ed the american economy was strengthening. grew for man 3%. >> chris: you were talking about that week? >> no. it wab absolutely right. if you look at the what happened at the american economy. if you may, sir, let's look at the record, since president obama took office, the nation has lost a net of 2.5 million jobs. the unemployment rate has jumped from 7.8 to 9.2%. the nation gained only 18,000 jobs in june and goldman sachs now projects that by the end of 2012, the unemployment rate will still be 8 and three quarters%. question. that's your idea of the path to growth? >> chris, the american economy is still suffering undeniably from the tragic after-effects of the crisis this president inherited. but we have now been growing for more than a year and a half. we have 2 million. over 2 million private sector jobs created since job creation started again. faster and author man the last two recoveries. things are healing. it's going to take more time though. growth is slower than we would like. that's why it's important to get th

>> the american people are asking where the jobs and while asia is important this is about american jobs and american economye don't do something seriou about controlling our debt, it is hanging over our entire economy like a wet blanket. that's why i believe taking serious steps toward solving the problem will breed more confidence in your economy and help create jobs here. i will do my best to work with the congressional colleagues and house republican colleagues to put a frame work and remove the wet blanket. >> chris: i want to say this again. frame work out today, you would not do that unless you have democrat buy in? >> i would prefer to have a bipartisan approach to solve the problem. if that is not possible. i and republican colleagues are prepared to move on our own. >> chris: today. >> today. >> chris: cuts now and debt limit early increase next year. >> i don't want to get into all of the details. if i have the details and ready to announce it. i would be happy to share it with you. we are not ready yet. >> chris: the s&p will consider downgrading our deal even with a short-term deal but washingto

it is defeating the american economy. it will be putting the american economy in a ditch if we do not resolve this issue. so, we've got to be very clear on what the vote is tonight. it is not a vote on the reid amendment, on the reid measure. it is a vote on this petition to bring the debate -- and this is the words of the petition -- "we, 18 senators, move to bring to a close the debate on the reid motion." that's what we're voting on. and the republican leader tries to coat that or characterize that as a vote on the reid motion. it is not. we want a vote on the reid motion. we want to vote, but we will not be allowed to vote on the reid motion, on the proposal which the majority leader has offered, which has a majority support in this senate, we will not be allowed to vote on that if debate is not ended, if the filibuster continues, because 60 senators are not willing to end it. we will have at least 50-plus to end debate. but let it be clear, let the public understand that if we're not allowed to vote on the reid measur

the american people are asking the question, where are the jobs? impornt. while -- this is about a american jobs in the american economy. if we don't do something ctrol serious about controlling our debt, it is hanging over ourtire entire economy like a wetlanket. blanket. that's why i believe they arear taking serious steps toward solving this problem and itonnc will breed more confidence in our economy and help createhe jobs here. to i will do my best to work with my congressional colleagues and house republicancoo p colleaguesut and to be able tohd put a framework out there today and to be able to remove this wet blanket. >> i just want to pursue this aa again.you you talk about tal puting a framework out today. you would not do that unless you have democratic buy in? appo >> i would prefer to have a posi democratic approach. i and my republican colleagues in the house are prepared toe move on our own. >> today? >> today. >> and that would be a>> c: toda republican plan and it is along the lines i have talked te about, the l two-step process. , cuts now and deem limit increase into next year.'tt t -- debt limit incre

if you step back and look at what's happening to the american economy -- remember, when the president took office, we were losing 750,000 jobs a month, the economy was declining at a rate of 5%, worst economic storm we've seen since the great depression. in fact, greenspan and bernanke and others said a greater shock than the great depression. now, the president acted, took a lot of political risk, did very unpopular things, but the economy started growing again within six months. we've had more than 2 million jobs created in the private sector since job growth resumed again. america is in a stronger position today, but we're not growing fast enough. >> you're certainly not disputing those numbers, and this is what happened with the jobs report this week. "the new york times" described it this way -- "feeble job numbers show recovery starting to stall. for the second consecutive month, employers added scarcely any jobs in june, startling evidence that the economy recovery is stumbling." basically, what you're saying is it could have been a lot worse. has the economy stalled? >> the ec

