the future coverage. and job are going to washington d.c. and here's what's coming up tonight on the big picture bipartisan budget talks at capitol hill failed once again today with exactly three weeks left until our nation falls on its debt so democrats want to protect the middle class and republicans want to safeguard their buddies from tax cuts is a deal even obtainable plus europe's biggest fear is now reality euro's valid values fall in the exchange crisis the economic crisis changed the amount of aid

greece and other struggling countries in euro zone receive. you need to know this the verbal jousting about the debt ceiling continues here in washington as meetings continue between congressional leaders and the administration president obama warned of some very dire consequences for americans depend on social security if a compromise is not reached by the august second deadline wolf this is not just a matter of social security checks these are veterans tricksters or folks on disability or their checks. there are about seventy million checks that go out can you guarantee as president those checks will go out on august third i cannot guarantee those checks go out on august third if we haven't resolved this issue because there may simply not be the money in the coffers to do it but if despite

the real threat of hundreds of thousands of people being left without government assistance in three weeks public and leaders still refuse to come to the table with a compromise. i don't know why he believes there's going to be any easier for republicans. and democrats to make these tough decisions. in terms of reducing spending washington yes especially from we don't have a revenue right. analysts agree that this is the perfect opportunity for congress to include targeted tax hikes as part of a cost cutting package to reduce the federal deficit federal tax revenues are at their lowest per capita level since one nine hundred fifty and return to the higher income tax rates of the clinton era would wipe out most of the deficit as you can see from this graph the orange color in the graphs is in there is the addition to the federal deficit of continuing the bush tax cuts the red is the cost of the wars that were declared but never bothered to get funding from congress for and the blue

is the result of george bush killing off seven million jobs so those people are drawing unemployment benefits from the governments that are paying taxes to the government bill clinton handed a budget surplus off of george bush which he then squandered with his tax cut for the rich and his two unpaid for wars but even with all this democrats say they're ready to give republicans what they want deep spending cuts in exchange for a smaller level of tax increases so why are republicans so adamant about saying no and why do they insist on setting the country on a crash course to default on loans taken out by reagan bush and bush joining me now to issue her take on the issue as you do gretchen hamel executive director of public notice i gretchen i think having thanks for joining us take a look at this graph this is the this is this is the contribution by president to the national debt and as you can see you know break reagan came in a reagan came to power it was over here the president reagan came into power less than a trillion dollars in debt he runs up three trillion dollars in debt he has about

a little more than two h.w. bush adds another one and a half trillion dollars in debt clinton starts and it down then bush george w. bush comes in and he threw. as in another for a half trillion dollars in debt republicans ran up this debt why are they now willing to pay for it oh republicans now that they did republicans know that they are just as guilty as others on the i don't think and republicans and democrats are both guilty on this right and they pay for it they're trying to paper now by with spending democrats and i killed him as bill clinton. he had early on that he had i do want to make sure he knew up to george w. bush and economy it was the entire one hundred percent of the debt of the us is was going to be paid off in ten years and the republicans agree with that and economic passed in two thousand now let's not forget that let's forget. the us are going to be sure that large bush took. guys that out of this thing i'm not saying this is about the republican and democrat problem you had nancy pelosi who is the leader of the house led the speaker of the house last year she had the majority in the city

also to the white house and it didn't seem like you had any problems with spending then you all spent as well as well as a republican this is a party not a party because you are spending this is not a spending problem let's here is trying to be in fourteen trillion dollars a debt means that no one spent that money now obviously ronald reagan spent their money george herbert walker. bush w. bush it is a past spending problem that's why i started the question spinning around already is not it is ok ok we are you saying that the fact that we're in a deficit is. i think what the hysterics here i mean let's let's just let's be real here. seventy six jude one is he laid out a memo that became the marching orders of the republican party to santa clause three it was all street journal he was very public about this and david stockman has come out and so this is what animated the republican way to right house he came out he said the republicans have been losing elections because we have always been

