get your new chase sapphire card at chase.com/sapphire.resting development in europe. in the automotive industry, german prosecutors have raided the headquarters of porsche as possible manipulation of volkswagen shares. guy johnson is in london with the latest. guy? >> a bit background. these two companies have effectively merged over the last week, week and a half, and it's always been an acrimonious process and today it got even more acrimoniouacrimonious. two investigations playing place here, the first one into porsche, and possible leaks of very sensitive information from porsche, as a result of porsche's attempt to take over vw, which ultimately ended up failing. that's why porsche's headquarters were raided in southern germany today. the second investigation relates to, well, you can see it here, this incredible decline we have seen in the value of volkswagen, which is europe's largest car maker over the last few days. the stock up until then recently stable. but it's dropped, and most in the last few days by nearly 40%. now, you re

get your new chase sapphire card at chase.com/sapphire. . >>> one hour to go.hing? dave bravelli with cancard adams. peter costa with me on the floor. one hour left. what do you think is going to matter? >> unfortunately, i wish i had something great to tell you, but there's absolutely nothing going on. i'm talking to a lot of institutions, a lot of hedge funds. no one understands why we're not seeing a correction but at the same time there's no volume. like i said this morning never short a dull market. so we're creasing higher. >> that's as good a reason as any, which is people are up, volume is low. it's going to keep going higher. do you think it goes up or -- >> today we're going to stay at this level. it's going to be, you know, obviously not a -- we'll probably not even break a billion shares down here. but longer term i do think we're going to see a little bit of a correction. but you know, everyone keeps saying it's a trillion dollars on the sideline. you always have to be aware what it's going to do. the market's going to bottom in certain points and

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get your new chase sapphire card at chase.com/sapphire. >>> here's a look at the weather in some citiescountry. new york, partly cloudy, 90. miami, afternoon storms, 92. chicago, 75. denver, 80. los angeles, sunny and 75. >>> and time now for a check on the national forecast. the latest satellite picture shows that much of the west is nice and clear. it turns gray and stormy as you reach the central plains and upper midwest. later today, thunderstorms will pop up in many places stretching from the gulf coast northward to the great lakes. it will remain cool and wet across the upper midwest. and it will be another hot day in the northwest. >>> in sports, cliff lee play be the bargain of the baseball season. since coming to philadelphia last month, lee has won all four games, including last night's two-hitter. he had a no-hitter going into the sixth and struck out 11 batters in his fifth complete game this season. jayson werth homered twice for the phillies, who roughed up the arizona diamondbacks 8-1. >>> in toronto, it was a very different story for pitching ace roy halladay. the red so

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get your new chase sapphire card at chase.com/sapphire. why is dick butkus here?s use him. but-- i'm your only employee. we're gonna start using fedex to ship globally-- that means billions of potential customers. we're gonna be huge. good morning! you know business is a lot like football... i just don't understand... i'm sorry dick butkus. (announcer) we understand. you want to grow internationally. fedex express >>> i'm jim cramer. and welcome to my world. you need to get in the game. go out of business. and he's nuts! they're nuts! they know nothing! i always like to say there's a bull market somewhere. "mad money," you can't afford to miss it. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. i just want to make some money. my job is not just to entertain you, but to educate you. so call me at 1-800-743-cnbc. tonight i'm devoting the whole show to my playbook for taking advantage of a rally! now, i know what a lot of you are thinking. what kind of a bozo, incompetent doofus needs a cape to take advantage of the r

get your new chase sapphire card at chase.com/sapphire. >>> roger from california wrote, "i think the shape will be a continuous vw until the fed gets control of flash trading, short selling and overleveraging." tom in carolina had this one to say, this was one of our favorites, tom. "it won't be a w, a v, or a u. it will an o recovery as in oh my goodness, i didn't see that coming." thanks for watching. time for the final hour of trade with maria. >> announcer: this is cnbc.com "news now." >>> the white house is asking the fda to speed up any decisions on approving intravenous formulations of various flu drugs. this comes as a new report warns of possible widespread infections this fall. >>> the bureau of prisons says contrary to published reports bernard madoff is not terminally ill and does not have cancer. >>> bank of america will pay $150 million to settle a class action suit involving the sale of bonds and preferred stock by its merrill lynch unit. that's cnbc.com "news now." i'm julia boorstin. >>> there's a live picture of the floor of the new york stock exchange. monday after