euphoria may take place in the market, the realities of the debt deflation taking place in the american economy that will grip large parts of europe, the slowdown in asia and emerging economies -- that will be the dominant reality. interpret them in a way that will give us another opportunity. neil has given us a platform when the opening reemergence in the next six to nine months. let's not assume we are in a static political environment. we will be in a dynamic political environment because we are in a serious economic situation that is going to impose realities on the political leadership in a new way that you have not seen in the last six months. >> congressman? >> the american public wants a job. that is what this is about. they want to go back to work. they want to support their families. it is incumbent upon all of us who think we are in politics and want to be political leaders to develop a jobs agenda, a program that will create the jobs that are necessary in america. i agree when you talk about how it will switch from the deficit. the central issue is putting people to work. in the ho

the american public. the programs can create the opportunity for for this economy to return. hopefully we can grasp this and run with this. how are we going to do that. give us an answer. >> from what we can tell, with senate your congress, -- we say buy american. the currency is a bill aimed at china. it is the biggest of the several subsidies killing us. i detect within your members, and other support for china's currency. -- high-speed rail. the international rail companies, not one company in america. it can work. i am carrying two pieces of legislation. why should we allow our tax dollars to buy chinese solar panels. it makes no sense to me. >> as dynamic as the politics may be, i think we are going in the opposite direction. i am talking about presidential politics. it seems as if the political strategy of the administration -- let's talk about the specifics if we can. talk a little bit about in detail the china trade issue, the environment in getting comfortable with china. >> i am a member of the security review commission. this is like the bipartisan think tank. almo

hey, i will put the american economy even as bad as it is now up against the british economy and the ainst the british way of the life any day of the week. >> judson phillips, and just for your information, vince cable is actually a centrist and a member of the liberal democrats, but thank you very much for joining us. we will be right back. i love that my daughter's part fish. but when she got asthma, all i could do was worry ! specialists, lots of doctors, lots of advice... and my hands were full. i couldn't sort through it all. with unitedhealthcare, it's different. we have access to great specialists, and our pediatrician gets all the information. everyone works as a team. and i only need to talk to one person about her care. we're more than 78,000 people looking out for 70 million americans. that's health in numbers. unitedhealthcare. somewhere in america, a city comes to life. it moves effortlessly, breathes easily. it flows with clean water. it makes its skyline greener and its population healthier. all to become the kind of city people want to live and work in. somewhere in am

you with with another with the same certainty that the sun will rise tomorrow that that what congress is doing now will not work and this american economy will continue in a slow death spiral downwards until we reach the solution that we've reached before in american history ok so so let me guess you got this here man your solution is for john boehner speaker of the house to to stop smoking cigarettes lose some weight paint red white and blue stars on this and run around the world and knock out all the bad guys and then you know all the banks no no no it's a solution is debt free government issued money on the huge in way public interest what so what's what's the money that we're being all of our money today every dollar in your checking account with the exception of coins coins. ever ok darn your checking account is issued as an interest bearing debt that's not the way it's always been in american history you see right there that's a federal reserve note in her green seal maybe you can tell going up the single r i everybody knows where that is on the dollar i write as i reserve note across i don't serve no one hundred years before that

it's clear this is already putting a very dangerous cloud over the american economy. you see a lot of business leaders small and large saying that this is really preventing them from investing and really having the certainty they need to move forward and invest in hire new employees. so we need to make sure to get this cloud out from the economy, do the work the american people sent everybody to do here. make a good down payment on deficit reduction and in the coming months finish the job because entitlement reform, tax reform clearly are going to be left to congress over the coming months. fill pill what do you base your optimism on that there will be a deal august 2? today we see the stock market closed the lowest it has in eight weeks. >> we're getting close. i think people are right to be getting increasingly worried. but all the leaders-- democrat and republican-- said they don't think we should get to the brink of default, much less default. so sometimes these things happen late. but i have confidence that... because, again, the senate proposal and the house prop

