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to toe see don't need to go and. run to the colonel was a photo retreat. washington takes a first step to approving the long awaited deal to increase to you was just a day before a potential devastating default. the destiny of the bill is now in the hands of the u.s. senate after months of political bickering will it be enough to avert the financial crisis. highly publicized partisan struggle among american legislators and severely damaged confidence in the u.s. economy's reputation as the world's creditor. and russia says you know what action could help bring in the end to violence in syria but warn us against excessive pressures that could lead to a libya style intervention some experts suspect a vast this is being targeted for regime change by the what's. the voices of

tens of thousands of anti-government protesters in israel calling for the prime minister to stand down are going on the port of by the international media. eight am here in the russian capital you're watching our t.v. thanks for being with us now to our top story the lower chamber of the u.s. congress has passed a last minute deal to prevent a devastating full scale default after months of political confrontation well the only remaining hurdle for the legislation is senate approval expected later on tuesday let's cross live to washington where the agreement was hammered out artie's lucy confident is there for us live there lucy so what is this a vote mean for the u.s. economy. well not a lot of good news in terms of the big picture for the u.s.

economy of course the only thing that we can be certain of that this deal means is that it averts the self imposed potential crisis of a u.s. default which would have been the first time this country faced could have defaulted in its history what we do know in this legislation is it does sort of cut spending by about two point four trillion dollars over the next decade what that means in the short term for the u.s. economy is potentially a lot of us stifling of growth now we have to keep in mind that the united states has grown the g.d.p. has grown by just a mere one point three percent in the second quarter we saw that unemployment rates are still astronomically high at nine point two percent and so a lot of economists are saying this is not really the time to be cutting the spending to be capping spending it does of course satisfy a lot of the political desire by some of the more tea party oriented republicans but it does potentially threaten domestic spending meanwhile we also have to keep

in mind that this deal doesn't actually do anything to assure world markets about the long term direction of where the u.s. economy is going a lot of the big critical decisions are left to a sort of super committee a bipartisan committee of lawmakers which is really just another way of saying they're kicking the can down the road so they don't have to make those difficult decisions now those will be made over the coming weeks and months as you will see but we were watching this whole saga unfold it took washington months to agree on a deal both sides presenting their own version of a solution what were the main difficulties you think in achieving a compromise. well really the big difficulty here is this whole battle over the debt limit is kind of a proxy war an ideological proxy war between the republicans in congress and the democrats in congress what we saw with the past election is the rise of the so-called tea party wing of the republican party and ideologically what a lot of those folks want is they want a lot of major cuts in government spending almost no government spending but the

exception occasionally on defense they also want to lower tax rates they believe that this is the way to really stimulate the economy now this is diametrically opposed to the democrats' worldview the democrats argued for you know closing tax loopholes on for example corporations and other like companies they want to tax reform they want to social spending for the poor and they don't want middle class americans low class americans to sort of face the brunt of of the economics this whole crisis but really what this is all about and of course we wouldn't have seen this this whole fight connected to the debt limit if republicans didn't want to make a political point and we have to keep in mind that the two thousand and twelve election is coming up for both the congress and of course president obama and a lot of political analysts are saying this is just another way for the republicans to try to embarrass the president to make him look bad the irony in all this is that neither the left nor the right really liked what came out of the deal at the

end we saw one democrat said that this was a sugar coated satan sandwich you lift the bun and nobody likes what they see they certainly don't like what they see in this deal and of course by creating this special commission that will sort of figure out where to cut spending over the next few months that issue is still going to come up right in time for the elections so no one really wins in this deal are looking ahead a little bit once the senate and president obama approve the plan what can we expect to happen to america's credit rating. well that really is still up in the air now the three major ratings agencies are not commenting until they've had a chance to look at the deal so we can really only go by their past statements. has said that you know it's kind of ok they're probably going to keep the prize to tripoli where they're reading but they might downgrade the outlook to negative now standard and poor's is really the one to watch here because standard and poor's has said they want to see deficit reductions of four trillion dollars of course the deal that came out is just half of that so really does depend will have to i guess

see in the coming days whether they will actually risk lowering the rating from aaa to double a which would of course have devastating effects on the u.s. economy increase the amount of cost for the government to borrow and of course those costs will be passed down to to the people of the united states who are already struggling in this seemingly endless recession ok thank you very much for our correspondent lucy caffein of live there from washington d.c. thank you. now the risk of america's possible full scale default has resonated far wive let's cross live to our teams priya shrewder in new delhi for a global reaction to this for. us so from your end there how have world markets responded to this a long awaited deal. well actually world market here in asia are rallying the stocks here are rallying people are obviously happy that this deal

