should timothy geithner step aside.his weekend. >> you said the president should ask for the resignation the timothy geithner. if he doesn't get the resignation should he fire him. >> of course, timothy geithner needs to go. >> why are you blaming him? >> why am i looking at him? he has been the architect of the so-called economic recovery. the decisions that he has made as treasury secretary, again they are at the direction of the president, they are not ones that have clearly turned the economy in order. bill: michelle bachman. congressman newt gingrich. how are you doing, sir, should geithner go? >> absolutely, absolutely. he should never be confirmed in the first place. he failed to pay $40,000 of his income tax and yet got confirmed by the senate. it was unbelievable when he announced that he was going to step aside after we raised the debt ceiling. in the midst of this fiasco that he said would happen if we raised the debt ceiling, the president calls him up and says, tim me, you're doing a great job. won't you st

we wi'll talk to you again. >> timothy geithner is staying on the job. ecretary might leave when the debt ceiling crisis was over, but the white house says president obama asked geithner to stay on and he agreed this weekend. brianna keilar joining us live from the white house this morning. brianna, this would not have been a good time for the president to lose one of his most trusted economic advisors and frankly, tim geithner is a face of this administration's recovery from the crisis over the past two plus years. >> that's right. and christine, there really are just not that many folks left from the president's economic team having gone through this whole financial crisis. you saw christina romer leave, larry summers gone, friday the last day for austin goolsbee the chair of the president's council on economic advisors and there had been speculation that perhaps secretary geithner would leave and quite frankly the answer that he gave when asked about whether he was staying on he would be here for the foreseeable future, i think was basically his respon

debt the actual bonds but they have derivatives exposure and it's huge i mean in point of fact timothy geithner made sure that ireland did not default this past december precisely because of the in direct exposure of bank of america and j.p. morgan these banks oh a lot of money if there is a default in europe so if there is a crash in europe i mean leaving aside the issue of course that if say dexia or associated general or credit that is the respective belgian french and italian banks that are in trouble if any one of those banks down the tubes lehman brothers the knock on effect the domino effect to american banks will be catastrophic you'll be just as bad as it is lehman and so you know the american banking system is going to suffer huge. ok and if the american banking system suffers huge well then you can have the problem of the treasury department in the in the shape of timothy geithner and the federal reserve in the shape of ben bernanke who are going to go out and try to apply the same medicine in two thousand levon that they applied in two thousand and eight and of course that medicine

suffers huge well then you can have the problem of the treasury department in the in the shape of timothy geithner and the federal reserve in the shape of ben bernanke he who are going to go out and try to apply the same medicine in two thousand and seven that they applied in two thousand and eight and of course that medicine didn't work because it's going to be bigger this is what happens when you kick the can down the road instead of you know standing still and taking the hit and two thousand and eight they decided to kick the can down the road. but a lot's going by way of monetary easing that is the zero interest rate policy as well as q e one and also by the suspension of the counting rules specifically fast the one fifty seven which is a key issue that not enough people are talking about that's the rule whereby banks can basically mark to whatever they think of particular asset is worth now all these things were done so as to not have to take the hit in two thousand and eight two thousand and nine know here we are two years later and the problem is bigger we kick the can down the road and you

charlie one of the big surprise timothy geithner said for sometime, there was no way it would happen.atch the interview with peter barns. >> is there a risk that the united states could lose triple a credit rating. >> no risk. >> so standard and poor's is wrong the united states will keep the triple a credit rating. >> absolutely. >> mike: why is he still there? >> i have been asking that question. >> mike: i was against his confirmation. this should seal the deal. >> he was one that was supposed to prevent the financial crisis . where was he? it is interesting about geithner the market went up 500 points had he was announced but before he was confirmed. at least obama didn't appoint bill ayers. >> mike: he couldn't have done any worse. >> and then one of his first public statements on a bail out and i broke the story. the market went down 500 points because he was so uneven and out of his depth. this whole crisis proved . last week, and the reason why, obama is pressuring the state and worrying about a bruising confirmation battle . he's trying to get geithner. >> mike: he could have

