rupered murdoch used to be the most feared media boss in the world. today he says he wasn't responsible for what happened at his own company. yeah? and denial is a river in egypt. >>> plus bill clinton's smash-mouth advice for president obama. but does the president have a better plan of his own? we'll have that hot story. >>> welcome to the show. i'm al sharpton. tonight's lead, i think we may have found the answer to what's happening to the republican party. they've been drinking so much tea, i think they may be dizzy. at this hour, house republicans are debating and are expected to vote for the most extreme budget plan in years. it's the tea party's cut, cap and balance bill. earlier today, president obama set it was a political effort, not a serious one. >> that is not an approach that could pass both chambers, not an approach i would sign and it's not balanced. we don't have any more time to engage in symbolic gestures. we don't have any more time to posture. >>> republican leaders are holding this vote in a desperate attempt to stop a civil war

ruper murdoch's newscorp is under scrutiny for questionable journalism on both sides of the atlantic, but we'll talk to an analyst who still likes the stock. >> susie: government debt worries put investors in a selling mood. at the close, the dow lost 94 points, the nasdaq fell nearly 25 and the s&p 500 off almost 11. as for volume, 871 million shares were traded here at the big board and just shy of 1.8 billion at the nasdaq. meanwhile, all that glitters is gold. the yellow metal closed above $1,600 for the first time. ever. gold for august delivery settled at $1,602 an ounce, up $12. that's a record in dollar terms, but below the peak reached in the 1980s, after accounting for inflation. >> susie: big layoffs announced late today at cisco systems. it will layoff 6,500 workers, or about 9% of its full time workforce. analysts predicted thousands of job cuts after cisco announced plans to reorganize in may. the company had been losing ground in the network equipment business. cisco says the move will cut annual expenses by about $1 billion. >> tom: big blue saw a lot of green in the s

at one point, as rupered murdoch was explaining he knew nothing of the phone hacking and didn't try to cover it up. a man tried to hit him with a plate full of shaving cream. his wife came to his defense and he was unhurt. >>> and lieuies gopper, has come up with a typically irrational explanation for why the deadline isn't really a deadline. joe walsh is a republican from illinois. i want you to go through a couple of details for the bill you're voting on. i read through the text. here's what i learned. the plan doesn't say exactly what exactly has to be cut, but it has a special exemption for war on terrorism spending. the cap reduces spending to 19.9% by the year 2021, ten years from now, and both the house and senate would need a two thirds vote on a constitutional amendment to balance the budget. and if the house and senate both did not get the two thirds vote, the debt ceiling could not be raised let me ask you the most fundamental question. your side, let be grover nor quist has criticized the president for not calling for specific budget cuts. why is the bill you're voting on t

rupered murdoch and his so many. lawmakers have lots of questions and lots of anger. cnn's becky anderson is in london. >> it's been a long day in the life of the murdochs, never mind a long week. early tuesday we were told that they would not be appearing in front of a parliamentary subcommittee. they've been invited by british lawmakers to account for their actions. however, later on this thursday, after being summoned by parliament, they decided they would be appearing alongside the ceo of news international rebekah wade brooks. we look forward to that. the story has developed, of course, with the media momentum for it has grown. we understand that british lawmakers can decide whether to ask them to testify under oath. if indeed they do do that and were to lie, then they would be subject to perjury laws. it's not clear exactly what will happened on tuesday. >> much more on this story coming up later. we'll speak with a former assistant fbi director who will walk us through the process. >>> an 8-year-old boy killed walking home from summer camp. just ahead dramatic n

. >> she captured the world's attention when she defended her husband ruper murdoch from a pie-wieldingster. who is wendy deng? that's coming up next. ♪ my only sunshine ♪ you makes me happy ♪ when skies are grey ♪ you'll never know, dear ♪ how much i love you ♪ please don't take my sunshine away ♪ [ male announcer ] as long as there are babies, they'll be chevy's to bring them home. ♪ >>> the british prime minister went on the offensive as he accepted the scandal surrounding news of the world. they told members of parliament he never would have hired the director who has been arrested in the scandal. cameron defended himself against the suggestion he had inappropriate conversations with murdoch executives about the mogul's bid for satellite broadcaster . >> i never had one inappropriate conversation. let me be clear i complete plea took myself out of any decision making about this bid. i had no in it when the announcements were going to be made >> i love the parliament. that comes a day after the dramatic appearance. the come interrupted by a protester who hit murdoch in the case with

 ethics and standards committee, which is criticiz reporters who interviewed ruper murdoch for giving him but to topic. what was lost in this country, certainly i'm the only representative here of the state and certainly from this day w we've lost is the pipe gray-haired editor-in-chief figure who couldn't put anythin in the paper, but he could stop ings going into the paper we've lost a sort of moral sense. >> use that they interestingly enough for most editing for t papers in australia for murdoch and their two editors in chief they would've been if i write because i was at the time, hard to believe now, but at the time is interesting, energetic, fido, desperate to bring down governments editor and the guys to suffer their price and say you can't do that. that's going too far. heated it and i hate the ada now that i'm proposing that we actually have to go back to something. we have to put some responsibility back. it's no coincidence that the last fou

ruperred, not james, rebecca brooks arrested, hinson resigned. this is no longer a u.k. problem or u.s. problem. it's a global problem for news corporation and people are beginning to question whether rupert murdoch can stay on his job. >> all eyes are on the hearings tomorrow when rupert murdoch and his son james are due to give evidence. what can we expect and what's at stake for their business. >> i was just speaking to someone coaching them for these appearances tomorrow and you think they're coached to appear contrite. they're certainly going to apologize and stick to the facts as much as they can. i think this is going to be partly political theater. i think people really want to be able to hold rupert and james up and take their punches, ask them the questions they haven't been able to ask them. i think what we could see are some flashes of defensiveness and anger on their part. i think because as much as they -- the center of this they feel agrowthed, they feel like they're the victims. this is always been a part of the newscorp culture, murdoch culture where they feel like everything is a battle and they're the ones who at the receiving end of the unfair treatment. >> you have reported o