finally passed many leaders here are actually shocked at how long it took chinese newspapers are calling this entire u.s. debt deal debate irresponsible and even immoral so although people are celebrating the fact that this did pass there is a lot of caution some optimism here people really don't want to jump the gun and they're worried that. you know aren't finalized yet ok well what does this a near miss you know we've been watching this mean what does it mean for the confidence in the u.s. economy worldwide well it's important to note that a shell has a huge vested interest in what's going on in the united states three trillion dollars of united states that is held by asian countries china being number one japan being number two so confidence has really gone down here to another thing that a lot of people are worried about is the fact that two point four trillion dollars

is said to be cut in the united states funding but a lot of that hasn't been decided and seeing as how long it took for the jet deal to be finalized a lot of people are worried about whether or not the spending cuts will actually become another sort of political game over in washington ok with all this financial talk let's bring in don a bit now. about ordinary people how would an average family in india for example or china be affected. well obviously many critics of this deal are thing that this isn't going to do anything to help american unemployment which directly impacts the asian economy as well as you know asia is the manufacturing center of the world so if the unemployment problem isn't solved in the united states that also means that consumer confidence goes down for america and that means that they're not going to be buying exports from asia so that can really impact. people's jobs here in this continent so people are definitely worried there's also been

a lot of talk about the fact that the dollar has been at some of the lowest rates we've seen in in the past year and so there has been a lot of muttering here and about perhaps an alternative reserve currency or perhaps looking into a bad current be including japan and china as well ok thank you very much for that report priya shooter reporting live from india. and staying on the same topic while the u.s. debt agreement awaits approval by the senate and from the president let's get further analysis on the deal from a professor of political science joseph chiang from the city university of hong kong professor trying thanks very much for being on the program and i know the house passed the debt ceiling agreement but still it still has a few hurdles to jump before tuesday's close of play so is the u.s. out of the woods yet do you think. well it is generally p.b.s. that given the present agreement between the two parties the shop terms before

its crisis basically has been resolved that people are worried about various issues of head including the media the issue of perhaps the united states who loses triple a rating then of course in general people are very worried that the united states is in no position to solve is long term that problem and that may create further crisis ahead there's also a very that the. obama administration a certain need been weakened and it will have to face more pressure from the republican party and the tea party given the fact that it has no control over. the majority in the house of representatives the countries in asia in general are very at about perhaps the prospects of a double dip recession in the united states and the undesirable outcome of perhaps

a kind of stagnation affecting them you mentioned worries a nation about a double dip recession while the u.s. has been raising its debt limit for years i've seen that before why are we seeing such a crisis this time around is that because of such fears that it's following a big crisis and here is another one around the corner. well you know i use the most asian countries there is first of all. the united states me loses double trouble a rating then there will be some short term pressure for the banking sector then there's also a general worry about the chain reaction that you neal of the weakening of the. can you khana me the european yukon and me the chinese economy and perhaps even the indian economy cannot be in very good shape growth rates are slowing down

and if the u.s. dollar continues to devalue. perhaps the prospects of. q.e. free quantitative easing free then there may also be in frasier and because of the rise in the prices of the resources out there by contributing to a kind of step for asian situation and this is the main concern on the part of the asian pacific countries we're talking about the impact on asia pacific countries what about for the u.s. what's the worst case scenario for the u.s. at the moment. well i think for the moment the obama administration certainly has been weakened and the major concern of course is that the whole international financial community is that disappointed with the fact that the lowering of the long term debt has not

been resolved rating agencies earlier. at these a reduction of long term debt over a period of ten years by the amount of these four trillion dollars and now we see only a reduction of two point four trillion dollars or so and there's also expected that the deficit if you are among to about one trillion dollars next year about seven point five percent of the t p g.d.p. of the united states so there is a certain loss of confidence on the part of the united states that you cannot have that you cannot have the political will and the political consensus to seriously. deal with the long term issue and of course next year you have the presidential election you also have the congress you know and there will be all