the proposal befo us today will put the american economy and american jobs at even greater jeopardy over the next five months than they are today. it deliberately, by choice, keeps the economy under a cloud of instability and uncertainty. it chooses to risk higher interest rates and shrinking retirement funds a hit on every american family. so why would we choose to intentionally keep this cloud hanging over the country and the american people? we're told that we have to do it in order to force this congress toreduce the deficit. that's what we're told. but the actions tell a very different story. the actions suggest this is not about reducing the deficit, it's about reducing the deficit in a particular way, the way the republican plan wants to reduce the deficit. that's why our republican colleagues walked out of talks three times and have rejected the balanced approach and framework put forward by the president that says let's do $4 trillion in deficit reduction and delrs 3 trillion in spending cuts. and asking the folks at the very top to go back to the rates they were paying during t

we do not want to put the american economy in jeopardy. we don't want to jeopardize the savings of people who could see those savings dissipate if the stock market continues to go down, and so we do need to -- to get this issue behind us. the majority leader complained this morning that republicans need to come talk to him. the majority leader needs to come talk to him. he said i would have hoped that someone would come to us, come to the table, and he specifically referred to senator mcconnell. and my response is why do the republicans always have to come up with the ideas? you know, three times, the house of representatives has passed a proposal only to be criticized each time by the democrats who invite them to come up with proposals. you remember the first was the ryan budget, savaged by my democratic colleagues and by the president. house republicans said yes, senate democrats said no. then they came up with cut, cap and balance, something that's pretty popular around the country. it would cut spending, it would cap it and it would ult

but what we can't do is leave the threat of default hanging over the american economy. it's leek a tax on all americans. it's deeply irresponsible. you cannot put that additional burden of uncertainty and fear on average-working americans, and on the american businesses going forward. >> timing seems to be of great moment at this point. the speaker said he wants a deal before the asian markets open, which is 9:00, 10:00, eastern time today. what will happen -- i am told that you warned congressional leaders yesterday morning of what might happen in the asian markets if no deal is struck by then. what would happen? >> well, if you look at markets around the world over the last few weeks or so, they still show a remarkable degree of confidence that america will meet its obligations as it always has and we'll find a way to make progress on our long-term fiscal challenges. that will start to erode the longer we wait. >> today? >> we can't tell. >> you come here confidently today saying we will get a deal as opposed to more of the dire warnings we've had if we don't get a dea

this blue line is the size of the american economy. 100% of the american economy. this is our debt pile. we're fast approaching rates we haven't seen since world war ii when our debt was bigger than the side of the economy and back in the great depression. this is what economists call a debt crisis. why? we are a borrowing nation, bottom line. we borrow money. right now for every dollar the government spends, 38 cents of it is borrowed. if the debt ceiling isn't raised in time, the u.s. could default on some of its payments and that's the last thing we need when we're recovering from a recession. ken, you have the financial crisis expert. would failure to raise the debt ceiling trigger another global economic disaster? >> well, it's playing with fire, there's no question about it. the foreign investors, investors are not expecting the united states to default. if they were, we'd be paying way higher interest rates right now. but if we actually did it, it would be a catastrophe. but there's a bright side to this, which is that a year ago, nobody was talking about our

the proposal before us today will put the american economy and american jobs at even greater jeopardy over the next five months than they are today. it deliberately, by choice, keeps the economy under a cloud of instability and uncertainty. it chooses to risk higher interest rates and shrinking retirement funds, a hit on every american family. so why would we choose to intentionally keep this cloud hanging over the country and the american people? we're told that we have to do it in order to force this congress to reduce the deficit. that's what we're told. but the actions tell a very different story. the actions suggest this is not about reducing the deficit, it's about reducing the deficit in a particular way, the way the republican plan wants to reduce the deficit. that's why our republican colleagues walked out of talks three times and have rejected the balanced approach and framework put forward by the president that says let's do $4 trillion in deficit reduction and delrs 3 trillion in spending cuts. and asking the folks at the very top to go back to the rates they were paying d