timothy geithner's the treasury secretary is squarely in the cross hairs. republican senator jim dimint. the president should demand secretary geithner resign and replace him with someone who will help washington focus on defensing the budget. - balancing the budget. >> and it will be the plan -- senator harry reid said leaders should appoint members that will approach the committee's worth with an open mind instead of hard liners . when democrats say that and white house say that they mean for revenues and taxes. >> that will be an interesting battle to see who is on that committee. >> it is going to be key. >> keep it right here on fox news for the latest on the affects of the s&p 500 downgrades. our special on the brink will air at 2:00 p.m. >> america's lower credit rating in washington. new unemployment numbers are signs that lawmakers have their work cut out for them. >> the day after the bad economic news, the president's weekly address is focusod what congress should do when they get back here to washington in september. >> our job has to do whatever

charlie one of the big surprise timothy geithner said for sometime, there was no way it would happen.ch the interview with peter barns. >> is there a risk that the united states could lose triple a credit rating. >> no risk. >> so standard and poor's is wrong the united states will keep the triple a credit rating. >> absolutely. >> mike: why is he still there? >> i have been asking that question. >> mike: i was against his confirmation. this should seal the deal. >> he was one that was supposed to prevent the financial crisis . where was he? it is interesting about geithner the market went up 500 points had he was announced but before he was confirmed. at least obama didn't appoint bill ayers. >> mike: he couldn't have done any worse. >> and then one of his first public statements on a bail out and i broke the story. the market went down 500 points because he was so uneven and out of his depth. this whole crisis proved . last week, and the reason why, obama is pressuring the state and worrying about a bruising confirmation battle . he's trying to get geithner. >> mike: he could have h

. >> alan: today, timothy geithner told president obama he will continue his job as treasury sect. he released a statement confirming he was staying onboard. >>> lawmakers are having a war of words over who is to blame for the country's lower credit rating. some top democrats are blaming the tea party, and some republicans are praising the antitax group. >> i believe this is without question the tea party downgrade. the tea party downgrade because a minority of people in the house of representatives, countered even the will of many republicans in the united states senate who were prepared to do a bigger deal to do $4.7 trillion. >> tea party's come to washington talking about reducing spending. thank god we're here. this is the first time we raised the debt ceiling and tried to reduce spending. >> alan: the credit downafraid sparked fears in europe where they're dealing with their own economic crisis. officials agreed to implement a bond purchase program in italy in spain. the program could boost both countries bond markets. italy and spain are trying avoid financial catastrophes i

there's also -- timothy geithner. there's also word the president will be vacationing on martha's vineyard with his family. but even on that communication, he will be in communitycation with -- with -- communication his staff. >>> coming up later we'll take to you a bay area that's busy trying to then people find work. we'll tell you why that is a he special day for the facility. >>> a caltrain locomotive hit a woman south of burlington, near the -- near the station and authorities stopped trains in both directions while they investigated. caltrain says this is the 12th fatality on its track the this year. the investigation -- on its tracks this year. the investigation continues. -- continues. fans going to the giants' game may want to keep that in line. >>> stanislaus police are looking for thieves equipment. they say this man is a former employer. he had access to the equipment while he was there. he then posted bail on august 1st and then disappeared with his wife and two children. >> hit mother-in-law says she was

i want to talk about timothy geithner. republicans want him gone after this., the treasury released a statement saying he's staying in his post. do you think his days are numbered? we have heard it before. they say, i'm standing by this guy. i'm not going anywhere. a week or two goes by and they're gone. >> sure. keep an eye on the presidential approval polls. you know, that's probably your best clue as to whether or not some kind of a shake up the economic team. it wouldn't be necessarily limited to geithner. there are a number of people, council of economic advisers, all kinds of people who are part of the economic strategy team. it looks like they need to be shuffled or reworked in order to make the administration viable. then that's what will likely happen. >> geithner was on the phone with g-7 ministers tonight. damage control? if so, did it help anything at all? >> well, there are a couple of things going on there, don. first of all, he had to do that. you have to do that in advance of the markets opening. even if it's just sort of pro forma. if he hadn'

a lot of people don't agree, secretary timothy geithner said s&p showed terrible judgment.sdaq marketsite in new york. everybody is asking how futures are looking, what's going to happen to our stock market. i know you can't prognosticate beyond the open, but you can give me some clue as to how it's going to open. >> let's not forget aa+ that's a high capacity battery, right? i think. just trying to lighten the mood a little bit here because here are futures. they're not looking so good right now. dow futures down 280 points. all the major indices down more than 2.25%, down about 2.5%. we'll see how that opens, how that goes, as the morning progresses. i want to talk about something on cnnmoney.com that you should know about. your money in a aa rated u.s. what's going to happen to your money? keep in mind we've not been downgraded to junk status like greece. some analysts are saying aa is going to become the new aaa because we are still the best economy in the world right now. but it is likely or bonds will go up in the u.s. so our country, our taxpayers will be paying a li

