well i mean i think that what you could potentially start to see with moody's if you remember during the election of obama a lot of wall street came forward yet climbed on the bandwagon and really got behind this guy is he started to criticize wall street they started leaving on mass in going to the republicans and there's a lot of people i know from our street downing huge amounts of money to the republicans as soon as president obama said you know you guys need to cool it a little bit and so now those wall street people perhaps with this new g.'s rating the wall street people who are now so gung ho for the conservatives because they don't want to answer regulation they'll realize we've given you know the crazy people keys to the asylum and so with wall street starts to pull back their money it was st it was now funding the republican party starts to say we're not going to let you do irresponsible thing that you are considering doing as soon as that money starts to pour back you'll see republicans start to act a little bit more rationally and deciding what to do here and so that moo

>> i do not know -- i brought the moody's thing. i would just read it.laughter] if i can pick out -- it might downgrade the u.s. government sterling credit rating if congress did not increase the nation's debt limit in coming weeks. the warning amounted to a stern reminder from wall street to washington that global financial markets are watching the budget battle closely. a standoff or brinkmanship could have economic consequences. >> couldn't the treasury move things around? >> someone is proposing to pay off china, but not others, other bondholders? look, there is some issues you cannot escape. the debt ceiling is one of them. there is really one alternative, and that is to raise it. and then the issue becomes, with what else? and those who want to escape that issue by saying -- i heard senator toomey, i think he is wrong. we cannot take a chance. >> even on the very short term, there was an article in "the wall street journal" claiming a short-term lapse of the debt ceiling would not be catastrophic. it would be acceptable. >> i do not want to take a

house geared should we be about moody's threatening to lower our -- how scared should we be about moody's threatening to lower our debt rating? >> the effect this will have on american families is if interest rates were to suddenly go up to eight or 10%, if you are trying to buy a car or a house, if you work for a business and needs to buy money to expand, all of that will cost money. right now for every dollar we spend, we are borrowing 40 cents, so we have to go into the marketplace and issue treasury notes, and if interest rate goes up, the cost of borrowing goes up, so this is much more than a political battle, and what i am worried about this american people have started to lose their faith that we in congress to put the country first, and i am a proud democrat, but we have to put the country first and come up with a plan where both sides to give a little bit, and i am hoping that some other senators might be a path out of this, because we have seen if it is just the republican plan is not going to go through. if the president comes out with anything, no matter how good, they are goi

moody's investors service said it will put the u.s. government's "triple-a" credit rating on review for possible downgrade if lawmakers don't make meaningful progress on raising the debt ceiling. tom? >> tom: susie, moody's wants to see progress by mid-july or it will launch the review. its current rating outlook on the u.s. is "stable." this is the second agency to warn the u.s. >> susie: the ratings agency said the widening political divide over the budget talks is forcing its hand. but if a deal is reached and the debt ceiling is raised before the august 2 deadline, the country will keep its blue chip rating. also today, moody's said it doesn't think uncle sam will go to extraordinary lengths to save some of the nations biggest banks. that could lead the firm to cut debt ratings on bank of america, citigroup and wells fargo. >> tom: also in washington today, the department of education rolled out new regulations on for-profit colleges. while the rules ensure graduates of for-profit colleges earn degrees that get them jobs and let th

. >>> moody's puts a dent in toyota's credit rating. >>> greek grief over proposed austerity measures is spilling out over the streets once again. protesting in athens, traders respond to hopes that the prime minister, george papandreou will pass or will see his controversial hardship measures passed in the course of today. the major european stock markets opened with gains just over an hour ago and they're still in positive territory right now. i think there is a perception on the part of people in the markets there is some plan b and also the french plan or the agreement with french banks which envisions a rollover of breek debt is also helping. but in terms of the numbers,

moody's also put the chances of a greek default at 50/50. the implications of that are enough to send chills right through the stock markets, well beyond european shares this is how things are look in the first hour or so of trading. heavy losses from frankfurt to london, cac 40 down about 1.35% at the moment. let's move on to currencies. not a huge amount of movement on that front. the euro has risen about a fifth of a percent against the dollar today. earlier on in the week it hit a three-week low against the u.s. currency on the back of these concerns. the dollar, one dollar buys you 1.4375 in terms of euros. 1.6335 is how the pound stands at the moment. >>> should point out the dow lost more than a quarter of its gains for the year on wednesday that collapse in sentiment in the u.s. was enough to push the asian markets deep into the red this day. let's go to randy. >> investors lost a lot of money yesterday. the nikkei, let me bring that up, the nikkei fell about 1.7% to close at about 9555. this plunge came on the back of two developmen