scrooge the democrats have always been santa claus and he gave the they gave the american people medicare they gave the american people medicaid they give the american people a forty year. work week some social security unemployment benefits you know on and on and on the republican said no to every one of those things he said republicans have got to figure out the santa clause so what you do is when you take power you spend like a drunken sailor run up the debt really really hard as fast as you can and then when you lose power because cycles go around and the democrats going to power you scream about the deficit well as he laid this out and then once seventy six and the republicans have done it when bill clinton was in office they were screaming about the deficit during their becomes it no problem with the deficit spend as much as four to have to really in dollars this is not just everything a problem this is a part and i hate going to years republicans have a plans that i hate and you know what democrats democrats have been spending as well i mean look at the number of times i've raised a little strategy we've raised we have raised the debt ceiling ten times in the

past ten years we have very that dozens and dozens of times when really public and president spanned you and me when you hate let's also remember that there was a democratic house and senate during some of those administration the. way in the last hundred years where the perp there has never been in writing the last hundred years in a time when there was more than one and a half percent difference between the budget the president proposed and the budget and that was part and the budget the president proposed with a budget that spent more than we actually received and i think everybody family in america i know that is you've got a really large that reagan proposed it is true in every a very good record. every budget control and the only president proposed budget that were balanced were jimmy carter and bill clinton and a book on past two democrats proposed and passed a budget slow or i am not blasting a democrat i want you crying why are you saying no no no your god where you raise taxes pretty expenses that we splurged them off you're saying you guys there's no

reason he's saying you guys here this is a. this is an issue that involves every american and you. had when bill clinton was president he was working with a republican congress as well so he's got to get everything you got to get it so as soon as soon as you got here. and corporate jets from five years to the seven i am ok well yes exactly eric cantor wasn't he says you want to charge the corporate jets i do and he was blown out of the room i don't know if it was bad bad but i know the reporters there is the that was the thing the flip through my head there is a lot of people in washington that believe in you know i count myself as one of those that and still washington can show that they can issue some spending restraint they can actually hold on to some of that money and not spend on everything that they don't deserve a lesser dollar not spending on everything and that is that is a total canard if you want to be a starting point stop the war three point four billion dollars hurdle bridge down

in florida. i agree the dress is a three by four million is going to value one point three second half think you think a one point three trillion that we spend on the war two hundred fourteen million gallon three point four well. i went to the congressional budget office and we have resources that are one that we don't think we. said we how much and spent so far yet if you look at home commitments that we've made as a result of this bill if they commit to a veterans the veterans benefits and the expenses to the rebuilding to all those things that we've been through it's three and a half trillion dollars from two wars when you talk about the commitments we've made every american in this nation on social security and medicare and you can sell every house in america seven times and still not pay for those bill and you can easily fix that by simply saying ok if you make over one hundred six thousand dollars a year now you're going to happen this is hard to answer this problem that i know. not one penny in social security. and six thousand now that is correct and i think

there i should be happy and i think there should be something you know to. be solvent for ever i think we should look at. the same rate that you and i think what for. that was so so so that having a why did our great like is there a brainstorming social security in reforming medicare seem to be having those programs there were you just doing what he had but it's certainly paid for once he does not agree to it was a re foremost so think kerry well ok every time i hear republicans say reform what they actually mean is what you and i just agreed to is increase the increase the tax so i gave i think that's what i'm really i'm right you're right you're all in favor i have just never heard both line of a number of things that need to be done in order to make sure that this program i'm not or you're not let's save let's save six hundred seventy billion dollars in medicare by saying that the government can negotiate for drug prices well i mean i don't know the specifics of that but i think your party that's true that it's not what you can't can't have a government can't negotiate drug prices in less is the veterans administration they can they're going to go shoot i'm going to drug prices or unless it's the