timothy geithner, the treasury secretary, is taking part in a conference call with representatives from other g-7 nations to discuss the downgrade. the call is expected to take place this evening, before asian markets open for monday trading. we'll update you on that. >>> and if you live anywhere across the southeast, don't be surprised to see these faces on digital billboards. the fbi is going all-out in a manhint for this brother, sister, and half-brother, ryan edward doherty, dillon doherty, stanley and lee grace daugherty are wanted for the armed robbery of a south georgia bank and the attempted murder of a florida police officer. the next hour of the cnn newsroom starts right now. we begin with our top story. new information to tell you tonight about the worst loss of life for u.s. military since the afghan war began. nato troops are still assessing the crash site where a u.s. army helicopter apparently was shot down. 30 u.s. troops died in the crash, including 25 special forces. and we're now learning the ch-47 chinook helicopter was on a mission in the wardak province to reinforc

. >> treasury secretary timothy geithner was quick to take aim at standard & poor's. >> i think s&p has shown really terrible judgment and handled it so pooring and shown a stunning lack of knowledge about fiscal budget math and drew the wrong conclusion about this agreement. >> he has told president obama he is staying put. geithner is now the last remaining member of the original economic team. >>> across the nation people are mourning the 30 american service members killed in an attack this weekend in afghanistan. nbc's francis coe has more. >> reporter: the close-knit community prayed for the 30 service members killed over the weekend. >> i know the boys were doing what they love and they live for that. but to lose them is tough. >> reporter: navy s.e.a.l. aaron vaughn was based in virginia beach, 1 of 22 killed in the attack. he leaves behind a wife and two young children. >> it just felt like what he was doing was his duty and we were very proud of him. >> reporter: eight other u.s. service members died in the crash. among them 30-year-old patrick ham pittsburgher who was a sergea

. >>> and treasury secretary timothy geithner was quick to take aim at standard & poor's. last night, in an exclusive interview with cnbc's john harwood, he slammed the credit rating agency's decision. >> i think s&p's shown really terrible judgment, and they've handled themselves very poorly terrible judgment, and they've handled themselves very poorly and they've shown a stun k of knowledge about basic cc1: u.s. fiscal budget math. and i think they drew exactly the wrong conclusion from this budget agreement. >> meanwhile, geithner has told president obama he's staying put in his job as treasury secretary. geithner is now the last remaining member of the geithner is now the last remaining member of the president's original economi >>> across the nation, people are mourning the 30 american service members killed in an attack this weekend in afghanistan. nbc's frances coe has more on the deadliest single loss for u.s. forces in the nearly decade-long war in afghanistan. >> reporter: the close-knit naval community in virginia beach paused sunday morning to remember and pray

timothy geithner says standard and pours -- poors shows terrible judgment. but the agencies highlight investment risk and lower the u.s. from a triple-a score to a double a plus. >> the political gridlock in washington leads us to conclude that the policy makers don't have the ability to put the public finances of the u.s. on a sustainable footing. >> the policy makers and analysts say it is wrong. >> it will really sound strange for me to sarks but the government can't pate -- pay its debt. >> and they could be down graded too. since the down grade was announced late friday, the stock market hillary act on monday. larry jacobs, abc news. >> part of highway 29 is closed tonight after a man was shot to death about two hours ago. the victim died near the seen. -- near the scene. police are still investigating the motive. officers are questioning employees of a mcdonalds restaurant near the scene to see if anyone saw anything. police from other parts of solano county and napa county were on the scene assisting the vallejo officers. >>> and in oakland, police ar

. >> we're also learning tonight that treasury secretary timothy geithner has reportedly told the president that he will stay on the job through the fall of next year. considering leaving his position. today he joined an emergency conference call involving the seven major economic powers to discuss the impact of the s&p decision. geithner, by the way, is the last remaining top official from the president's original economic team and has headed the treasury since 2009. area, he's the baycc1: he talk of san franciscocc1: politics and current mayor, ed lee is expected to announce this week whether he's going to run for mayor. some expect the decision to come tomorrow, but he has until friday. in the meantime lee did make a public appearance today. of jerry garcia : for a celebration in honor of what would have been garcia's 69th birthday. when asked about whether he would run for mayor, he said, and i quote, no comment. nbc bay area's marla tellez sat down with larry gerston to talk about ed lee's big decision. >> the question is, is he going to run. we could know as early as tomorrow. >> that

