to the mcginnis family, we recognize your son. the speaker pro tempore: the chair recognizes the gentlewoman from ohio, ms. kaptur, for five minutes. ms. kaptur: mr. speaker, you know, almost no one in washington is talking about jobs. for two months now, both chambers of the congress have been locked down talking about the debt ceiling. meanwhile, if you look back at the bush years, america lost over eight million jobs in the largest recession since the great depression and we've only gotten back about two million. two million. creating jobs at about 120,000 per month that is far from where we need to head. but rather than this congress engaging in intelligent dialogue on how to create jobs, we keep going down these side roads to nowhere. to no with. -- to nowhere. meanwhile, unemployment went up another 10,000 jobs. every member in both chambers will be judged on not doing the work the people want us to do. and that is to focus on how to use the power of the federal government to create squobs. if you take a look at what the rep

susan mcginnis is here. in new york with the latest on those stories. >> good morning betty.he financial markets it was an up day for asian markets. tokyo's hang seng was up a fraction and hong kong's hang vention do seng down a frangs. wall street will also be hearing from fed chairman ben bernanke. we will he'll give an update. stocks finished lower on tuesday, more worries on stocks. concerns about stocks pushed gold to a new record high. the price jumped $13 to nearly $1,562 an ounce on tuesday, the precious metal up nearly 10% this year and on track for its 11th straight annual increase. silver is up 15% this year. >>> netflix is raising prices and subscribers are not happy. gone is the $10 a month plan that lets customers rent a movie one at a time and stream unlimited movies over the internet. customers have to pay 60% more, nearly $16 a month for the new plan, that one combines the $8 a month streaming only service with this new $8 monthly fee for dvd rentals. we'll see if this changes the number of netflix subscribers now at 23 million. >>> move over chicken nuggets

for some clarity on this issue, we asked maya mcginnis from the party for a responsible federal budget limit to lay it out for us in her own words. >> what is the debt limit? the dealt limit is a construct that congress has created to give itself a speed bump along the way of its normal process of borrowing a lot of money every year to help pay the bills. there has been a debt ceiling for decades and we have always voted to increase it. and it's never been a very big deal. this year they're talking about actually changing our budget because we have to. if we don't make changes now, the markets are going to force us to in the coming years and that will be a much more painful way to make changes. what happens if we don't raise the debt limit? the first thing is that we have to pay all the interest that we owe to bondholders and that means there will be much, much less left over for social security payments every year, to reimburse for medicare services that have been rendered, to pay our soldiers who are in iraq and afghanistan. but that could send shivers through our credit markets, not

for some collarity, we asked maya mcginnis who's responsible for a federal budget to lay it out for us in her own words. >> what is the debt limit? it's a construct that congress has created to give itself a speed bump along the way of its normal process of borrowing a lot of money every year to help pay the bills. there has been a debt ceiling for decades and we have always voted to increase it. this year they're talking about actually changing our budget because we have to. if we don't make changes now, the markets are going to force us to. what happens if we don't raise the debt celling? the first thing is that we have to pay all the interest that we owe to bondholders and that means there's much, much less left over for social security payments, to pay our soldiers who are in iraq and afghanistan. but that could send shivers through credit markets as the u.s. has had a huge loss in confidence. so if you borrow from your credit cards to buy a dishwasher, a car, or send your kids to school, that's going to become much, much more expensive. in the meantime, the government has this int

john mcginnis of northwestern put it this way. even as the tory party -- i'm sorry, the anglican church in great britain has been described as the tory party at the pulpit. so, the legal professoriate in most good law schools can be described as the democratic party at the lectern. now, that has been changing. i'm interested that it has been changing at harvard. indeed, most schools that have any self-respect these days will have a libertarian or conservative outspoken law professor. they may hesitate to have more than one for fear that they will breed, but they do tend to have one these days. and so things are changing. this is not new. this ideological fact goes back a good, long way. if you wanted to you could trace it back to a century ago. what should be conceived as applied social engineering. isn't that a wonderful phrase? that means law schools might think of themselves as schools of engineering. but it really began picking up momentum during and after the new deal. various law professors joined fdr administration. even mo

let's go to new york right now, where susan mcginnis has tonight's cbs money watch update. >>> you can now video chat with your friends on facebook. in a much-anticipated announcement, facebook ceo mark zucker burg says the -- zuckerberg says they are adding video conferencing through skype on its service. microsoft is now acquiring skype. >>> the head of the new international mol monetary fund says that employment will be her key focus. christine lagard says unemploy unemployment is the key. >>> executives who are found responsible for big bank failures may have to pay up. a new fdic rule says federal regulators can capture two years of pay, from exec if i haves found-- executives found negligent. banks worry the rule could lead executives to jump ship at the first sign of trouble. >>> seems that the red-light cameras are not raising the revenue they were expected to. the cameras that snapped pictures of drivers get their fines in the mail. they have been a dependable source to cities. but drivers grow wise of the cameras. that's your money watch. stay with cbsmoneywatch.com. i'm susa