get your new chase sapphire card at chase.com/sapphire. >>> welcome back.rner chilcott acquired procter & gamble's prescription drug business for $3 billion. the deal will double the irish drug maker's revenue. you can see the -- let's see, warner chilcott, that is up now 4 bucks. program it ter and gamble down a little bit. >>> other -- battle of the tech tightens, apple and at&t joint effort to keep google's voice software off the iphone. the fcc is weighing statements from all companies. here now, you can see how they are trading google, apple and at&t all trading higher on the day. jim goldman has more on the story. jim? >> weighing statements from all three, melissa, we only get ac toeses to two, more in a second. friday, we got statements first from at&t and am filed with the fcc in connection with the google voice ap controversy. remember apple and at&t drew fire for denying google's voice ap from the am store. the move demonstrated apple's predatory behavior and the anti-competitive strategy since the google software could be a competitor. for its p

get your new chase sapphire card at chase.com/sapphire. back. the current fiscal year federal budget deficit is expected to break all previous records. but the white house says the budget picture is actually looking somewhat better than expected. cnbc's hampton pearson in d.c. with the details. hampton? >> hi, maria. it looks like this. the forecast for federal red ink will be revised downward by about $260 billion when the obama administration released its mid-year budget review next week. the new omn estimate expected to be $1.58 trillion. treasury secretary tim geithner saying the biggest reason for that change, basically the financial system is recovering much faster than had been expected so, there's less money needed to be set aside to aid troubled banks. >> the estimates of the deficit, near-term deficit are going to be somewhat lower than we expected, somewhat lower than we feared, in part because we've seen more stability sooner in the financial system and therefore we think the expected cost of fixing this financial mess is going

get your new chase sapphire card at chase.com/sapphire. >>> i thought it would feel a little more stuffyit's not a bad feeling. relatively clear skies in the area. it's going to be a hot afternoon. we'll be close to 91. >>> there's sadness in camelot, washington d.c. and across this nation. senator edward kennedy dies at the age of 77 overnight. >>> the budget backlash here. the governor announces furloughs and layoffs for hundreds of state workers in an effort to balance the budget. and now the workers get pink slips and steady of paychecks. >>> nasa scrubs the launching of the space shuttle discovery for the second time [ engine revving ] [ engine powers down ] gentlemen, you booked your hotels on orbitz. well, the price went down, so you're all getting a check thanks. for the difference. except for you -- you didn't book with orbitz, so you're not getting a check. well, i think we've all learned a valuable lesson today. good day, gentlemen. thanks a lot. thank you. introducing hotel price assurance, where if another orbitz customer books the same hotel for less, we send you a check fo

get your new chase sapphire card at chase.com/sapphire.airball control and healthy weight. friskies indoor wet cat food feed the senses. >>> here's a look at the weather in some cities around the country. new york, late day thunder, 84. miami, 93. chicago, 68. denver, sunny and 87. los angeles, sunny and 74. >>> and time now for a check on the national forecast. the latest satellite picture shows storm clouds extending from the great lakes to the gulf coast. there are gray skies across the upper midwest, and it's clear sailing from the plains to the pacific. later today, thunderstorms will erupt over much of the east. coastal areas from the carolinas to new england will see 10 to 15-foot waves for a while as hurricane bill moves northward toward nova scotia over the weekend. it will remain cool and wet over the great lakes, but it will be nice and sunny from the plains to the shores of the west coast. >>> turning now to sports, and usain bolt's latest world record at the world track and field championships in berlin. the jamaican sprinter