will be more practice in fighting mr chang thank you very much for your insight there joseph shine professor of political science at the city university of hong kong thank you. well russia is keeping a close eye on washington's political struggle to resolve the crisis prime minister vladimir putin says the american economy stays at risk despite the deal which means washington can no longer be a symbol of economic stability around the world. actually there's nothing good about it just postponed making more systemic decisions this colossal debt fourteen trillion normal means that the country has been living on credit which is really bad for one of the world's leading economies this means they live beyond their means and put a part of that burden on the entire world's economy to some extent they sponge on the world's economy and on them on a political position this means that firstly the reserve currency should show up in

the world not just the dollar and that the euro should be consolidated and you should come up with a regional reserve currencies the ruble can become a regional reserve currency. and coming up ahead on the program on reported voices. i haven't seen anyone from c.n.n. or from fox news or any other big news channel here and it's really sad we also deserve a chance to be heard out tens of thousands of israelis demanding that their government stands down see the international media is turning its back on the country's problems. and moscow says a limited e.u. whether security council action on syria could bring quote good results in helping stop the ongoing violence in the country or russia as a un envoy vitaly churkin a warns that any measures must be restricted to solving and not aggravating the conflict or the security council has held a close emergency session on syria and the reports government forces there killed

over one hundred protesters on sunday moscow has already issued its strongest condemnation of the violence yet calling on both sides of the conflict to refrain from using force or russia's been cautious about international action on syria fearing a repeat of what it calls the violation of the un mandate on libya as well on monday the e.u. slapped a fresh round of sanctions on damascus washington's also calling for action against president bashar al assad's regime well a former pentagon officer believes moscow's worries are well warranted because syria is a clear target for regime change. this opposition seems to be more cultivated from outside and and i think that that is one of the problems that assad is facing it's not just internal unrest although he's promised reforms but you have a concerted effort by forces outside of syria to topple the regime i think it's

a combination of the united states saudi arabia and israel they see. and alliance with iran iran to them is the big problem they see the spread of iran . traditionally arab the arab world and iran has scored heavily not only in iraq but also in lebanon and iran has made it very clear that it's going to support assad there's a lot more at stake with syria given iran's relationship we've looked upon bufferin for example of basically a proxy war between saudi arabia and iran and i think you might say the same thing is actually occurring right now in in syria but no once again to say that openly. and we're following all the events taking place in the middle east where the unrest continues on our website will go to our dot com to get the latest news updates and videos and waiting there for you right now egyptian police clash with activists of

the last outlasting demonstration on cairo start here square trying to disperse those angry at the government for a lack of political improvement. but also on our website how could a group who hijacked the twitter page of the region mass murderer anders breivik claimed the breach was an attempt to undermine the killers all my posts and i don't want ideological statements. of wild west meets the eastern russia where people turn into cowboys and indians for the start of the annual how boy festival. foreign media are being accused of burning their heads in the sand over coverage of

the biggest anti-government protests the country has seen in decades well dense of thousands of people fed up with teary reading living standards are station demonstrations calling for prime minister binyamin netanyahu to stand down but as paul mostly reports from tel aviv the protesters voices are simply going on heard by the rest of the world. tens of thousands on the streets of israel angry today and protesting for change but is anyone listening when it comes to a lot of the foreign media want to see more of an action movie and this has been very violent it's been very hadn't been violent at all it's been very positive. well into week three the largest demonstration in israel in over a decade and how did a.b.c. c.b.s. and n.b.c. cover it they didn't a younger woman set up the tent while the editors of france twenty four b.b.c. and sky coughed up just a few meager seconds perhaps not even that interesting to. back.

in the studios ok there's a protest what exactly is a protest a social protest for the revolution it's not the same kind of story that they're used to it's not as big and dramatic as some of the bigger revolutions happening around the middle east and i mean isn't surprised by the worldwide lack of media interest he's worked in the israeli press for decades reporting from media both foreign and local there is a box that the international media has put israel in and is really palestinian conflict or so it is really in syria conflict and anything that doesn't kind of further into that. type of of news item which is unfortunate mistreats has been dubbed top your corner by some of the people here an optimism perhaps that they can bring down the government in the way the neighbors in tough to square. but where is the cameras there were willing nonstop here they put you up

so that just makes hundred reyes and others angry for nine days she's been camping here furious that she can't make ends meet as a university student to make sail said that when egypt decided to stand up and say we've had enough and eleven. they decided to say we've had enough the media was all over there i haven't seen anyone from c.n.n. or fox news or any other big news channel here and it's really sad we also deserve a chance to be heard out but according to independent media consultant jeremy rudin the protestors need to be patient has really reached international proportions yet it's either the government has fallen this is like an inside. story and that is a bit of a problem when you're looking from overseas trying to figure out what to cover it's not that you know the economy is collapsing but long before the economy collapses