they are making the point that this is having a huge impact on a global economy. not only just about the americanpasse goes on the more damage to the world's finances. >> the day is exactly right. that is because for decades, the dollar has been the reserve currency for the whole economy and the u.s. treasury bonds have the and the risk free gold standard that every other investment around the world as measured against. now we are playing a game of russian roulette, jeopardize in that gold standard. you are exactly right. it is not just going to affect america, it can affect every country around the world and 1's confidence in the united states is lost, it may take a long time, years, maybe decades for us to regain it. the stakes are high and i am afraid that people in congress and in washington don't understand the risk. the risk their plan with today. >> thank you very much. >> thank you, piers. >> we will be right back. north america's natural gas producers are committed to safely and responsibly providing decades of cleaner burning energy for our country, drilling thousands of feet below fres

the ed show. good night. >>> good evening, americans and welcome to "the ed show." tonight from new york, six days away from the american economy going down the drain, and republicans still can't get their act together. john boehner is swearing up a storm, while his party holds the american economy hostage. meanwhile democrats say they have a plan to avert the crisis. lots to talk about tonight. it's the ed show, let's get to work. >> no, you can't1ç >> last time it was john boehner yelling at the democrats. now he's blasting his own caucus. >> is it true that you you told some of the republican members this morning that you need to get your a-word in line? >> i sure did. >> tonight, donna edwards, dennis kucinich all on the latest. >>> in psycho talk. republicans are worried the weak economy might be hurting the country club crowd. >> they don't continue paying for country club dues and mitt romney is measuring the drapes for the oval office. he's already naming his vp picks. this guy needs some help. >>> great to have you with us tonight, folks. at this hour, john boehner, speaker of the house is twisting arms and cutting dea

united states as the top economy in the world and if you in decades india will surpass us to the bric nations that's brazil russia india and china all nations that now employ the american way currently account for one fifth of the world's economy and represent forty five percent of all the economic growth on the planet we're being left behind by nations that are beating us at a game we invented beating us at the american way. there's no better example of this economic shift in this tale of two bridges yesterday china opened up the world's largest bridge over water it's a twenty six mile long behemoths that stretches across a giant bay in china and was constructed by chinese workers with steel made in chinese factories oddly the same can be said about a new bridge stretching across san francisco bay and you half mile long bridge that will connect san francisco and oakland will not have a made in america sticker and that's because it was mostly made in china later this month the last four segments of the bridge for massive steel skeletons will be shipped over six thousand miles from shanghai to be put together like lego pieces here in america and you wonder why allentown

imagine the shame of having to look their constituents in the eyes and tell them: "the american economy still exists." [ laughter ] and listen to what obama wants in return: if we choose to keep the cuts for millionaire and billionaires we have to make deeper cuts somewhere else. steerchl he's saying they have to raise taxes. and republicans cannot agree to that. they've all signed grover norquist's anti-tax pledge! he's like darth vader; he can crush their larynx with his mind. [laughter] that's based on a true story. now that we're in this crisis that the republicans created to get partisan advantage but the republicans have to either raise taxes or get blamed for defaulting on our national debt. they seem to have painted themselves into a corner, or as political scientists call it, "got their nuts caught in a vise." thankfully, on the senate floor yesterday, minority leader and septuginarian ninja turtle mitch [laughter] mcconnell swooped in and saved the day. first, pointing out that the republicans have no good options. >> the president has presented us with 3 choices: smoke and mi

the question would be -- can he the american economy survive the american political system. discuss that with joe, mika and our all-star panel. >>> and we'll huddle around this water cooler was cuffed, dragged to prison on her wedding day. couldn't the police at least have waited until the honeymoon? >>> book back live today on "way too early." when you we speak about the debt limit these days, it's a term that a lot of people outside washington may not have heard until recently. the concept is one that has roots in a major event in american history. if you want to sound smart today. tell your friends the nation's first debt limit of $11.5 billion was passed in 1917 to help finance u.s. efforts during world war i. congress has raised the debt limit several times since then, ten times in the past decade. see if you can do it with your american express card. we want to gather around the water cooler to talk about the mindless trivia we know you crave. yesterday at the white house rose garden, president obama tapped richard cordray to run the new consumer protection bureau. the