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get your new chase sapphire card at chase.com/sapphire. >>> welcome back.t to come down here on wall street, breaking this heat. hurricane bill may have weakened over the past 24 hours, but it is still a category 2 hurricane. for more on that right now the weather channel's kevin robinson joins us from atlanta with the very latest on the hurricane. kevin? >> hey, good afternoon, maria. we can expect that basically over the next 24 to 48 hours. expect some fluctuations in hurricane bill's intensity. right now it's a 110-mile-an-hour storm, making it a category 2. now, we're still watching it move on that projected path between bermuda and the east coast of the united states. that's pretty much on target right now. and you can see we're expecting it to continue moving north and then eventually a cold front will give it the final kick that it needs to turn northeast. the winds are going to continue to come down before it impacts any land area. but what we will notice here on the east coast is a tremendous rise or tremendous wave action along the coast. i can't

get your new chase sapphire card at chase.com/sapphire. >>> good morning. i'm andrea roane.his morning the death of senator ted kennedy. he died on tuesday after batten brain cancer more than a year. he was the last surviving son of america's most glamorous political family. senator kennedy has appointed every major piece of social legislation since becoming a senator? ' 63. the latest noisy health care forum took place in reston, virginia last night. police led an activist out of south lake high school when his protest became disruptive. howard dean led the discussion on proposed health care reform. >>> nasa has not rescheduled a launatcha launch date for the space shuttle discovery. they discovered a faulty valve in the engine last night and now nasa is working to fix the problem. it is time for howard to tell us if we have any problems in the forecast. good morning. >> not really today. it will be a little on the hot side with temperatures 90 or better but potentially by friday and saturday. more on that at 5:00 and 6:00. go and show l alis quiet. some storms have hit the

get your new chase sapphire card at chase.com/sapphire. so what do you think? go with the basic package. good choice. only meineke lets you choose the brake service that's right for you. and save 50% on pads and shoes. meineke. >> larry: hi, i'm larry. do you want to keep up with me off camera, you can follow me on twitter. find me on facebook. go to cnn.com/larryking. let's be friend. in april we launched kings things on twitter. that was the day that ashton kutcher came on this show to celebrate when he hit 1 million followers. well, four months later we have hit 1 million. so, hey, so thank you so all those who follow, and if you don't follow kings things, what are you waiting for? back with our lawyers for a few more moments. speculation about the paternity of michael jackson's children persist. i asked dr. klein whether he could be the biological father. watch. now, what about all the rumors about you and the fathering of those children? >> here is the most importan thing. michael loved those childrens a a father. that's the most important grouping there i

get your new chase sapphire card at chase.com/sapphire.r myself myseas a ringtone ♪hone ♪ ♪ who knew the store would go and check my credit score ♪ ♪ now all they let me have is this dinosaur ♪ ♪ hello hello hello can anybody hear me? ♪ ♪ i know i know i know i shoulda gone to ♪ ♪ free credit report dot com! ♪ that's where i shoulda gone! coulda got my knowledge on! ♪ ♪ vo: free credit score and report with enrollment in triple advantage. there's no way to hide it. sir, have you been drinking tonight? if you ride drunk, you will get caught... and you will get arrested. >> senator, there is obviously a great price one has to pay these days for political life. that some have to pay. your brother john thought the price worth paying. so obviously did your brother bobby and so do you, it seems. but when you talk to your own two sons and to your nephews, do you encourage them to go into politics as your father did you? is the price worth the pain? >> well, this generation is going to have to make up their own minds about what they're going to do

get your new chase sapphire card at chase.com/sapphire.so i take two eggo homestyle waffles and put peanut butter inside. i add a couple chocolate chips when dad's starting the car. there's only one way to eat an eggo -- your way. l'eggo my eggo. it's critical that i stick to my medication. i cannot be one of the 61 million americans who do not refill their prescriptions on time. readyfill at cvs pharmacy automatically refills my prescriptions and reminds me to pick them up. you mean, reminds me to pick them up. [ chuckles ] stop by your local cvs pharmacy to ask if readyfill is right for you, and get a $25 coupon book. readyfill, only at cvs pharmacy. that they have cervical cancer. that's why i chose to get my daughter vaccinated. i chose to get my daughter vaccinated when her doctor and i agreed that the right time to protect her is now. because it's about prevention. (nice) gardasil is the only cervical cancer vaccine that helps protect against four types of hpv. two types that cause seventy percent of cervical cancer and two more type

