the plate for the 12th time in his career, new york beat the white sox, 6-0 in a rain shortened game. the nba is suing the players union in their current labor dispute. the league filed the suit tuesday seeking a ruling its lockout of the players does not violate anti-trust laws. the players union has threatened to file an anti-trust suit against the nba. maria sharapova is the world's top earning athlete, even though she hasn't won a tournament since 2008. sharapova tops forbes magazine of the year. it's estimated she earned $25 million mostly from off court endorsements. when we come back a look at this morning's top endorsement. a big bird, no, this is not

"sesame street" the perch is high over fifth avenue. sports, sponsored by just for men for mustache and beard. keep your edge. and beard. keep your edge. [ slap! ] [ pneumatic wrench buzzing ] [ slap! slap! slap! ] [ male announcer ] your favorite foods fighting you? fight back fast with tums. calcium rich tums goes to work in seconds. nothing works faster. ♪ tum tum tum tum tums our fruit has to be perfectly ripe

because it's delivered on the same day. for me? this is so beautiful! edible arrangements. enjoy the most delicious fruit ever. guaranteed. starting at $25. new documents, expose how jaycee dugard's kidnapper slipped through the cracks. what's being done to make sure it never happens again. a kidnapping confession. what the teen at the center of a statewide amber alert admitted to police... and why he's now behind bars. taxi cabs, now fighting crime. the special reward for a bay area driver who took matters into his own hands. and.. watching wall street after the dow's worst day in months. join us for cbs 5 early edition ..,,,,

on the "cbs morning news," here's a look at today's weather. temperatures will be lower from the midwest to the northeast, with highs in the 80s. strong storms moving east out of the rockies. the oppressive heat continues in the south with highs topping the 100 degree mark in over a dozen states. here's another look at this morning's top stories on a wednesday, the long debated federal debt deal is now law. it was passed by the senate and signed by president obama just hours before the default deadline. and turmoil in cairo. egypt's former president hosni mubarak was returned for trial in corruption and ordering the killing of protesters. now to the tale of a freedom loving peacock in new york that

decided to -- ♪ move on up to the east side i couldn't resist. this being new york he has two twitter accounts chronicling his adventures. lou young of wcbs tv has the story. >> reporter: away from home but not far the bird crossed fifth avenue, selecting a fifth floor perch for an apartment building facade across from central park zoo. >> somebody saw her fly up there, so. >> reporter: from where, behind the zoo there? >> from i think the children's zoo. >> reporter: actually somebody saw him fly up there. peacock is a male p phile, but the pretty feathers make for gender confusion among some humans. in any event, his fifth avenue appearance is quite the diverse on an otherwise quiet august afternoon. >> you look up oh hey there's a big peacock sitting on the window sill. pretty awesome. i hope it doesn't fall. >> reporter: the zoo people warned new yorkers not to spook the bird. somehow he doesn't seem to be in a hurry.

>> i think it's staying up there a long time so he must be enjoying it a little. something about the view must be appealing. >> that was lou young reporting this morning. in oregon an injured hiker who had been missing for three days was found and rescued. 28-year-old pamela solano was lifted to safety yesterday. this morning she's in serious condition with a possible broken leg suffered when she fell off a cliff saturday. doctors expect her to make a full recovery. scientists in uganda are showing off a newly discovered fossil of an ape 20 million, 20 million years old, calling it a highly important find, they say the creature was a tree climbing vegetarian unlike anything seen before, found on the slopes of an extinct volcano. coming up on "the early show," why marvel comics is dumping peter parker and giving spider-man a whole new identity. all that and more coming up a little bit later on "the early show." i'm terrell brown. this is the "cbs morning news." ,

mean that the living is easy but for man summertime is supposed to mean that the living is easy but for many american children it means hunger, with schools closed, 32 million kids miss out on free lunch programs they would normally depend on. one north carolina woman is trying to make sure the kids in her town don't go hungry. byron pitts reports. >> going to be enough today? i don't want to run out. >> that looks good, doesn't it? >> reporter: every summer weekday brenda wattford and her team give 1,500 meals to children in need in thomasville, north carolina. >> hey sweetheart. how are you? ready to eat, huh? >> reporter: no one knows the need better than wattford. she runs the school cafeteria for more than 88% of the children receive free or reduced priced meals during the school

year. when schools stop so do most of the buses and without wattford many would go hungry. >> knowing these kids are getting something in their tummy every day, knowing we're there for them, that's all we're doing now. >> reporter: they know you're coming? >> they wait on us every day, if we're five minutes early, ten minutes late they're here. >> reporter: two we met xavier henry and jason anderson. how much does it mean to you to have a free lunch every day? >> feels awesome. >> reporter: emily jolly's kids also help save food and money. she used to work the third shift as a motel receptionist but left that job to go to school in the hope of making a better life for her family as a medical technician. how important is miss brenda to you guys? >> very important. they look forward to coming down here every day. >> reporter: thomasville was once the furniture capital of america. after plant closings and thousands of jobs sent to china and south america the county's

unemployment rate has grown to 10.8%. >> thank you. >> you're welcome. bye-bye. thanks for using your manners. >> reporter: that's reason enough for brenda wattford's mission. for a lot of people in thomasville, including her, hard times go back generations. >> my mom one day was six and there are six other brothers and sisters and she's standing on the chair and boiling water for them to have soup. >> reporter: if you can talk to president obama, what would you say? >> i would ask him to, please, let every child in america eat a free breakfast and free lunch every day. >> it's awfully expensive, isn't it? >> not expensive. we're feeding our future. >> reporter: but for most of the 20 million children in america who qualify for free and reduced lunch, there is no brenda wattford, no one delivering a nutritious meal. >> you want a plate? >> reporter: they will spend this summer like summers past, in need of help that will not come. byron pitts, cbs news,

thomasville, north carolina. coming up later on "the early show," the endless heat wave, triple digit temperatures won't go away in texas and elsewhere in the southern plains. trouble in stock markets around the world. resolving the u.s. debt crisis fails to encourage investors. and the latest strange twist in the casey anthony story. that is it for this wednesday edition of the "cbs morning news." i'm terrell brown. take care, everybody. -- captions by vitac -- www.vitac.com