meanwhile, the clock is ticking on the american economy, and every second that goes by, is more damage being done. who is taking responsibility for this? >> i'll tell you this, piers. you need to look over at the senate, you're talking about a group of individuals that under the leadership of harry reid have not passed a budget which is a constitutional responsibility, in 820 days. we have sent them over now two very viable and sensible plans to include the boehner plan, not 100% plan i would have liked to have seen. i made a compromise, and one to see us take care of our responsibilities. for me, about a 70%, 75% solution. the people we really should be looking at are the democrats. we continue to present viable alternatives and proposals. >> recent polls show 64% of the public are in favor of raising taxation to get us out of the incredible mess. are you? >> well, it's kind of interesting that you say 64% are willing to raise taxes when we know that 47% of wage earning households in america don't pay taxes. i would challenge you on the number. and i'd had several telephone town hall

the american people think that he should explore options. it's incredible to the american people that we would face anything that hurts our economy at a time whenof americans are struggling, so i think the president should explore the 14th amendment. i would say this one idea the president has put forward a plan. the president put forward a plan in his speech in april and a plan with speaker boehner they were on the cusp with. speaker boehner was unable to come to the table because is he beholden to the tea party. let's realize what happened this week. he an extreme far right proposal and then he to move to the right in order to get the votes for his bill. so obviously he needs to demonstrate he needs to actually put partisanship aside and come to the table and put guard a an forward a bill that he can rely on democratic votes for. >> thank you both very much. >>> it took a lot of arm twisting to deliver the votes in the house tonight. another delivery was a lot easier. i'll talk to the guy who made it happen. [ man ] they said i couldn't win a fight. but i did. they said i couldn't fight above my weight class. but i did. they said i couldn't g

the proposal before us today will put the american economy and american jobs at even greater jeopardy over the next five months than they are today. it deliberately, by choice, keeps the economy under a cloud of instability and uncertainty. it chooses to risk higher interest rates and shrinking retirement funds, a hit on every american family. so why would we choose to intentionally keep this cloud hanging over the country and the american people? we're told that we have to do it in order to force this congress to reduce the deficit. that's what we're told. but the actions tell a very different story. the actions suggest this is not about reducing the deficit, it's about reducing the deficit in a particular way, the way the republican plan wants to reduce the deficit. that's why our republican colleagues walked out of talks three times and have rejected the balanced approach and framework put forward by the president that says let's do $4 trillion in deficit reduction and delrs 3 trillion in spending cuts. and asking the folks at the very top to go back to the rates they were paying d

republicans stop fraging the american economy and american people. >> luke russert is live on the capitol hill with the latest. we have the senate and house now working hard what's happening? >> right now as you saw, richard, there is a spirited debate on the house floor about harry reid's bill. speaker boehner taking an interesting step. the house will, in fact, vote down harry reid's proposal to raise the nation's debt limit. interesting because harry reid says it is still not a finished product. speaker boehner and eric cantor taking a symbolic step showing the harry reid proposal has nowhere of going in the house. that should go about 2:30 p.m. mitch mcconnell and harry reid spoke on the senate floor back and forth. mitch mcconnell saying in order for there to be a compromise to raise the nation's debt limit there had to be participation from the president of the united states to understand what bill he would sign. listen how harry reid responded to that. >> the president knows way have put forward is good for the country, extends the debt saving, reduces the debt. i say to my friend

and this service sector has become a much bigger part of the american economy. it's harder to export. we've actually seen india exporting services in the form of call centers. ironically, the american banking sector, which, you know, was such a central part of the own financial crisis is a big important global services sector. which has the potential to bring income in from overseas, consulting. american education is actually an important export. when we have all of these foreign students who come here to study in our schools, that's income that's coming from overseas into our pocket and helping to employ americans in the education system. so certainly services is part of that story. and those gears have to shift and become much more globally oriented. >> host: todd clay echoes. >> host: let's go to michael now, democrat caller in st. cloud. >> caller: yes, i'd like to comment on the republican guest you had. by the way win love your show. thank you. i apologize also for the caller who attacked you. i thought that was very rude and wrong because it's not your fal