lunch with volunteers, the president met with fed chairman, ben bernanke and treasury secretary, timothy geithner. while congressers have now released nine out of 12 picks for the so-called supercommittee. charged with finding another $1.5 trillion in deficit reduction. >> we need america to do what america used to do when things got tough. they got together, they rolled up their sleeves. >> the diverse group of republicans and democrats, about to have wall street and the world watching their work. krist kristen dahlgren, nbc news, washington. >>> republicans have named that are appointments to the so-called congressional supercommittee. tasked with slashing the nation's deficit. senate minority leader, mitch mcconnell chose rob kyle, rob portman of ohio and pat toomey of pennsylvania. they're considered to be among the most conservative members of congress. house speaker john boehner selected jeb penserling of kansas and dave camp and fred upton from michigan. all six gop picks for the panel are conservative and all oppose tax increases. house minority leader, nancy pelosi is required to name he

both federal reserve chairman ben bernanke and treasury secretary timothy geithner were there. the president is scheduled to meet withis with leaders later this tweak. >>> a new survey suggests americans are becoming increasingly angry over washington's inability to fix the troubled economy. "the washington post" poll says three-quarters of those surveyed don't think the federal government is able to solve economic troubles. 67% say they have little to no confidence in president obama to make the right decisions about the nation's economic future, and 81% say they don't believe republicans in congress can make the right economic decisions for the nation. >>> in other news, nato says five of its service members have been killed in action today. the statement says they died in a roadside bombing in southern afghanistan. also in afghanistan, payback, the u.s. military said it killed the taliban fighters who shot down a u.s. helicopter last saturday. more than two dozen americans were on board at the time. more on the story from david martin. >>> reporter: after what is described a

he said in a press release dated today the stock market gave a vote of no confidence on timothy geithner and went onto say we can read his words here geithner has shown no accu men in predicting, diagnosing or treating america's economic woes. the time has come for him to resign. rand paul not the only one pushing for the resignation. jim demint, michelle bachmann and many others who never voted for his con fi confirmation in the first place also want him to resign. megyn: we are three days away from the big straw poll. gop contender tim pawlenty getting attention for this new political ad challenging obama on the economy. >> i will be held accountable. if i don't get this in three years it will be a one term proposition. leaders rise to the occasion. leaders are going to lead. >> 18,000 calls last month,. >> a real disappointment. >> deep unemployment rates. >> there are always going to be bumps. megyn: will that add win tim pawlenty the new support he's hoping to get and will this become the way the gop tries to win the white house focusing on the economy and the democrats. another ale

. >> tom: president obama is urging timothy geithner to stay on the job as u.s. treasury secretary. geithner was said to be considering leaving once the debt debate ended, but the white house wants him to stay on as the economy continues to struggle and the president is facing reelection. geithner has headed the u.s. treasury since 2009 and is the last original member of obama's economic team. >> suzanne: so what's the value of a college education? tonight's commentator says you might be surprised to find out just how much it pays back. he's jamie merisotis, president and c.e.o. of the lumina foundation. >> have you ever wondered if the person sitting next to you at work, doing the same exact thing, makes more money than you do? a new report tries to get at the heart of that question by first showing that, yes, there are wide income disparities in what people make for doing the same job. tomorrow, georgetown university's center on education and the workforce will release research that shows these pay differences are due mostly to education. for example, an elementary or middle schoo

treasury secretary timothy geithner are set to hold talks by phone soon. the talks are being arranged amid credit worries in europe, growing concerns about the u.s. economic outlook, and the historic surge of the japanese currency. noda kept in close contact with geithner while he was japan's finance minister. noda is expected to convey his resolve to rebuild japan's economy and help stabilize global finances. he is also likely to explain a plan to send a new finance minister to the group of seven meeting scheduled for next week in marseilles, france. let's get a check now on the markets. u.s. stocks ended higher for the day after minutes from the last federal reserve meeting provided a boost to overall sentiment. to see how stocks are trading here in japan this wednesday morning let's cross over to ramin mellegard at the tokyo stock exchange. a very good morning to you. how are markets reacting following the industrial production numbers? >> very good morning to you. a little bit of a negative reaction. as you mentioned the industrial production rising fo