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get your new chase sapphire card at chase.com/sapphire. ♪ >>> all right.ny appearance on best week ever and his very funny documentary. his new cd is called "unbalanced load" that's out now. you can go see him live at to go bananas comedy club august 20 through the 23. please welcome doug benson. [ cheers and applause ] >> hey, everybody. i saw a dog in a cage and the cage had a sign on it that said i bite. i was like, that is good to know, doggie. but that'sot the most important thing about you. you should make a sign that says i make signs. you're losing out on a lot of money in the lucrative dog sign making industry, of which you woulde the sole member. i met a woman in a party and she said to me out of nowhere, she goes, i have a three-legged cat. what am i supposed to say that to that? so? most cats have three legs when you think about it. cats with four legs have three legs with one. the only cats that don't have three legs are those with two to zero legs and when do you see them out and about? never, unless they have like a but cart, a cart that the

get your new chase sapphire card at chase.com/sapphire. back. boepg and j&j up and down. big lot, in the meantime, also you can big. you heard matt nesto talking about this. 9% gain this morning and chico's and tata motors hitting one-year highs. very different story, mark. >> let's look at the markets and their internals. the dow up 37 points and the nasdaq up 5.25. where is the other one, s&p is up 3.3. internally, big board, almost 3:1 winners over losers. nasdaq, not so good. 12:10, 6:5, still not bad. positive housing and consumer confidence data, what is boosting the market this market but with unemployment expected to hit double digits is the consumer out of the woods, can the economy recover with a kind of a not unhealthy but shall we sea hesitant consumer. weighing in, stephen gallagher and robert lohst. stev steven, i'll start with you, erin and i have been talking about this all morning and on previous days as well. where can we go in the economy and the markets if the consumer does not feel comfortable? >> for a few quarter, ac

get your new chase sapphire card at chase.com/sapphire. - hon, did you know there's a full serving of ) announcer: there's a full serving of vegetables in a bowl of chef boyardee. it's obviously delicious. secretly nutritious. (announcer) what are you going to miss when you have an allergy attack? achoo! (announcer) benadryl is more effective than claritin at relieving your worst symptoms. and works when you need it most. benadryl. you can't pause life. >>> what if you could start everything over? making over, not just your home, but your entire town? environmentally-friendly, getting rid of all the pollutions, the noise. getting rid of all the carbon emissions, the energy waste. even the cars? one town has found a way to do it. here's abc's senior foreign correspondent, jim sciutto. >> reporter: as a city, vauban, germany, has everything. the tree-lined streets. the perfect houses. everything except for that one, urban fixture of the last hundred years of so, cars. and residents don't mind one bit. >> we lived with a car. my wife had a car. i had a car, for at least 40 years, at leas

get your new chase sapphire card at chase.com/sapphire. back. we're almost halfway through the trading day, and the headlines, the dow jones industrial average pushing higher. mr. bernanke getting reappointed and consumer confidence jumping. but there was con flingting news on the housing market taking the steam out of rally early on. trying to building that steam back up. shares of burger king sizzling, stung by a weak global economy, massive discounting by fast food retailers, as well. still, profits rose more than 15%, topping expectations. >>> and general motors plans to stop putting its gm corporate logo on the side of its cars. the "wall street journal" says the automaker plans to put more emphasis on individual plans. >> the obama administration raising its estimate on the budget deficit to $9 trillion over the next decade. so with the fiscal gap ballooning, should the president forget the stimulus plan and instead fix the deficit? squaring off in the power grid, chris kasinis and terry holt. chris, going to start with you. what do

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get your new chase sapphire card at chase.com/sapphire. introducing the all new chevy equinox. estimated 32 miles per gallon. and up to 600 miles between fill ups. it's the most fuel efficient crossover on the highway. better than honda cr-v, toyota rav4 and even the ford escape hybrid. the all new chevy equinox. there's no one exactly like you. raymond james financial advisors understand that. and they have the freedom to offer unbiased financial advice designed to weather market uncertainty and help you reach your goals. no matter how lofty. raymond james. >>> before we get to the "lightning round" we have homework to take care of. monday, dave in california asked us about rockwood holdings, roc. it's advanced materials company that is real hot, hot, hot. with over 50% of its sales in europe, the company has been hurt by weekend markets. who hasn't? europe is coming back. they missed by three cents last quarter. management believes demand has stabilized to current levels. they now have a lower cost structure and a diverse end-market portfolio that position them for when the v

