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Car Hits Cyclist at Tour De France; Royal Couple Returns to London; Debt Ceiling Talks Today
Aired July 11, 2011 - 10:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: It's the top of the hour. It's 10:00 a.m. on the east coast, 7:00 out west. Thanks for joining us. I'm Kyra Phillips. One day after British tabloid "News of the World" shut down. The family of a murdered teen says owner, Rupert Murdock, has not apologized for his employees hacking her phone messages.
Will and Kate wrap up their 11-day visit to the U.S. and Canada. We will go live to their final stop at children's art center in poverty stricken Skid Row.
A live image of the U.S. debt clock, but the calendar is also underlining the urgency. Lawmakers of both parties returning to the White House for more urgent talks on how to slash spending. Those cuts need to be agreed upon before the August 2nd deadline.
All right, we begin this morning with the high stakes and heated rhetoric of the debt negotiations in Washington. President Obama is trying to broker a deal. The next hour, he turns to the public with the morning news conference.
Dan Lothian is at the White House. So, Dan, let's talk about why the hold up.
DAN LOTHIAN, CNN WHITE HOUSE CORRESPONDENT: Well, the hold is because Republicans and Democrats can't find the areas of compromise to get a deal done. You still hear Republicans talking about no tax hikes whatsoever. You hear Democrats concerned about the fact that entitlement programs such as Medicare and Social Security are on the table.
Yesterday, before the meeting with congressional lawmakers, the president was asked whether or not a deal can get done over the next 10 days. Essentially, giving enough time to draft and pass legislation.
The president says, we need to, but there is still a wide gap. That's why the president is not only using his bully pulpit for the second time now in two weeks holding a press conference, but also calling these lawmakers back to the White House today for another round of talks.
The hope that they can come with some options about what could potentially pass in both houses. I will tell you, Republicans don't believe tax hikes should be any part of this equation because that's something even for the wealthy that they don't believe should be happening in this economic environment. Kyra --
PHILLIPS: All right, Dan, thanks so much.
Let's talk more about what we can expect with the president's news conference next hour and for that we, of course, turn to Suzanne Malveaux because you covered the white house for so many years. You know what it's like to be at those news conferences.
Be the first one there, I'm curious, what would be the first question you would throw out? Because I know you, you would be the first one to stand up and say, Mr. President.
SUZANNE MALVEAUX, CNN ANCHOR AND CORRESPONDENT: I would be yelling at him, that's true. You want to know if this is going to be successful. One of the things the president has to do is convince the American people, why is this really important.
You know, all of these ominous signs and talks of crisis, is that really true? How does that relate to ordinary folks, right? What does it mean for getting housing? If the markets plummet, what does that mean for your 401(k)? Are all of those things really going to happen?
He is going to have to lay out his case in kind of a very concise, but dramatic way. We have seen him do that before. He also has to convince us as well, why this big deal? You know, he is off to make some sort of big deal, $4 trillion in cuts over four years, rather, 10 years.
The Republicans say, let's do something a little bit shy of that, a little bit less ambitious. He has got to convince folks that, look, the reason why is 2012 elections, all these piecemeal negotiations might disappear. That's why I have to do something big.
The third thing he has to do, Kyra, is he really has to convince people that this is important, that this is important to do now and that what he is asking for in terms of sacrifice only applies to the richest Americans, the wealthiest families or the guys who are flying around in the corporate jets.
They can't have those tax loopholes or those subsidies. That's the kind of case he has to make to the American people. That's what's going to put pressure on Republicans to come back to the table and get something done.
PHILLIPS: This has been dragging out and dragging out. Does anyone benefit from that?
MALVEAUX: I think the president benefits from this dragging out until August 2nd only if they get a deal, only if they get something done. If this thing drags out and every day you have the president coming forth and making statements, Republicans coming back and nothing happens, well then you have a problem.
He can appear as a hero if this thing drags out and he looks like he is the grand negotiator, the one who is bipartisan, the one who has brought these members together and pushed them to move forward.
If that doesn't work, we are looking at potentially what they are talking about a clause in the 14th Amendment of the constitution maybe to raise the debt ceiling. But we still don't know if that is even clear. So you can go ahead.
PHILLIPS: Yes, this is mind-boggling when we see how far in debt we are as a country. It's actually pretty frightening.
MALVEAUX: Unbelievable.
PHILLIPS: Yes. All right, I know you're going to be following this in the 11:00 hour. We are going to take it live as soon as it happens. Suzanne, thank you so much. Stay with us. You bet.
President Obama's news conference, less than an hour from now. It is scheduled for 11:00 Eastern. You will see it live right here on CNN and you will be able to see Suzanne Malveaux talk about it once it happens.
All right, the death toll in a sinking of a ship in Russia keeps rising. The bodies of at least 46 people have been pulled from the river now, dozens more are missing.
Zain Verjee live from London. So, Zain, do we have any idea why the ship sank?
ZAIN VERJEE, CNN ANCHOR AND CORRESPONDENT, CNNI: There is going to be a criminal investigation into this is what some of the officials in Russia are calling for, but no, we don't know specifically what the cause is definitively.
But a lot of people are saying that this vessel had mechanical problems even before it started sailing. They had to postpone one of the cruises because of it. They set sail with a problematic engine.
Another version, Kyra, is that the ship was too overcrowded. There were about 70 or 80 people jammed in on board the ship that they should not have been there. There were questions too about whether this vessel was even properly licensed.