>> moody's message is very powerful. that should be the warning to the american public to make sure that we are electing congressmen and women who hold the purse strings in this nation to quit incurring the debt. we rake in $6 to $8 billion a day, our federal government, via payroll taxes and other revenue sources. if we prioritize and took the $6 to $8 billion a day and service the debt, we don't have to raise the debt ceiling. we can make sure that we are funding the debt service and the highest priority first. other things are going to have to wait, chris. again, we have no choice. it's common sense. >> chris: i just want to make sure -- you're saying no deal for deficit reduction. don't raise the debt limit. >> i know that the debt creel willing be raised, whether i want it to be raised or not there is a majority in congress, both sides of the aisle that will raise the debt ceiling. if i were in congress, though, i would be a no vote to raising that debt ceiling. i would send that message that it is failed leadership

"judy moody" no te imaginas las aventuras que pasara judy y su hermano stink cuando le dan la noticiano y se tienen que quedar en casa con su tia opal mientras sus papas se van de viaje...sera un verano lleno de sorpresas que divertiran a ti y a tus papas tambien...judy moody and the not boomer summer es clasificada pg.. que las disfrutes..yo soy nancy leal y esto fue acceso total nat sound cesar ---el movimiento de sus caderas es unico... pero ahora tal parece que el baile que shakira realiza en su ultimo video "rabiosa" esta en el centro de la polemica... ---todo por que dicen que se parece a los pasos de baile de otra cantante famosa... blanca ---asi es... hablamos de kate moss quien aparece bailando en una barra vertical...similar al que utiliza shakira... ---algunos medios de prensa colombianos aseguran que se estaria hablando de plagio...aunqu e no especificaron si esto llegaria a los tribunales. cu / cesar y blanca hoy a las 11 ---que tendremos para esta noche... ---que tendremos para esta noche... blanca ---cesar estaremos hablando sobre la alarmante cifra de menores de edad d

and moody's is right to be worried. >> and americans should be worried.act the unthinkable were to occur and the u.s. did not meet its obligations, every interest rate in this economy -- your credit card rates, auto loans, your mortgages, your student loans, everything you touch is going to get more expensive, not just for a day or two, permanently. we will have been labeled a bad borrower. it will cost the nation as a whole. you really don't need that at this point. >> i need two words from each of you. your thumbnail sketch on where the recovery is right now. stalled or still growing. >> slow growth. >> slower than alice thinks. >> thank you both so much for joining us. >>> next, republican presidential candidate ron paul says the playing field is coming to him. >> the people coming over here, so i would say whatever happens is going to be good because the people have woke up. what's up, smart? oh, just booked a summer vaycay. ooo. sounds pricey? nah, with the hotels.com summer sale, you can find awesome deals for places nearby. interesting... wow, i'm

jacob moody. that makes up the collective body of our implementation committee. only the core group is legally bound by the community benefits agreements mentioned in the brief that you have. please note the community benefits agreement legally bind as a condition that the developer and the community can adhere to, and is enforceable by community representatives. in addition, our most recent efforts and accomplishments have been to serve district 10 in the area of youth employment, which came about through strategic planning sessions and countless hours of hard work. "we are charged to do -- we are charged to distribute benefits dollars in the first phase of the funding. much of what we are talking about is a pilot program. i can see this being a model that could be replicated throughout district 10. this is something we will be discussing after we understand the rubrics and the matrix and out comes. we will be able to give you that scientific forensic data you are talking about so we can aggregate the information as it relates to individuals in district 7. the t