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get your new chase sapphire card at chase.com/sapphire. >>> live at the nymex with a $2.5 billion turnfinish up over $1 at 72.48. up as high at 72 to 76. close to the high, but natural gas, the only decliner of the big four traded energy commodities here. lower here today as the supply continues to build there. that does not. you cannot hide the fact that that is masking underlying weakness in demand. there you have it. back to you. >> look at that. down almost 4%. way below $3. time stop the trading and jim kramer is here with and we were just watching nesto talk about it. down below $3. >> the ultra upl. the cheapest driller in the country and makes the most. how come you are so confident that the stocks are making a move and it makes sense given the fact that the commodities are? we continue and it will be the preferred fuel on this bridge fuel. we start seeing the natural gas and that's why you see clean energy ramping. that's the boone figgins. i think he has been on my show a bunch of times and this would be amaze figure it happened. i push for it every day. >> it's a transition.

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get your new chase sapphire card at chase.com/sapphire. >>> you know what? a bad time to find a junior 401(k). the next guest has all the things you need to inflation proof your portfolio. let's get over to the adviser network where we find cofounder and managing partner. thanks so much for joining us. do you think inflation is going to be a big problem on the horizon, how soon, how big and how soon? >> i think in the short term, melissa, it's not a problem but along with a lot of people, you know, we think it's going to be coming into play probably over the course of the next couple of years. and a lot of people are concerned about it. >> okay. would you position yourself right now and what would you do? >> there are definitely some things you can do in the 401(k) world. it's usually a little bit more difficult than in the regular retail work with your brokerage account because fund menus are limited. but certainly you can position yourself into commodity funds if they're available, only a little bit. i wouldn't take too much of a chance there. they are sti

get your new chase sapphire card at chase.com/sapphire. >>> time for the friday trade. up 135.week ahead? it's peanut butter and jelly ti time. you're here next to me, bob, so i'll start with you. 134 on the back of existing home sales. volume is light. does it make it excited to get in or do you say, no, i'm nervous, waiting for the pullback? >> longer term, there's going to be a bit of a pullback. the market is trading up light volume, just like you said. we're not over sold but i think that's what's drawing some people into the market. there are a lot of stocks that continue to move up in positive action if without that volume, though, there seems to be a little bit less conviction in the market. i think longer term, we continue to up trend. i think the economic records like manufacturing, personal spending, you know they all indicate that the economy is continuing to improve. >> here's the thing. if i listen to everybody who kept telling me this market was going to pull back, i would have missed out on a lot of good profit. >> right. >> i mean, and you're not alone. a lot o

get your new chase sapphire card at chase.com/sapphire. [ water ] hey, it's me -- water.w that when you filter me from your tap i'm pretty much the same as i am in a plastic bottle? well, that's not entirely true. see, at home, i'm 10 times cheaper. other than that, though, i'm pretty similar. oh, wait, there's no expiration date. and i don't have to get shipped all around the country. but other than the costing, the expiring thing, and the shipping thing, we're pretty much the same. pur. good, clean water. >>> welcome back to the only time of the week that i sit down on "mad money." when i tell you i think you should own a stock, doesn't mean you should throw all of your eggs into one basket. even if you're almost positive it will go up, oh, no, my friend, uh-uh, not on my watch. diversification is the only free lunch ♪ hallelujah and this is why we're playing, am i diversified. you tell me your top three portfolios and i tell you maybe you need to mix it up. maybe you need to throw something back. bring something new. let's start with ken. ken in connecticut is our firs

get your new chase sapphire card at chase.com/sapphire. >>> want to create jobs? restaurant owner said he created 35 jobs in 3 weeks if you send stimulus money his way. he just needs a loan. but as cnn's christine romans reports, it's a dog eat dog world. >> reporter: dinnertime in lumberton, north carolina. >> everything good? >> reporter: restaurant owner rod renfern. >> we did a million two in 2007. it's not bad for a small town, small restaurant. >> reporter: he was 35 employees, crowded bar on weekends, a dependable banquet business. five years ago he turned saintry-old mule stable into this -- he's confident he has the ingredients to open another restaurant here, 35 miles north on i-95 in fayetteville. >> i will hire 50 people in three months if i get the money i'm looking for. >> reporter: $150,000 to be exact. >> my issue is the stimulus money everybody's talking about needs to flow through to small businesses like this one. i don't want a bailout. i just want to open the door. i will walk through it myself. >> reporter: but so far, that door is shut. we c