state's medicaid programs they can negotiate in prices or unless it's kaiser. or. fill in the blank i think they're going to go up and go shoot why because we're going to hand six hundred billion dollars over the farm. but you know there are some problems with interest groups so i being being involved in these are the areas where maybe we agree that we should cut spending let's stop giving all this money to the drug companies let's stop the military industrial complex and the world i think i think the defense bill that passed the house this week is probably over loaded i mean there's a lot of money that you can be cutting from that we have. the defense budget since since one thousand one hundred the main thing i mean that it's a gray area is it's criminal if there's a there are plenty of ways that we can keep money in there in the defense contractor but less is no eyelids in america that the defense contractors get paid more than most any other contractor in any of it really you know houses just fifteen miles an hour virginia absolutely but let's not do this on the back of the void for the. disabled i mean this is this is the stuff that erick you know it and

you know what no one is wanting to do it on the back that eric cantor does you know i i don't. i think that's a little much since they absolutely die if we had him here with a lie detector test on it i don't think it would come out that he wants to do that and i'd why does his policies say he's just trying to act responsibly just like every night at the regards to his travels there is always a crowd publicans pass is actually going to increase the debt the democrats republicans the president so many people have said that they want to address this issue and we should thought demagogue each other and allow these leaders to come to a table and have a good discussion that is going to lead to some real solutions here and i agree thanks for coming thank you thanks for having created to be a very interesting next few weeks particularly as the message wars began about who's responsible for the debt and tragically the unemployed are not only forgotten in all the sturm and drang and their benefits are actually being cut in several

states by republican governors anything to ratchet up the pain americans feel so much mcconnell will get his wish that obama is a one term. crazy alert at a press conference yesterday president obama made it off the cuff remark about how lawmakers need to make the tough decisions to raise the debt limit and he referenced some legumes. it's not going to get easier it's going to get harder so we might as well do it now a lot the bambi. eat our peas. well the u.s. peon lentil council has responded to president obama's analogy of peas being a tough swallow and lucky for him he didn't take off the industry ahead of the two thousand and twelve election a spokesman for the peak consul said if tasty and nutritious meals featuring peas are certain more frequently in the white house and in the cafeterias or both houses of congress it will continue to a balanced diet if not

a balanced budget well if it was only that easy maybe more broccoli in the congress and congressional cafeteria could reduce produce real health reform too and more green beans would end the wars. coming up rupert murdoch's empire continues to crumble with a failed twelve million dollars bid to control all of britain's media outlets so one of the bad news awaits the fallen mobile media mogul. you website with twenty four seven live streaming news counts what to do about the ongoing financial hardship unlimited free high quality videos for download. off and stories you never find on mainstream needs to me. a family or political. question more on aren't done much to.

the u.s. dollar gain value versus the euro today as investors fear that the european debt crisis is spreading to italy and spain two of the biggest economies in the euro zone investors are concerned by the use determination to get banks to share in the burden of the bailouts even at the cost of triggering a greek default but they also see the disagreements over giving greece more aid as

an ominous sign of a drop in the commitment of european countries to the euro zone currency union and e.u. finance ministers continue their meetings in brussels today in the hopes of finding a way out. out of this mess so what are their options and could this be the beginning of the end for the european single currency union or near studio with some answers to these questions as economist richard wolfe author of capitalism hits the fan the global meltdown and what to do about it richard welcome. thank you very much for inviting me it's a pleasure and honor frankly is this the beginning of the end for the euro i don't think so i think it is a major crisis in europe i think they're going to have to do all kinds of things now that they hoped they wouldn't have to like most politicians including in those here in the united states they keep hoping that this economic crisis will quickly get over with and so they won't have to make difficult decisions but by not making

those decisions they actually contribute to making it even harder and so it's a situation in which the delay makes the decision harder which puts the pressure to delay until you can't anymore and that situation is now coming to look for in europe do you see that that crisis point that the bubble bursting or whatever metaphor you want to use as being something that's going to happen over the next weeks months or or over a few years. it's probably going to take at least six months twelve months or even years it's a fundamental struggle in which the european governments had hoped that they could bail their economies out of this crisis that they are caught up in by using the government to borrow tons of money and throw it at the banks in the large corporations to get out of a crisis now they have to face the fact that there wasn't enough money at the