>> both yesterday were underscoring their point of view using the moody's speech. >> so both sides are using it. >> and again, i do not think either side wants to see what happens if the debt ceiling does not get raised. there is a lot of pressure on republican leaders, maybe more so than obama, because i think they have been talking to wall street. they have been warning wall street of all the political happenings that are going on in washington. i am not sure some of their members really think that the debt ceiling has to be raised. so that's tough. they are the ones in the biggest pickle. >> ian swanson with "the hill" and alberto sanchez with the "national journal," thank you both. >> thanks. >> thanks. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] >> coming up, several programs on raising the u.s. debt limit starting with house for debate. then remarks from president obama and house democratic leaders. later, statements from freshman house members. monday on c-span, our road to the white house coverage continues wi

>> no, it has to be sooner, and that's what moody says. you can't always wait, i guess you are used to deadlines being the end and then we move them. but we can't play around. >> do you think that the message has been muddied a little since treasury has the ability to move around funds? >> no, i don't think that the message is muddy. except those who don't want to face it. >> you are going to columbia for a week, and how confident that there will be a vote on the columbia rate? >> there was an action plan that was negotiated between the two governments. it's a result of work that was done for 15 years to put worker rights into the center of trade agreements. and the environment. it took a struggle, for it wpere first time it was done, and had to be negotiated by not president bush but mr. rangel and myself. i am going to columbia to see how the action plan is being implemented and whether further issues to be addressed. i have always done this and go myself and spend five or six days, serious negotiations with everyone. >> at this point yo

gwen: didn't moody's come out with a report this week saying this would be a very bad thing globally? >> yes. if you look at the testimony we have from analysts like moody's, from history where republican and democratic presidents and treasury secretaries have said it's unthinkable for us not to raise the debt limit, i think you have to say the balance of the evidence is on the people trying toe avoid the potential hiccup in the markets and everyone has agreed, republican and democrat, for quite a long time that it would be a severe adverse affect on the markets. >> the votes this week on the debt limit seemed to be almost like a charade, that they had to have it fail once. the spending cuts are going to be the thing. how are they going to get in creement agreement on spending cuts. nobody wants to be seen doing this heading into an election season. where are we going to see these cuts and will people really be able to get a deal and a clean vote by the end of the summer 134 >> i think we will get a deal. remember that president obama, like paul ryan and the republicans in the house a

late today, moody's investor service put italy on review for downgrade. it's worried the country won't be able to cut spending enough to reduce its debt. slower growth ahead for the u.s. economy. that's what the international monetary fund is predicting. the global lending agency today, said it thinks the u.s. economy will grow at a rate of 2.5% this year and 2.7% next year. both are down from a previous estimate issued just two months ago. the i.m.f.'s jose vinals says the u.s. and eurozone nation's are playing with fire, unless they take steps to cut their budget deficits immediately. >> well, i think that the biggest threat to global financial stability is that governments in various countries may not have enough political resolve to take the important measures which are needed to deal with the legacy of the crisis. >> tom: vinals thinks the global economy has gained ground despite slowing recently and he sees it accelerating in the second half of the year. >> susie: here are the stories in tonight's n.b.r. newswheel: the problems in greece took a bite

that's what standard and poors and moodys, the rating agencies are looking for. you know, we really need to do this. if we can't do something really significant about the debt ceiling, that is really large comprehensive plan that includes entitlement reform, you cannot ignore entitlement reform. bill clinton said that. the president and the vice president, everybody knows you have to tackle entitlement reform. if we can't do that, we'll end up with a very short-term proposal over, you know, a few months. we'll be back having the same discussion again in the fall. >> schieffer: let me just ask you this. is part of a deal to raise the debt ceiling, would you be willing and open to eliminating some tax breaks if democrats would go along with some spending cuts? >> we're really interested in corporate tax reform. for that matter tax reform across the board. it's very hard, bob, to deal with a big subject like tax reform within a month. we need to do it. but it's hard to squeeze that into this time limit we have in connection with the deficit. we need to concentrate o