. >> tom: president obama is urging timothy geithner to stay on the job as u.s. treasury secretary. geithner was said to be considering leaving once the debt debate ended, but the white house wants him to stay on as the economy continues to struggle and the president is facing reelection. geithner has headed the u.s. treasury since 2009 and is the last original member of obama's economic team. >> suzanne: so what's the value of a college education? tonight's commentator says you might be surprised to find out just how much it pays back. he's jamie merisotis, president and c.e.o. of the lumina foundation. >> have you ever wondered if the person sitting next to you at work, doing the same exact thing, makes more money than you do? a new report tries to get at the heart of that question by first showing that, yes, there are wide income disparities in what people make for doing the same job. tomorrow, georgetown university's center on education and the workforce will release research that shows these pay differences are due mostly to education. for example, an elementary or middle schoo

we think we've had treasury secretary timothy geithner and larry summers saying there is a one in three chance of a double dip recession. as i mentioned, this was something that people weren't really looking at a few months ago. now it's a very real possibility. i should point out they're in the minority. most people don't expect that to happen but clearly the conversation has changed. >> u.s. markets are also looking at europe, the europeans, worried about the u.s. meanwhile the european central bank is calling for greater action on fiscal policy and structural reforms which i think we can take to mean more spending cuts and tax rises which stiefls growth in itself. there are signs we're in a downward spiral. >> if you look at the economy as an engine at the moment the big fear is that this engine of growth could stall. now, if you get that stalling then obviously it all becomes self-fulfilling and becomes a very big problem. what is happening is people are sort of looking at the signs of manufacturing, the unemployment picture, they're trying to basically -- they're getting worried th

today treasury secretary timothy geithner spoke exclusively to nbc about the s&p's decision to downgrade the u.s. credit rating. >> i think s&p has shown really terrible judgment, and they have handled themselves very poorly and shown a stunning lack of knowledge about u.s. budget math. they drew exactly the wrong conclusion. >> reporter: no matter, the decision has created tensions in markets across the globe. and the president, who returned from camp david this afternoon, faces a huge task as a brewing debt crisis in europe compounds the situation. former fed chairman alan greenspan had this prediction. >> the initial reaction in my judgment is going to be negative. what i think the s&p thing did was to hit a nerve that there is something basically bad going on, and it's hit the self-esteem of the united states, the psyche. >> reporter: s&p officials warned of a one in three chance of another downgrade next year if america's financial position gets worse, or political gridlock becomes more entrenched. and if today was any indication, away any s not goingcc1: time soon. with republicans

in addition to fed cham, ben bernanke and treasury secretary, timothy geithner to discuss the outlook for the u.s. recovery on jobs and deficit reduction. the third meeting of the year. lots of meetings, many people now wondering what they're going to do about it. the u.s. may not be the only major country hit with a credit downgrade. france may be next in line. for more on that and a preview of the day's trading, let's take a look at the markets as we get much in your business this morning. cnbc's geoff cutmore is live in london with more. >> good morning to you, well we have higher markets in europe at the open here. after those very dramatic closes in the united states. and then some infection into the asian trading day. but we are higher and a lot of this has to do with perhaps the ratings agencies coming out and reconfirming france's aaa rating. lots of these french ministers who like to disappear on their summer holidays have been called back to paris and told, you need to work harder on a deficit reduction plan. that also has encouraged the agencies to think that france is goin

. >> more about timothy geithner's remarks on abc news. when asked if he thought the credit rating of the country would be lowered, he said, it is not my judgment to make. mike mullen speaking to reporters in baghdad said that american troops must be given protection from legal prosecution as part of any agreement to keep them in iraq beyond the end of the year. iraq's president and prime minister had agreed to consider that are -- that, but the parliament is leery of extending u.s. troop presence past the current deadline. the federal government wants to keep track of who has ammonium nitrate. that is the chemical used in a fertilizer bomb that blew up the federal city of oklahoma city building and used in the bombed in norway. under this proposal, anyone selling or transferring at least 25 pounds of chemicals would have to register with the government and be screened against u.s. terror of watchless. those are some of the latest headlines on c-span radio. >> every weekend it is american history tv on c-span3. telling the americans corpor

sunday and with a deal appearing unlikely, the white house was making preparations to send out timothy geithnerthe u.s. treasury secretary to prepare the american people for a stock market crash. folks, that was only 48 hours ago. so this thing was pretty close. and here's the pretsident. he spoke this afternoon from the rose garden. had a word or the two with congress for taking this thing to the brink. watch. >> we receive in the past few days washington has the ability to focus when there's a timer ticking down and there's a looming disaster. it shouldn't take the risk of default, the risk of economic catastrophe to get folks in this town to work together and do their jobs. >> joe johns, we didn't give you much break from talking to randi to talking to me. i appreciate your standing by for me. >> you're welcome. >> i'm curious if you've seen some members of congress with their bags packs, ready to roll for five weeks of vacation. do you sense a sigh of relief from those walking through the hall? >> quite frankly, they're ready to get out of here and people who work for them are ready for the