crisis is much worse than they had foreseen and now they don't know what to do with other than go to their mass of their people and say ok we need even more money from you partly to pay off the people that we already borrowed from and partly to take the steps that we now need to solve this crisis but unlike the united states in europe the mass of people have strong trade unions strong socialist and communist parties and they're not allowed about to let the governments do this sort of thing so you have an internal struggle it seems to be about the euro but the underlying reality is who's going to bear the burden of fixing a broken economic system well and that's that really goes to a much larger question to paraphrase the title of one of your books has capitalism in the united states and europe at least in its current form and it's got more and

more as if air since that you're a reagan has it hit the fan. i think so i think what we're seeing is a capitalism that is turning to the mass of the people here in the united states in europe and beyond and basically saying hard times are coming hard decisions have to be made we're going to impose austerity that's the phrase in europe here in the united states our politicians are debating not whether to cut social security and medicaid but simply debating how much and this is a capitalism that is not delivering the goods it's a capitalism that is the liberating the beds and projecting that into the future to diminish the standard of living of millions of people for an indefinite period of time that's not something that capitalism is going to be able to do for an extended period of time without producing major backlash major stresses and i think periods

of intense conflict that are not going to be limited to the streets of athens or the streets of italy what are bowing to spread everywhere and the chickens will come home to our country as well so what's the solution to this is our is you know is what argentina did where they just you know to the i.m.f. that they could they could just you know put it where it wherever. and you know went through our way or i mean you know what that might be appropriate for greece but for the whole world of capitalism is imploding what should we be doing. well i think that we have to face the fact of the solution found by argentina and it wasn't the only society where there again the mass of people who are organized there made it impossible to sacrifice the standards of living of the argentinean people in order to pay off creditors many of whom were not even in argentina they

weren't going to permit it they defaulted and by the way they've done real well over this crisis much better than the united states much better than other countries i think you're going to see some countries default like greece perhaps portugal perhaps ireland and so on other countries are going to solve the problem in another way capitalism is going to have a harder and harder time holding on to its position in the minds of people as the best system the necessary system and i think what we're going to see including here in the united states is the final opening up of a discussion we should have had for the last fifty years which is the question we should ask of all economic systems can we do better has this had its run historically let us discuss of course the benefits of pros of the cons because we shouldn't keep an economic system that keeps putting on us crises absurd theoretical and theatrical dramas like we had in washington we did the economic

system that works for us and if this one can't do it we ought to open the space to talk about change very well so professor ward thank you so much for being with us today. thank you again for your invitation and i appreciate not just for me but for the whole american people putting these questions up thank you thank you so much but so-called news owner rupert murdoch's week just went from bad to worse today the british government joined in calls for murdoch shelf as the ambition of taking full control of british sky broadcasting very profitable british satellite broadcaster as a widening investigation of phone hacking and bribery of murdoch's newspapers fed to backlash against the powerful media mogul prime minister david cameron's office said his government will vote with the opposition labor party on wednesday to support a motion calling on murdoch and his news corp empire to withdraw the twelve billion dollar bid for b. sky b. and now murdoch and two of his senior executives have been called to testify before

britain's culture media and sport committee and influential legislative committee that scrutinises the media more and more media experts are saying that this scandal could just be one example of the many juby is practices that have become standard operating procedure within murdoch's media empire which includes fox news and the wall street journal here in the united states joining me now to offer her take on why this unfolding scandal may point to rot at the top is murdoch's in murdoch's media empire isabel stand washington bureau chief at alter net org adele welcome back great to be here it's great to have you with us let's just walk through this narrative of what we know so far about what's going on with murdoch and news corp they have they want to partake of all show they were targeting political enemies of the us well i mean gordon brown came out the former prime minister u.k. former chancellor of the exchequer came out yesterday and revealed that different