and today's triple knowledge downgrade about greeks credit ratings by moody's in the markets today the russians will stocks are down zero country for this year percent average when you see one of the happiest weakness in gas problem on the back of an incremental signs that the companies tax bill in two thousand and twelve may well go up by more than five billion dollars and that cap ex will be higher than the market would like in our view given the gas pronk shares are down more than ten percent over the past month and given that more than twenty five billion dollars worth of market capitalization has been you raised we think that a lot of the concerns are more or less priced in. russia's privatization plan includes selling twenty five percent of the country's railway operators the company used to find it difficult to attract international partners and investors but that's all changed according to the good in the presence of russian railways. no he do not have this kind of problems to find those who would like to work with the editor there we have the problem oh you know to accumulate

he has told us this four times now exri. >> chris: what about moody's saying what they are saying? >> that message is powerful and should be the warning to the american public to elect congressmen and women who hold the purse strings in the nation to quit incurring the debt. we rake in 6 to $8 billion a day via taxes and other revenue sorts. if we prioritize on just the $6 billion to $8 billion a day and service our debt we don't have to raise that debt ceiling. we can make sure that we are funding the debt service and highest priorities first and other things have to wait, chris. we have no choice. it is connor powell sense. >> chris: you are say nothing deal for deficit reduction, don't raise the debt limit? >> i have -- i know that the debt ceiling will be raised whether i want it to be raised or not. there is a majority in congress both sides of the aisle that will raise the debt ceiling. ifty were in congress, though, i would be a no vote to raising the debt ceiling. i would send the message it is failed leadership in the white house and with our elected officials when they ha

you know what i'm going to raise your interest rate and that's exactly what's happening right now moody's has said you know you are running a serious risk here they are playing with fire i challenge you to call your credit card company for the next thirty days and tell them that you're not going to pay and let's see what happens to your interest rate so i want to know why are they playing with fire that i mean who are they saying there's pending cuts they would they want to. be you know at the expense of everybody else in this country that we're going to meet our debt obligations we have the ability with the tax revenue right now to meet it it's all about allocation our spending the spending program of the obama administration is too grandiose for us to also need to our budget obligations or debt obligations and our spending ok well there is it is grandiose is it is grandiose is a trillion dollar war is it is grandiose is having tax cuts for millionaires and billionaires at the lowest rate that they've been absent the great depression which states and you guys are better at it we're going

our next movie is "judy moody and the not bummer summer." it's based on the judy moody stories.tells a tale of a girl's adventurous summer with her. >>> hey, woe. >>> you know how to drive? >> of course. >> you call that driving? >> okay, so, matt, your movie review, first of all. you have kids, just so we know, full disclosure there. >> i'm about to have a 7-year-old stepson. i kind of have kids. i hated this movie. this movie is terrible. i saw it in a movie that had kids in it. the kids were bored. getting up, weren't interested in the film. it's bright, loud, colorful, and it doesn't hold the kids' attention. i was really disappointed in it. >> interesting. also interesting that heather graham was playing the role the aunt considering she was considered a sex symbol a couple years ago. >> good luck with that wedding >> good luck with that wedding coming up. so, did we build a slower car? or design wipers that could handle anything? what do you think? the cadillac cts-v, the world's fastest production sedan. we don't just make luxury cars, we make cadillacs is best absorbed i

debt ceiling has not been raised and moody's issued a warning on the country's credit rating as a result and president obama today in the face of a dead dismal jobs report gave a speech at a chrysler plant to celebrate the resurgence of the auto industry saying you know in the economy there are bumps to the road to recovery but is it time for a major rethinking of the u.s. economy in the wake of all of this bad news. joining me is peter schiff president of euro pacific capital to talk about this peter excuse me thanks so much for being with us first of all i want to take a look you know we always hear these jobs numbers reports they're better this month they're worse this month but i want to look at this chart and i hope that they printed it out for you if we could put it up the unemployment chart so there are a lot of numbers in this chart but really the biggest takeaway is that that red line is the unemployment rate the unemployment in the recession the worry and i compared to all the other recessions in this country's history and it is way worse when it comes to joblessness so my ques