. >>> timothy geithner scalded standard and poor's. saying that they showed a lack of math. there was talk he was going to resign. geithner is if only remaining top official from mr. obama's top economic team. >>> geithner also tried to calm down news. >>> finance officials from europe, japan, the u.s. and canada are not only concerned about the u.s. downgrade but also about italy and spain's economic woes. >>> governor jerry brown minced no words today about describing what could happen as a result of the downgrade. >> if you don't want to pay the taxes you have to cut social security, the military, research, highways, hospital, schools, universities you have to retrench from being a great superpower. i think there is a bill at the end of that that people might be willing to pay if they don't pay it, america will never be the same. >> reporter: but his own budget set, california heads against the debt drama. the state borrowed to keep their cash reserves intact while interest rates were still low. you will find the latest on ktvu.com. just click on the wall street tab and b

the point is that we need someone who has a completely different outlook than timothy geithner, a mangh to pay his taxes. i said geithner should have never been confirmed. now that we have an absolute train wreck in the economy, and it's like mrs. o'leary's cow becoming the new symbol of the dairy industry. geithner failed the economy and he failed this president. the president needs to have him walk the plank. if not for policy reasons, he needs to do it for the political optics and bringing donald trump in is a real optical game changer. >> gretchen: he'd tell it like it is. thanks so much, governor, because we're actually going to have donald trump on to respond to your proposition. >> we'll see if he takes the job. >> gretchen: all right. so governor huckabee saying we should fire tim geithner and hire donald trump. he's in the building right now. we'll see what he says when he joins us on the couch. >> steve: could be a pay cut. high school has two valedictorians. one black, the other white. was that to be racially fair? the girl with the higher gpa sure thinks so. she's filing a

. >>> and the intense pressure timothy geithner is facing. >>> the virginia tech campus is on lockdown is a wide picture. there's a possibility someone has a gun on the campus. a possibility. so everyone is being told to stay inside. the school is not in regular session. but there is a summer session. thirty-two people were killed in 2007. we'll bling you the -- bring you the latest from virginia tech as soon as we get the information in. >>> another tough morning on wall street after a slight increase yesterday. the dow is plunging right now down over 200 points, down almost 2%, down 213, at 11,682. nasdaq is down 62 and s&p is down 25. one of the reasons this morning, the labor department announced new information on the unemployment front. this is the lowest number since mid-april, but continuing claims were up. >>> treasury secretary timothy geithner is expected to remain on the job through the rest of president obama's first term. sources inside the white house says that he wear -- say there was intense pressure for him to stay on the team. last month, he said he would decide if h

. >> timothy geithner is under fire from republicans . paul rand saying secretary geithner, raising the debt ceiling without a plan to balance the budget to down ground the debt and he was clearly wrong. senator jim dimint saying that the president should demand the treasury secretary to resign and put in someone who will help washington bance the budget and create jobs. >> now that we are no longer a triple a nation look at the company we keep. those doubling us with a double a plus. belgium and new zealand and list longer for a. adudabi . spain and qatar . china and japan and tiwand menus a . that is based on the nation's capacity to meet commitments. what does the downgrade mean for the american people. steve moore. i have to say that the number one worry on people's mind, how will we feel the down depraid? >> it is a black eye for america's position in the global economy. you mentioned countries that are in our country as double a. this does not mean that america is a double a country. we are still triple a. who cares what s&p rates us

city where she told the crowd if she is elected president she would fire treasury secretary timothy geithnerand there's reports that texas governor perry will announce his plans to run for president. iowa and new hampshire hold the first contest in the 2012 presidential race. >>> b.a.r.t. wants to know what you think. >>> apple marking a milestone. what the bay area company did for a short time today that made history. >>> and it came out of nowhere, why the unidentified flying object that created a big stir on a plane will likely continue to be a mystery. >>> it appears we will never know what exactly caused this commotion friday on board a delta flight from wisconsin to alaska. a passenger slammed the door after it flew into a lavatory, when the plane landed the object flew out too quickly to be identified. it was as happy as the passengers to be off the plane. >>> the apple company reached a big financial milestone today but only briefly. just after 8:00 a.m., apple surpassed exxonmobil as the most powerful company in the united states. apple stock rose 3.4% with a market capitalization o

