with george will, donna brazile, matthew dowd and that political odd couple, james carville and mary matalin. >>> hello again. everything is happening at hyperspeed in this campaign. only july. and the obama campaign has already spent $100 million on campaign ads. most of them going over mitt romney. mitt romney and his allies have spent the same. in their latest ad said that mitt romney is lying about his record at bain capital. >> when the president doesn't tell the truth, how can we trust him to lead. >> the obama outsourcing attacks, misleading, unfair and untrue. america expects more from a president. obama's dishonest campaign, another reason america has lost confidence in barack obama. >>> and with that, let's get a response from obama's campaign chair, the former white house chief of staff and current chicago mayor rahm emanuel. good morning, mr. mayor. >> good morning, george. >> romney went further in an interview with abc's jon karl on friday, he demanded that president obama apologize for what he called "chicago-style politics," any chance he'll get one? >> first of all, you know

. >> let's dig deeper into this with republican strategist mary matalin and chief business correspondent ali velshi. i spoke to them earlier. ali, what do you make of this? beyond some potential tax advantages or privacy advantages, is there any legitimate reason to have investments in the cayman islands? >> i've been making phone calls on this. i've been trying to investigate. generally speaking not. there are legitimate reasons why you would have offshore accounts, offshore investments and blind trusts. none seem to suit the profile of a guy like mitt romney. now can't not declare your holdings. you can't not declare your income. it does seem to be that when he established these things, being rich wasn't sort of public enemy number one in america. this is probably the worst time to have to disclose all this money he's got. so they're trying to keep this under the radar. now it's floating above the radar. no valid reason. no savings of money or tax. >> it's not just floating above the radar. the obama campaign is trying to paint mitt romney as a ruthless rich guy who's got something to

we'll also get some analysis from mary matalin and paul begala.ot coming up. don't forget, a new 6:00 p.m. eastern third hour of "the situation room." we have an excellent round table in that hour. a lot of news, a lot of important stuff coming up. >> i remember someone once called you the energizer bunny of television news. and that's the reason. you are the hardest working man i know. thank you, wolf. look forward to it. >> keep going and going and going. >> you do. it's good stuff. >> you're working hard too. i see you in the morning, in the afternoon. >> eh. got big shoes to fill when it comes to you as my partner. okay. so the summer olympics just a few weeks away. london's gearing up to get the medals ready for the thousands of athletes showing up. and they are the biggest and most expensive medals ever. beautiful. so how much gold is actually in the gold? it turns out not so much. and wait until you hear what the bronze is really made of. here's jim bolden. >> reporter: the royal mint may be owned by the british government, but that was no

george will, as always, donna brazile, matthew dowd, plus our friends james carville and mary matalinbut, george, let me begin with this whole argument, that we saw all week long, the obama campaign said that romney is lying about bain capital. the romney campaign saying that the president is trying to distract from a failed record. who's winning? >> romney is losing at this point in a big way, if something is going to come out get it out in a hurry. i don't know why, the day that mccain lost in 2008 that he was going to run for president again that he didn't get all of this out and tidy up for his offshore accounts. he's now in the politics business. george, i remember in 1994, in september, sitting in the ritz-carlton hotel on the boston common talking with the republican candidate for senator, named mitt romney, at a time when he was going through a middle version of this, with all of the attacks on his private sector. the republicans have now nominated someone from a financial sector, when the financial sector in extremely bad odor. hardly a day goes by, libor scandal, t.a.r.p., a

james carville and mary matalin still going strong until the end.y'll be on the show in a couple of weeks. >>> that's all for us tonight. check out "world news" with david muir tonight. and thank you for sharing part of your sunday with us. and have a fantastic fourth.

my friends james carville and mary matalin still going strong 20 years after the 1992 campaign wherey fought each other professionally. they'll be on the show in a couple of weeks. >>> that's all for us tonight. check out "world news" with david muir tonight. and thank you for sharing part of your sunday with us. and have a fantastic fourth. of your sunday with us. and have a fantastic fourth. >>> a huge fire destroys a home in martinez. and the sale of foie gras is now banned in california. >> we're still seeing overcast

. >> i was quoting maury matlin, by the w mary matalin who i interviewed last week. >> it is a politicalblicans are saying it is a problem. actually fellow republicans are saying it is a distraction. here is bill kristol, george will, and matthew dowd all in a row -- >> i wouldn't hire any one of those guy. >> i'm not asking you that. >> they are all good friends but they know nothing about running a campaign. >> all right. all right. let's -- let them speak and then we will talk on the other side. >> tax returns tomorrow, you have to release six, eight, ten years. >> the cost of not releasing the returns are clear. therefore, he must have calculated that there are higher costs in relation. >> there's obviously something there because if there was nothing there, he would say have at it. there's obviously something there that compromises what he said in the past about something. >> may not hire them but isn't that problematic, that last line? yeah, there's something there. if that's left in the minds of voters the american public, that's a huge problem. right? >> you know, these are six-i

jon: mary matalin. >> he is out there selling books. good for him. here are the facts.ns are not mad at the candidate and mad at the candidate's campaign. they're scared, they're scared of a second obama term. they see what he has tried to do to this economy and the country in the first term. whether obamacare, attack on first amendment rights. large tax increases proposed left and right. cap-and-trade. they're saying, if there is a second act to come, what could possibly be good in that? jon: all right. jim, what about it? republicans might be angry but are they effectively channeling their anger? >> well, first i'm going to say james carville, stay on our side. so look, i don't think they're mad. i think they're panicked because, you can't win a campaign in july but you can lose one in july and romney seems to be pinned down in a cul-de-sac. the obama people have waged very, i think effective attacks on him. they go to character and values and those attacks often leave scars and, you know, romney doesn't have a strong answer to get out of it because strong answers, an

and joining us as well, republican strategist, mary matalin.y're actually friends. >> look, we're matching there. >> happy independence day. >> good to have you both here. it's interesting, republicans almost always used to score better on national security, foreign policy than the democrats did. but in our brand new cnn orc poll, we asked registered voters who would better handle foreign policy? president obama got 53%, romney 41%. what do you make of that? >> i make a couple of things of it. first and foremost, this president has had some foreign policy successes not least taking out ubl and continuing to take out these terrorists via drones, assassination by drone as opposed to enhanced interrogation which produces a lot more intelligence. but most of his successes policies put in place by his predecessor, president bush. those happening on his watch which he said he would move to improve, our relationship to russia to the detriment of us or the denuclear aspirations of iran. but we haven't talked about foreign policy enough. >> in fairness,