standard and poors, fitch, and moody's. they have the ability of companies and nations to pay their debts. aaa is the best rating, c or d the lowest. these can make or break a country. >> they intensify a process that is already under way. with government bonds, these ratings decisions can make a crisis worse. the taxpayer has to step in. >> germany has had to guarantee hundred and 68 billion year as an allowance and paid 22 billion into the rescue fund. economic experts discussed the power wielded by the agencies. one man at the conference, like all ratings agencies, he avoids speaking in public and he plays down the company's influence. >> ratings are not a mechanical output of methodologies. the help formulate our way of thinking. >> but how independent are those judgments? we tried to ask him, but he declined an answer. the agencies are facing increasing criticism that act with impunity and without oversight. >> when the agency's rate national economies, their advice is often contradictory. countries must cut spending,

. >> jacob moody, executive director, bayview hunters point foundation. as part of the 8010 group, i have a liaison with that group. it is separate from the steering committee, but we have a conversation going on. commissioner maufas: thank you. that is what i was looking for. that is good to know. thank you. >> good afternoon. supervisor cohen: you have to move the microphone closer to your mouth or speak up. thank you. >> i am kind of excited right now. i am a resident of district 10. i also happen to be a youth member of ace. to be honest, i have been working with john eller. he is a head member of ace. we have been talking about this program taking place being geared toward young adults, first 16 to 21, then 18 to 25. i happen to be in that category. more or less, i have been dealing with a lot of letdowns due to the fact of being a youth in san francisco. ery summer, there is always a random program that pops up. you always get these promises. you get your hopes up and everything, and you get let down. being a part of this and seeing it take place, i

moodys coming out and talking about a possible downgrade.that. if the market was worried, brooke, you would have seen a major selloff. we saw that today with the jobs number. so go figure. >> go figure. alison, have a fantastic weekend. thank you. >>> more news unfolding right now. you're about to see it. rapid fire. let's go. the deadly outbreak of e. coli in europe continues to spread. at least 18 people have now died. hundreds more have been infected. three people here in the united states have also been hospitalized with this deadly strain. all three of them have recently visited europe. infected cucumbers from spain were originally thought to be the source but yesterday authorities said that they have not yet pinpointed the source. >>> folks in south dakota getting ready for flooding. people there sandbagging around their houses trying to make temporary levees. dan dams are not able to hold back the water. most reservoirs have been pushed to record levels. >>> raymond clark was sentenced for murdering a girl at yale. her body was find b

. >> on this friday afternoon, moody's is saying what now with these debt ceiling negotiations? >> right, they have two months to get a deal. the bottom line is that everyone wants to see the debt ceiling hike but no one wants to see what happens. but everyone wants political cover, and he's got to have something on medicare. and the republicans can say we not only got big spends cuts but the democrats have to get something too. and that will put pressure on the gop for taxes. >> but this possible downgrade on the debt, what is moody's saying? >> unless there is a deal to raise the debt ceiling in the next months they would put our credit review on a downgrade. and that's pretty serious, given that the u.s. credit rating has always been aaa. >> does this give political capital in any group? >> yesterday underscoring they used moody. >> so both sides are useing it. >> yeah, neither side wants to see what happens if the debt ceiling doesn't get raised. there is a lot of pressure on the republican leaders, and even more so on obama. they have been talking to wall street and warning

and lastly, one film worth noting, "judy moody" could surprise at over $10 minute. >> i can't wait. >> i know you have been telling me about this book series. ever. >> do you have your justin bieber shirt pressed and ready to go? >> just in tiny font. this comes to us from wgal news 8 in lincoln, pennsylvania, where one man is showing he can swim lapse around life's challenges. born without legs or arms, craig has amazed many with his accomplishments. he's a newlywed with his sights set on his greatest challenge yet, swimming a 4.4 mile race across the chesapeake bay. he trains for hours, constantly motivated to push himself past his motivations. isn't that remarkable? >> niss this is "early today." just your first stop of the day on your nbc station. >>> if at first this seems bizarre, let it grow on you. in a move to promote vegetarianism, an actress modelled a gown made entirely of lettuce leaves. she is trying to warn others about the negative health effects of a meat-heavy diet. one clever adventurist is using modern technology to just say hi. for 63 days, he traveled over 1,500