timothy geithner, quote, i thinking s&p has shown really terrible judgment and they've handle themselvesy. they've shown a stunning lack of knowledge about basic u.s. fiscal budget math and i think they've come to the wrong conclusion. >> so geithner gives standard & poor's a poor grade in math skills which brings us to a big number. $2 trillion. many say that's how many dollars s&p was off in its calculations. they say the ratings agency admitted to inflating u.s. deficits but went ahead with the downgrades naichlt one official said it speaks for itself. so will the downgrade stand, we're told the white house is hoping s&p's decision and its analysis will face outside scrutiny, andrew. >> it's interesting john chambers was kwoited as saying on average it take tweens ten and 18 years for a country to reclaim the aaa rating one its lost it. it could be a long-run problem for the u.s. certainly that criticism coming from the nation, even stronger coming from president obama's former economic adviser. larry summers. he was also the former u.s. treasury secretary tear. >> the track record ha

michele bachmann, i call on the president to seek the immediate resignation of treasury secretary timothy geithner a list of cuts to implement this year and put our americans back to work. and john huntsman says for far too long, we have left reckless government spending go unchecked. we need new leadership in washington, committed to fiscal responsibility, a balanced budget and job friendly policies to get america working again. >>> after a three-month layoff, tiger woods is back on a course he once could not lose on. but after today's round at the bridgestone world championship, he's way off the leaderboard. joe carter is at the tournament in akron, ohio. >> well, after three rounds here at the world government championships, tiger woods finds himself nowhere near the leaderboard. after three rounds he's 13 shots back, he says he's encouraged about his game. he says he feels good, he's hitting the ball flush, hitting it strong, it's just a matter of knocking down the short puts. >> today i didn't hit the ball well starting out. i fixed it and really hit it good coming home, starting the ball at

i'm going to introduce legislation, tomorrow that will call for the resignation of timothy geithner. e of no confidence. and i think his only chance to turn his presidency around is to get somebody to replace geithner. >> sean: can you add bernanke to the list? i wish they had a no confidence system. we don't. i'm looking at what is going on in london right now. and the rioting takes place. the rioting is taking place in large part because austerity measures -- their country is going bankrupt, we should be learning from their mistakes, we are not. people are blaming conservatives, the government. they are blaming rich people that it is their fault. they got 16,000 police officers in london to handle in. i'm thinking this sounds like, you know america 10, 12, 15, 20 years down the road. once those promises can never be fulfilled, is this coming to america? >> what i would say is, the way we avoid chaos, avoid rioting in the streets is to start gradually fixing the problems. entitlements are broken. there's less young people and we are living longer. you can fix those problems by raisin

obama to relieve treasury secretary timothy geithner immediately. but geithner over the weekend made it known he was staying put at the president's request. with so much uncertainty surrounding the u.s. economy, there's added urgency to the work of the yet to be selected super committee. even president obama made news indicating he'll be weighing in. >> i intend to present my own recommendations over the coming weeks on how we should proceed. >> reporter: the bipartisan group of lawmakers will be charged with finding up to $1.5 trillion in savings. the s&p downgrade may push that number higher. >> the recommendation that the president plans to lay out would essentially be the grand bargain with some tweaks? >> what we do not lack is policy ideas or plans. including -- in terms of very clear consensus on the measures we can take to address the long-term drivers of our debt. >> speaker john boehner who often has harsh words for the president said he welcomed the news that the president will be making these recommendations, but still, wolf, one of the

michele bachmann, i call on the president to seek the immediate resignation of treasury secretary timothy geithner, and to submit a plan with a list of cuts. >>> and john huntsman, for far too long, we have let reckless government spending go uncheck and cancerous debt affecting our nation has spread. we need new leadership in washington, a balanced budget and job friendly policies to get america working again. >>> if you're looking for somethi something, anything positive to say about the kbhi, it is this. the jobs report for the month of july was better than expected. the u.s. added 117,000 jobs, and that beat expectations. but that's still short of the 150,000 jobs that economists say must be created each month to keep the pace with population growth. president obama in his weekly address says jobs are his number one priority. >> so our job right now has to be doing whatever we can to help folks find work, to help create the climate where a business can put up that job listing, where incomes are rising again for people. we have got to rebuild this economy and the sense of security that middle c