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get your new chase sapphire card at chase.com/sapphire. >>> welcome back.est s&p case schiller home price index sending strong signals the housing markets may be turning a corner. here's diana olick with the details. >> that's right. it's the first time in three years we've seen the prices turn positive quarter to quarter, but there are some red flags. take a look at the numbers first. the national index rose 2.9% quarter to quarter. again, the first time positive in a long time, although the index is still down 14.9% year over year. even the index's inventor though is cautious. >> i didn't say that we've reached the bottom. i said that this is very suggestive of a major turning point, but we've seen other corrections like this that were reversed. notably a year ago in early 2008, we saw the rate of decline of home prices suddenly get much smaller, and it looked good, but then it collapsed again. >> now, here are the three red flags we see in the data. first time home buyer tax credit which adds $8,000 worth of purchasing power. next is the facts that case

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get your new chase sapphire card at chase.com/sapphire. >>> here's a look at some of today's winners >>> welcome back. toronto dominion financial, one of canada's largest financial institutions, reported adjusted earnings increased 17%. but with loan loss provisions doubling, the company's earnings fell 8 1/2%. joining me now, inside these numbers in a cnbc xwlufs is td bank financial ceo ed clark. he joins us from his company's headquarters in the u.s., cherry hill, new jersey. mr. clark, good to have you on the program. welcome. >> great to be back here, maria. >> great to see you again. can you characterize the quarter for us? clearly you set aside more money for bad loans. tell us what went on in the last three months, particularly with that need into crease loan loss reserves. >> it has been pretty spectacular. why the record earnings for us, 1.3 billion, up 17%, but in that you really have two effects going on. we've had tremendous revenue growth, great volume growth. our deposits and our loans on both sides of the border are growing at double-digit rates, taking significant ma

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get your new chase sapphire card at chase.com/sapphire. >>> exactly come back, financials all movinge a look at the green on your screen, jpmorgan, goldman sachs, wells fargo and citi all seeing gains, trading higher right now, as well. up 15. mandy. >> good way to end a friday. okay, existing home sales posting their largest monthly increase in ten years. this as first time buyers rush to take advantage of a tax credit that expires in the fall. cnbc's diana olick with the details. of high diana. >> foreclosures accounting for more than one-third of home sales, all activity is on the low end. take a look. existing home sales, jumped up to 5.4 million annualized units inial. up 5%. that's the highest since august of 2007. and the biggest monthly jump up since the realtors started tracking in 1999. >> this is a very broad-based recovery. of we have seen a rise in sales in the northeast, the west region remains very strong. the florida market continuing strong, buying activities. so very broad spaced recovery of home buyers coming in and jumping into the market. >> but, again, prices ar

get your new chase sapphire card at chase.com/sapphire. others by the car of their dreams. special lease offers now available on the 2009 is 250. >>> tonight on "the kudlow report," a spectacular day for the bull market. dow, the s&p 500 above 1,000. all three indices new highs for the year. there are bulls, also a bear on debate how much more juice is left in this rally. plus the dow jones industrial average, it's for sale. will the new owners rename it? is owner rupert murdoch so desperate for cash he would sell the icon of his empire? apparently so. bonus time is coming and that's got this guy worried. he runs goldman sachs. you know why he's worried? because their bonuses may be too big. yeah, they're worried that the government's not going to like that. and now charlie gasparino says the executives think they may be victims of anti-semitism. and get out your violins, the superrich are getting poorer. why that's actually bad news for the middle class. >>> and this just in, reports that president obama will raise the ten-year deficit to a whopping, hold on to your seat $

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