but now that warning that you talked about, moody's, a credit rating agency says it may downgrade america'stellar credit rating if there is no deal on the debt by mid-july. what do to about the debt ceiling that we've already passed? as a result, tim geithner was on capitol hill lobbying lawmakers yesterday trying to get them to increase that debt limit. >> tracie potts, thank you. >> scientists in europe are probing a deadly outbreak of food poisoning caused by, quote, an entirely new super toxin. the illness is now being blamed for at least 18 deaths and has sickened over 1600, mostly in germany. three americans who recently traveled in germany are also suspected to have fallen victim to the bacteria. this particular strain is thought to combine a highly poisonous but common toxin with a rarely seen glue that binds it to a patient's intestine. >>> in yemen, tribesmen and loyalist troops fights have intensified. this week, the battle worsened after the collapse of a truce between the forces of a tribal leader and the country's president. tribesmen want the president out of power after thre

moody's has downgraded greece, and analysts are saying there is a 50% likelihood of great debt restructuring. -- greek debt restructuring. protesters are still in denial. the euro is nevertheless very strong, almost hitting $1.45. >> another disappointing day for a lot of european investors. let's take a closer look at germany's dax, 2% lower. across the atlantic, the dow slipped 0.3%. the euro is trading at $1.4494. new york prosecutors have issued a subpoena to goldman sachs. they are seeking information on the bank's role in the collapse of the u.s. housing market. a u.s. senate subcommittee report says goldman unmolded much of its of prime mortgage exposure to unsuspecting clients in 2006 and 2007. the clients suffered huge losses and goldman profited. >> think you very much. italy is marking the 150th anniversary of the country's unifition with celebrations around the country and a parade in rome. thousands of soldiers marched through the center of the city near the colosseum. among the guests were the afghan president and the u.s. vice-president, they're in sunglasses. armed forces fro

late day word that moody's cut greece's debt rating yet again added to the widespread fallout.y the end of the day, u.s. treasuries had soared and every single dow component finished in the red. jp morgan chase and bank of america dragged the s&p financial sector down 3.5% as financials took the hardest hit. the u.s. auto industry suffered its first setback in more than a year and a half. ford sales were flat and gm fell. chrysler managed to rise 10% as supply shortages in japan weighed heavily on toyota and honda. japan's loss, however, was south korea's gain. sales for the hyundai kia group sailed 6%. they recalled prius hybrids for a steering nut that may come loose. google says it prevented hackers in china from breaking into hundreds of gmail accounts of u.s. officials, chinese activists and journalists. >>> finally, here is something to raise your glass to. last year for the first time ever, the united states consumed more wine as a country than france. cheers to that. >>> walking off after the replay. an oriole flashes the leather, and shaq won't be back. plus, it all co

moody's shares dropped 5%. parent company of standard and poor's, mcgraw hill fell 3.6%. there was a trio of new stocks going public this week, including two high profile issues. bankrate.com sold its stock today at $15, closing higher. internet radio provider pandora media started at $16. it's below that tonight. and oil and nat gas services company compressco partners began at $20 and slipped from there. and that's tonight's market focus. >> susie: former washington mutual c.e.o. kerry killinger and other top wamu executives are in talks with the f.d.i.c. to settle a nearly one billion lawsuit filed against them. killinger has until to the end this month to respond to the f.d.i.c.'s complaint against him. regulators allege wa-mu executives took extreme risks with the bank's mortgage portfolio, which led to the largest bank failure in u.s. history. meantime, another former bank executive is headed to prison for eight years. catherine kissick used to head a mortgage division at the now- defunct colonial bank. she learned her punishment today. prosecutors say kissick's rol