she demanded the resignation of treasury secretary timothy geithner.ded that the president present a plan for budget cuts that would balance the economy. and yesterday, alex, he said this. take a listen. >> i'm sure they did what they do to my son to try to make an example of him to show the other homeless people, get out of here next. it was clearly a hate crime against the homeless and the mentally ill. >> hey, jamie, i apologize for that. unfortunately that was -- >> that didn't sound like the congresswoman's voice. but i can tell you what she said. that's okay. >> okay. go ahead. >> she listed a third demand. she demanded that the president return from camp david and that he address the american people on the downgrade with a plan before the start of the market day. >> indeed she did. also, can i ask you -- i mean, this is a woman who must have some party planners on her staff. look at what she's planned for next saturday in ames. she's got an air conditioned tent. this will be a great day for you. >> yeah. >> looks like fun. >> i'm looking forward

add to this an unhappy warning today from treasury secretary timothy geithner that even though default was avoided at the last minute we are still not out of the woods. we still may get our credit downgraded as a result of this whole mess. late tonight the credit rating agency moody's announced the u.s. will retain its aaa credit rating but the outlook is listed as negative. >> in the last few months, the economy's already had to absorb an earthquake in japan, the economic head winds coming from europe, the arab spring and rile in oil prices, all of which have been very challenging for the recovery. but these are things we couldn't control. our economy didn't need washington to come along with a manufactured crisis to make things worse. that was in our hands. it's pretty likely that the uncertainty surrounding the raising of the debt ceiling for both businesses and consumers has been unsettling and just one more impediment to the full recovery that we need, and it was something we could have avoided entirely. >> president obama indicated today that now that this, as he described it, se

of course, they're very visible right now as they head off to iowa. >> timothy geithner, very defensiveng he wants to stay on the job. in the meantime, the average investor just caught in the middle with all the confusion and chaos going on in the markets. stay with abc news throughout the morning and throughout the day, in fact, as we track the downgrade disaster and its impact on the markets. look for more live reports later on america this morning and "good morning america." >>> the republican presidential race could get eíeo more crowded by next week. texas governor rick perry who made headlines at a prayer event last weekend could be close to announcing a presidential run. perry will visit at least two early primary states this weekend. aides close to perry say an official announcement could come as early as saturday. >>> now to britain where three men in north london are now charged with the attempted murder of a police officer. word of their arrests comes as violence spreads from parts of the british capital to other major cities. britain's prime minister has cut short a vacation

attention. >> well, i wonder if markets don't react to president obama standing by his guy, timothy geithners. i talk to entrepreneurs and business owners all the time. listen, in the midterm election you heard this over and over again, megyn, these freshmen congress were given a mandate: no increase in taxes. now, there can be a debate, and your question is a fair one. it's all right to debate, you know, the role of taxes, do we need to reform the tax code, is it fair that 51% of the american people don't pay any federal income tax whatsoever? i would say resoundingly that's not fair. but, ultimately, it still is up to this president to have a plan, any plan. there has been none offered. it's a sheer failure of leadership, and i think, i really do think this debt, this credit rating decline is the beginning of the end of the obama administration. it was my first thought friday, i read today online -- megyn: all right. no more stalling. >> he's finished. megyn: no more stalling. here's what you said on your radio show, stand by. >> and she does a good job. when is -- and megyn's still on mat

strategic economic dialogue, led by secretary of state hillary clinton and treasury secretary, timothy geithner. in fact, jon huntsman himself participated in the dialogue in 2010 and wrote a blog post about it. i couldn't agree more. not only has this strategic dialogue that jon huntsman says isn't happening, not only has the dialogue been ongoing, but jon huntsman himself has been part of the dialogue and said it's going great, his assertion there is false. sticking with foreign policy for a moment, true or false, this right here is a word. afghanistanees is a word, is that true or is that false? i'm sorry, rick santorum, it is false. here it is in context. >> iran is a country that has been at war with us since 1979. iran is a country that has killed more american men and women in uniform in iraq and afghanistan than the iraqis and the afghanistanees has. first says than afghanistans has, then corrects himself. afghanistanees, not a word. being outgunned by iran in their own country is also frankly dubious, but we'll have more on rick santorum in just a moment. first, though, true or false,