first time in history, and if that happens, are you going to see cat strafk damage across the american economy and across the global economy. >> jon: the only other catastrophe that's moved its date this often was spicerman turn off the darbling. (laughter) (laughter) 112th congress has been completely unable to muster a debt sealing agreement to avoid eye holy unnecessary default, probably because its such a complicated thing we would only be able to do it in the past 102 times. (laughter) >> we've raised the debt ceiling 17 times under reagan -- times under hw dush, four and president clinton 7 under gw bush, so parently for past congresses it is as effortless as this. but of course for this conference, congress, it's hard to grab a zip line when you can't see it. (laughter) i'm not saying they're bad at their jobs. i'm not saying that this congress is bad at its job, i'm just saying that this congress is equivalent to a skunk with its head in a jar of skippy peanut butter. of course, throughout the process the democrats were very clear about what they could not tolerate. >> democrats are no

the vast majority of americans want tax hikes to be part of the debt ceiling deal. >> 11% of americans say that increasing government spending will be good for the economy. >> americans by almost a two to one margin want their member of congress to vote against raising the debt ceiling. >> there's now more americans who say, raise it. we understand the implications to the economy. >> 24% of americans support lifting the debt limit. >> 53% are in favor of voting against raising the debt kreel >> about 3% of americans admit to watching porn at work. ( cheers and applause ) >> jon: now that we've baffled you with nonsense we return to our regularly scheduled program unlikable people in make up yell at casey anthony. >> jon: welcome back to the program. as we just saw in the first act, the nation clearly is in dire straits with regards to the debt ceiling crisis. for more on its possible impact we're joined by the daily show's senior economist jason jones. jason, thanks for joining us. ( cheers and applause ) . jason, if the experts are to be believed, inaction on the debt ceiling and deficit reduction would be catastrophic. but the negotiations have thus far seemingly b

and then we also heard from the american economist and radio host richard richard wolf he says that the u.s. economy is in really serious trouble and the political deadlock over the budget could make the situation tip the balance. the american government can pay its debts for a few days and that's the most that will happen and it will do a very bad job on diminishing the credit of the united states in the world economy at a very dangerous time to be brutally honest neither side neither the president the democrats nor the republicans are facing the basic issues of this economy we are in serious trouble we have very high and persistent unemployment and what we are doing is arguing over the technicalities of the debt ceiling that is going to be changed and raised as it has been every other time this theatrical drama has been rerun and meanwhile our political leaders are not dealing with the underlying problems we're facing an economic situation that is more dire than any i have seen in my lifetime of being a specialist on the american economy and i think we're seeing a growing alienation of the america

economic situation that is more dire than any i have seen in my lifetime of being a specialist on the american economy and i think we're seeing a growing alienation of the american people from the whole spectacle as they watch their real situation deteriorate and nothing really is being done. well the same time the currency crisis gripping the e.u. has taken a turn for the worse is italy spurred by a string of ruinous market downturns begins to debate emergency spending cuts at two trillion dollars the world's eighth largest economy has been struggling to remain competitive since joining the eurozone but its debt has spiraled out of control a fact overwhelmed by mammy amid the more pressing problems in the e.u. it follows a downgrade of violence dats to junk status serious blow to the euro zone as a bailout gridlock laborous to prop up its weakest economies u.k. e.p. paul the tarp told r.t. the latest developments prove the single currency union is simply not working. this was always about politics it was not about economics the idea that you could have economies in the mediterranean in line with econ