let's go to new york, where susan mcginnis has tonight's update. >> unemployment went up. and that sent the dow down. investors started selling after a new governor government report showed the economy added only 18,000 jobs in june. the worst in nine months. the unemployment rate rose to 9.2%. president obama said businesses aren't hiring because of uncertainty over lawmakers will raise the nation's debt limit. republicans say the latest job numbers show congress shouldn't raise taxes. >>> general motors is offering a new incentive to buy a car, one year of insurance. gm will get a 12-month policy to customers who purchase or lease a new vehicle. the promotion is only being offered and again in washington now. but the company says it will eventually be rolled out in more states. >>> airlines have already taken away frills. now, one company may put passengers to work. air france will reportedly ask flyers to clean up their own trash when leaving the plane. the airline is looking to cut costs so it can compete with discount flights. that is the latest for your money watch.

. >> the procedure is monitored by internal affairs officer will mcginnis. >> okay. there's the officers shaking down in "e" dorm. they're going through -- underneath the bed, the mattress, personal property. and looks like something was found. the officer is reaching. you see him restraining the offender. >> the offender is josh harrison. >> i disappointed a lot of people in my life. i let a lot of people down. my wife, my wife, that's my daughter, that's my son, the twins. my mom, she's -- [ inaudible ] i got caught with a knife. >> this is a shank that was turned in from possession of offender harrison. "e" dorm east. and as you can see here, that's a pretty lengthy piece of iron there. got a pretty good point on the end of that. could do some severe damage. especially if that came up through a rib or a kidney or a lung. >> i got another really good friend that cares about me. >> if i could get him right now, i'd beat him up just to show him you're not tough. >> robert spears has been a surrogate father to harrison during the young inmate's first four months at in

despite the best efforts of richard epstein, randy bird at, john mcginnis, richard epstein, richard epstein. they are outnumbered. it depends on which steady you look at. in some studies it is the ratio. another one found 28 at stanford. that must be exaggerated according to people he should know harvard went for 30 years without hiring a single republican. this is my favorite part. over much of that time harvard maintained a committee over its lack of diversity while it was not hiring any republicans. tom mcguinness of northwestern put it this way. even as the party or the anglican church in great britain has been described as the toy party at the pulpit so these law schools can be described as a democratic party. now, that has been changed. i mention detains at harvard. in the most schools that have any self-respect these days will house a libertarian or conservative outspoken law professor. they may hesitate to have more than one in fear that they will breed. but they do tend to have one these days. so things are changing. this is not new. this ideological flak goes back a good long way.

susan mcginnis for cbs news, new york for your. >> accrual of space shuttle atlantis is docking at the international space station right now. we are taking a live look at atlantis. that's the shuttle docking. this is the final time this is the landing. the show will be turned over in a backflip to line up with a station. yesterday the crew inspected the shuttle for launch damage. the crew's main mission is to deliver more than 4 tons of supplies to the station. this is the final shuttle flight in the fleet's 30-year history. >> and back on earth, defense secretary leon panetta says he's confident that al qaeda's defeat is within reach. after killing osama bin laden, he says that the u.s. now is targeting 10 to 20 other key al qaeda leaders. he also believes that the intelligence retrieved could help cripple al qaeda's threat to the west. >>> and britain's best-selling and most salacious news of the world tabloid has printed its final edition. the paper's owner is shutting the paper down on that allegations of phone hacking and paying police for information. >>> that scandal goes all th

john mcginnis of northwestern put it this way even as the tory party's are uncertain of the anglican church in great britain has been described as the tory party of the pulpit, so the legal professoriate in most good law schools can be described as the democratic party at the lectern. that's been changed and i mentioned it's been changing at harvard, and indeed most schools these days will house a libertarian or conservative outspoken law professor they may hesitate to have more than one for the fear they will breed -- [laughter] but they do tend to have one these days and so things are changing. this is not new. this ideological slant goes back a good long way, and if you wanted to you could trace it back about a century ago who said that it should be conceived as applied social engineering. isn't that a wonderful phrase which means the law schools might think of themselves as schools of engineering but it began picking up momentum during and after the new deal. various law professors joined fdr's administration even more notably people in fdr's administration went over to the wall