murdoch newspaper not the news of the world but more venerable times the sunday times have indeed been solicitor. all kinds of information on him including having somebody pose as him making cost was bank to get personal information and you know we see that here in a more diffuse form and not only in the targeting direct targeting of. you know what barack obama and members of his cabinet by fox news but also by the alliance that the wall street journal editorial page for instance has with david koch. and americans for prosperity which indeed is you know a proxy organization a grassroots faith grassroots organization that represents the interests of david koch and rupert murdoch political interests them and their whole thing is to get democrats you know unelected and you know one of the things that i find most

amazing is that everybody in the u.k. gets it and is oh read right by the fact that. tony blair flew to australia to on bended knee get murdoch's gordon brown when he first ran got went to went to mirage office and asked him for his boss david cameron the current prime minister and brown has pointed out that if if this had come out before brown would still be prime minister cameron would cameron went to morocco and said no i have your blood so you know murdoch said yes don't you don't you don't. and you know we're all carefully and and off off to the races it's like the only way to become a prime minister in the u.k. at least over the last twenty years is to have rupert murdoch behind you and nobody in america seems to realize that the same is true in this country at least with regard to the republicans already republican we thought news and which is owned by murdoch that's out it's the right he's become the gate keeper of all things i think that's right i think and the way he's corrupted the political culture through this

alliance with david koch and david koch's astroturf group the americans for prosperity foundation which you know one of his own editorial board members. collected. i think about one hundred eighty thousand dollars in speaking fees from the americans for prosperity. foundation it were docs and yes of wall street journal editorial board member and yet he goes there and reports columns not disclosing this relationship they have lied to public officials and official investigations and been lying in the silence of troublesome trouble so suddenly and last year. this is. i was speaking with victoria jones and our producer is that i think you may know her white house correspondent david christer she's british but she's an american citizen now and it was yesterday and i said is it possible. that the the same standard operating procedures that have been happening in the u.k.

for which people are going down and going to drill have been happening in the murdoch empire here in the united states most of the functions of wall street journal and her comment was today is the first day that means stream journalists will ask that question. but a lot of us are looking at this going on you know could this be even i mean were do you think this is well you know the advocacy group crew which is the government accountability and the sloan sort of as a writer they have issued a call for congressional investigations to see if the same kind of thing has been going on in the u.s. . i think united states journalists journalists from the u.s. have been very careful about going after murdoch i mean there is you know it's. a journalists have been very effectively cowed by this trope of the liberal media all this goes back to lee atwater neurotically raps during the regular mr hague zachery

right where it began so so they made them love to go after murdoch because then they would be you know tarred as that. b. a theological one organization that has been aggressively going after murdoch and for some time as media matters and he rushes to work and and fox news i haven't i haven't looked at the stats from over the last four or five days but as of last friday in a ten day period they had thirty specific attacks on fox news and sarah media matters asking their viewers to sign some kind of a petition to pull the province to harare they. paid a fine after media matters and a petition on their website trying to get the the nonprofit status of the organization by the i.r.s. now that they not going to have to be there's been no violation that anybody can see of that nonprofit status but it's a way to gin up you know it's the excuse around which they can just spin the story on where the. problem is they're always yes there's always the victims adele thanks

so much. thank you for having on and sharing it with us the media blogosphere were a buzz today with speculation that a push comes to shove rupert murdoch will give up the newspaper business in great britain completely and even step down as the head of news corp to satisfy his critics and the british parliament so they'll allow the b. sky b. media to go through after all he doesn't really need his name on the door to enjoy the billions of dollars of profit the news corp remake from acquiring british sky broadcasting the people being named as his potential successors are all individuals who've been closely groomed by murdoch and who have been calling the shots behind the scenes for so many years so as outraged as british lawmakers and the public may be over the scandal right now any soon have to face the grim reality to a very little has changed the media landscape as long as corporate profits from journalistic integrity.