moody's is warning that it might downgrade french banks, credit agricole, societe generale, and bn paribas. bnp paribas as the biggest chunk of those assets on its books -- has of the biggest chunk of those assets on its books. on to the markets -- worries over the future of the greek economy, compounded by weak data out of the united states prompted investors to sell shares. >> deep concern on the floor of the french stock exchange over the economic and political situation in greece. people are wting forhed+ answer to how private investors will be asked to shoulder the burden for heheing greece along in the next few years. there was more pressure on share prices coming from the united states. unfavorable economic data, high inflation, but a weak industry -- the united states is still important, so the dax took a" dp on that news. good news from porsche. the car maker is having a stellar month of may with successful sales in china and the united states. the shares hardly moved. hard to go against the general trend. >> thank you. we will stay in frankfurt for a closer look at frank -- closi

house speaker john boehner after meeting in the white house with the president moody's warns that it could downgrade the rating of the nice if they don't increase the debt limit. what could happen, colby? >> we will face a serious problem in this country. there is only so much tim geithner 10 due to get us through this thing -- can do to get us through this thing. we could even see the stock market and bond market's collapse ultimately if we don't do this. this debt limit is -- only reflect obligations we have already incurred. up to $14.20 trillion of obligations. this is money that we owe. we have to pay on this. somebody said, a colleague of ours, it trivialized this by saying you can just pay the interest and move it around, move it around. in fact, there was a point beyond which geithner cannot do that. average spending outpaces revenue by about $1.1 billion a month. he would not be able to pay all those bills. what you do? move it around? that is tantamount to saying i will pay my mortgage but i want democratic rights, will pay my -- i will pay my credit cards, what they might

my name is jacob moody, chairman of the congress of african american organizations. "what to think the mayor, supervisor -- i want to thank the mayor, supervisor chu, and the board of supervisors for a more open process. there are cuts to the mental health services in the mayor's proposed budget. i oppose the proposed cuts as inconsistent with the budget priorities established at the mayor's meetings, particularly preserving programs that meet a basic human need and prioritizing the most vulnerable. treatment is the key to employment, housing, productive lives, and stable families. cutting treatment hurts people. in addition, as the chair of the congress of african american organizations, we are aware that african americans make up only 3.9% of the population in san francisco, but represent 40% to 60% of people in foster care, substance abuse, and the justice system. it is critical that organizations rooted in the african american community maintain funding that keep programs that help the most vulnerable of african americans in this city alive and here. thank you ve

streets in athens over austerity measures, greece's debt crisis put financial stocks under fire after moody's said it may cut the credit ratings of french banks. >>> fresh data only heightened worries about the economy. the core consumer price index rose more than expected in may, while the new york area's manufacturing index unexpectedly shrank in june. that led many to ask if factory production, recently seen as strong, has been overestimated. >>> oil prices plummeted wednesday to below $95 a barrel, the lowest since february. profit forecasts have become bleak. owens illinois fell 13% after the glass company said it might cut its second quarter outlook due to higher manufacturing and delivery costs. >>> pinched by higher commodity costs? ford expects profit for the rest of the year to ease off from the 13-year high it reported for the first quarter. >>> the day's bright spot? on-line radio service pandora media managed a successful debut with its stock rising almost 9% from its opening ipo price. >>> and, finally, playboy founder hugh hefner may get the last laugh after being dumped by his

. >> chris: what about moody's saying what they are saying. >> moody's message is powerful. and, that should be the warning to the american public, to make sure we are electing congressmen and women who hold the purse strings, in this nation, to quit incurring the debt. we rake in 6 to $8 billion a day, our federal government. via payroll taxes and other rev you into sources, if we prioritize and took the 6 to $8 million a day and service our debt, we don't have to raise that debt ceiling. we can make sure we are funding the debt service in our highest priorities first and other things will have to wait, chris. again we have no choice. it is common sense. >> chris: i want to be sure i'm clear. you are saying no deal for deficit reduction, don't raise the debt limit? >> i have... i know that the debt ceiling will be raised. whether i want it to be raised or not. there is a majority in congress, both sides of the aisle that will raise the debt krooiceilin. if i were in congress i'd be a "no" vote to raising it. i would send the message, failed leadership in the white house, an