the protesters here might have to throw in the towel because as demonstrators have learned to run the world without the international press and without the pressure of foreign governments the protest can go only so far. television. blogger danny schechter says that the reality of life in israel often go some notice because the country only attracts coverage for its role in conflicts. many americans think somehow the israeli government is very popular the leaders of israel get a lot of attention in the american media israel is presented almost as a monolithic country when it's actually an extremely divided country a massive protest of the kind we've seen in israel about just the economic realities that people there are experiencing is something americans have no

understanding of because there's no context in the reporting israel's only reported in the context of its conflict with iran or its conflict with palestinians the actual reality of life in israel what's happening to people there and how this right wing government in israel is handling the economy is something that we never really hear about whatsoever it's a very unstable situation the economy there is very unstable as well you know when you look at the middle east generally speaking they talk only about the arab countries only they have internal the discord the never hear about israel's internal discord and the fact that this uprising essentially is taking place in israel while the same time as one going on in syria this one going on in egypt you know shows that the same pressures are you know being experienced by israeli people as well which is inflation economic pressure food prices rising

oh all kinds of economic uncertainty. more news is coming in for me israel or the prime minister has announced he's ready to discuss israeli borders with palestinians binyamin netanyahu has agreed to negotiate a possible return to pre-one thousand nine hundred sixty seven territory lines well israel has been occupying land to the west bank where palestinians hope to build a state since the six day war peace talks over borders have been stalled since last the south september due to construction of jewish settlements in the area. afghan officials say at least three people were killed and ten wounded in a suicide bombing in northern afghanistan where the tacker blew himself up at a local guesthouse two other insurgents broke in and engaged police in a two hour shootout now this comes two days after eleven people were killed in an assault on police headquarters in the south of the country. the parents

energy operator tepco has detected the highest level of radiation at the fukushima nuclear facility since the march earthquake and tsunami hit the plant the reading of taken between the first and second reactor buildings registered at levels considered fatal to human health and the company and government say they remained on target to bring the reactors to a safe state of cold shutdown by january tens of thousands of people remain in temporary shelter after a no go zone around the complex was in force. more top stories ahead but first let's head to business with kareena. good morning and welcome to business update here in the optimism created by the u.s. avoiding a debt default has been particularly short for the markets instead investors are focusing on the poor state of the world economy the fact that washington will be cutting spending by two and

a half trillion dollars over the next ten years so the concern. we do see you in plays we're going to see some significant cuts in public spending in the second half of gear exactly at a time when the u.s. economy is slowing down so obviously i can use to imply some good old divisions downward revision green growth united states and united states through the beauty column in the world i think that we're going to do some growth down don't want to regions in the world and in such kind of environment you really russia doesn't do very well we have done a couple of calculations we estimated if. growth united states for example is very easy to do by one percent growth you in russia could actually suffer by two percentage points which is not non-trivial nontrivial impact. and that brings us to the markets or processor down following a disappointing report on u.s. manufacturing that boosted concerns over cool demand light sweet is currently trading below ninety five dollars a barrel while brand is a one hundred sixteen dollars per barrel and precious metals again this hour as

investors look for safe haven gold is trading slightly in the black while silver is over half a percent up in asia stocks are in the red investors are concerned about the slowdown in u.s. manufacturing japanese exporters weighed by a strong yen which tended down over three percent and banking stocks are among the worst performers in the hong kong industrial and commercial bank of china three percent and the reports of a major show placement. now here in moscow the markets will start trading in two hours time on monday both e.r.t.'s and the my six rows over a percent with energy stocks among the main gate. a debt default may have been avoided in the u.s. but mark rubenstein and i have seen measurable believes investors will remain focused on the other side of the atlantic for key indicators about the health of the world economy. a lot of this was going on sidelines particular the second june the second part of the week. anticipating in the u.s.

labor market rate on friday morning and this statistics that that's been coming out and i'd say he's been painting a mixed picture and that's why i think a lot of into investors are going to be trying to stay in the sidelines until at least this number comes out and particular this is going to coupled with a seasonal slowdown in august so when a lot of investors given all the uncertainty in the market prefer to sort of stay on the sidelines and take conservative positions but i mean we still in the bull market and this is just the pause and i think now when we pause in the good time to look at their winners or rather maybe losers in the i think we're now more coming up in about forty five minutes or.