it's clear if no deal is reached the results for the american economy are catastrophic. hat would the political impact be? who will the americans hold responsible? and what does it mean for the 2012 election? we have charlie cook and michael sheer. charlie cook, your column today you basically pinpointed republicans as political losers on this even regardless of whether a deal is reached. explain. >> i sort of started talking about the pnch line what's mine is mine what's yours is negotiatable. we don't know whether president obama could have made stick with democrats on capitol hill, entitlement cuts, domestic spending cuts. we don't know if they have been willing to compromise or do the right thing or not. republicans are coming across so inflexible, so playing to their base as opposed to independent voters that i think they're losing this fight and because i think this is a fight for independence because there's 95% of the people in each party vote for candidates of its party. the thing is turnout does not vary that much from year to year. it's about independents. what

they urged china not to lose faith in the american economy. >>> look who is back, having survived the midwest heat. >> man, it was hot back there and humid. i don't know how i lived like that. i'm happy to have fog, drizzle, lower temperatures, i'm even happy to see mike nicco. >> it's getting a little bit of sleep, too. >> we needed a spatula to flip me over, it was that hot back there. >> here is a look at an area of low pressure. we talked about this friday. that trough is going to deepen down the coast. that is still holding true. let's take a look at our temperatures. 60 in mountain view. mid to upper 50s for the rest of us. by the afternoon hours, temperatures will run b-10 degrees cooler than average from the mid-50s around half moon bay san francisco and richmond, low to mid-70s around the bay shore. mid to upper on 70s in the south bay and north bay valleys. mid-80s in the east bay valleys. low to mid-80s along the hollister, morgan hill line. mid-80s around salinas. let's check out the accu-weather seven-day forecast, you see tomorrow a lot like today. motorist and drizzle t

will downgrade our credit, first time in history and you will see catastrophic damage across the american economy and global economy. >> they want to focus on $2 trillion deal, no entitlement reform, no tax reform. the talks continue tonight. >>> meanwhile, the head of the international monetary fund foresees some quote really nasty consequences if the u.s. does not raise the borrowing limit. the chief sez expects u.s. will take action before the august 2nd deadline. >> there are expectations that will be the case otherwise it would be a real shock. it would be bad news for the u.s. economy. >> international monetary fund's new chief told abc news if the u.s. fails to act she for sees global interest hikes and stock markets taeng taking a huge hit. >> the switch to ticket machines begin yesterday as part of an effort to close an $89 million budget gap. the move eliminates 7 ticket agent positions but five of the employees have been placed in new jobs. ticket machines have been up and running for several months, but they do not sell tickets to at&t park. instead the larkspur ticket office will ope

. >> the american economy appears to be faltering. e federal reserve recently lowered its growth forecast. few companies are hiring. fewer consumers are buying. economic experts fear the u.s. could slide into recession again. the emplment rateremains stubbornly high. the jobless rate has topped 9% for almost two months in the last two years. that has not happened since the 1930's. there is no sign of improvement. president barack obama said u.s. businesses were facing the challenges. >> from natural disasters to spikes in gas prices, state cuts have cost thousands their jobs. the problems in greece and europe along with uncertainty over wheer t debt limit in the united states will be raised of also made businesses hesitant to invest more aggressively. >> the bad news is slowing down consumption. that is putting the brakes on economic growth. ben bernanke has described the recovery as frustratingly slow. the government cannot do much. it is out of money for any more stimulus programs. >> european equity markets reacted negatively to the

it is much more on the man told me that he shoes which is fundamental related to the american economy on lists american economy is corrected on the right top on the european economy will be recovered this whole situation will need new emerging powers like china and russia and india. these new emerging powers will take the new leadership to revive the economy in europe in europe russia new russian continent and as well as other parts of the wall source all we have to pay a patient what's happening now in your real at the same time in north africa. ok part of our program to have in the event there better dancing visiting professor to sing town university school of journalism i think asian many thanks for your time. while still ahead for you this hour secrets from the team. the bulgarian pleasure boat is back on the surface of the shoulder and with it comes and says as to why it sank and why so many people die. well so all is american maybe thought its military support the navy an operation that fear zombie alliance rebels may be torturing and killing and that if i think our freedom was