So a really tragic situation. More than 100 people believed dead. What some versions and accounts of eyewitnesses say that when the ship actually turned, it took a right turn or something and just collapsed. It took about three minutes or so to sink almost to the bottom of the ocean. People jumped out. They were crying for help.
There were cruise vessels and other ships going by and they didn't know what was going on. Not many people eventually stopped to help them according to some eyewitnesses. A really awful situation in Russia. It is now becoming a recovery operation, not a rescue.
PHILLIPS: All right, Zain Verjee in London. Zain, thanks.
Stunning allegations against British tabloid "News of the World." The "Daily Mirror" now reporting that staffers with the defunct paper tried to hack into the phones of 9/11 victims.
CNN's Dan Rivers is joining us now from London. So, Dan, Rupert Murdock, in London now to deal with this and apparently apologize, what do we know? Have we heard what he has said if he has spoken yet?
DAN RIVERS, CNN CORRESPONDENT: No. I mean, there has been no direct apology from Rupert Murdoch. There was an apology in the "News of the World" before it closed down in its last edition.
But this just keeps getting bigger and bigger, the "Daily Mirror" here reporting that the "News of the World" journalists allegedly tried to get contact numbers for families of those killed in 9/11.
Within the last few minutes, the evening paper here in London, its headline apparently is that the queen's police, her own police protection officers sold the queen's phone details to the "News of the World." That's something we're working to confirm.
But if that's the case, it just goes to show that no one, it appears, was immune from this hacking scandal. All the way from the queen of England to victims of 9/11 to victims to victims crime here to politicians to Hollywood stars to celebrities, the list is almost endless.
This talk of between 4,000 and 6,000 people having been targeted one time or another by this tabloid newspaper. So it is pretty incredible stuff. We are waiting. There is going to be some statements in the House of Commons behind me about all this.
So we may get some more information. It certainly seems an incredible story and one that may spread to other newspapers as well. That's the important thing to realize. It might not just concern one newspaper here. There may be others involved as well.
PHILLIPS: Dan, thanks. As Dan pointed out, you know, the British tabloid scandal is far from over. We are going to take a closer look at the connections between British politicians and British
media executive, Rupert Murdoch.
(COMMERCIAL BREAK)
PHILLIPS: Checking stories cross country. First stop, Brownwood, Texas, a funeral will be held today for the fan who fell to his death trying to catch a ball tossed into the stand. The Texas Rangers baseball team is setting up a fund now for Shannon Stone's family. The club is already working on making changes to improves fan safety at the stadium.
In Provo, Utah, the sales team at Adaptive Computing really knows how to celebrate hits its sales goal. The boss's permission, the team blew up the 1995 Mitsubishi as a reward for a job well done.
This little guy set a record at a hospital in Longview, Texas. To Michael Brown, the biggest baby ever born there, weighing a whopping 16 pounds. He was delivered by C-section and guess what his parents said? No more kids.
Media mogul, Rupert Murdoch closed his "News of the World" after allegations that the paper hacked into the phone messages of a missing teen. The allegations have now gone way beyond that.
CNN's Brian Todd report on the influence Murdock has on the politics in Britain and in the U.S.
(BEGIN VIDEOTAPE)
BRIAN TODD, CNN CORRESPONDENT (voice-over): With an Obama-like image on the cover, Britain's "Sun" tabloid endorsed David Cameron for prime minister.
Cameron may not have owed his victory last year to the blessing of Rupert Murdoch's paper, but analysts say it sure helped. They say in Britain, at least, politicians are both fascinated and frightened by Murdoch's political influence.
CHARLIE BECKETT, LONDON SCHOOL OF ECONOMICS: If you are a politician who has papers that decide your image is wrong or your reputation is wrong and policies are wrong, then you know you have an uphill struggle with about 40 percent of the British media railed against you.
TODD: If that kind of clout that led Cameron to cozy up to Murdoch, but it's just British conservatives who have courted him. Tony Blair once flew to Australia to meet with Murdoch.
(on camera): Murdoch's political sway is so significant because his media holdings around the world are so enormous, more than 20 TV networks, 60 plus stations, dozens of newspapers. In Britain, even in dropping "News of the World," he still owns the hugely successful "Sun" and "The Times of London."
(voice-over): He owns nearly 40 percent of British Sky Broadcasting. The British government is debating whether to let him buy the rest of it with concerns that it might place too much public influence in one company's hands. With all these companies, it is Rupert Murdoch analysts say who sets the political tone.
BECKETT: He is not telling his journalists what to say, but he certainly is setting the general drift.
TODD: In the U.S., Murdoch's news corporation owns "The Wall Street Journal," which some see as his most influence newspaper. The right leaning "New York Post" and Fox News Channel, a Mecca for conservative commentators and presidential hopefuls.
(on camera): If you're a GOP politician and you're not either favored or you don't make regular appearances on Fox, can you succeed in this country?
HOWARD KURTZ, HOST, CNN'S RELIABLE SOURCES: You can get elected president of the United States without Fox News, but it helps if you are a Republican not to have the opinionated hosts on Fox News against you. That makes a much tougher mountain to climb especially in a GOP primary.
TODD (voice-over): Is it too much political influence in the hands of one media mogul? Howard Kurtz says in the U.S. with some major TV networks accused of leaning left, Fox News is often seen simply as a counter wait.
But in Britain, this is a much more serious debate right now. Murdoch has influenced the elections of the last three prime ministers and if he gets total control of "British Sky Broadcasting" that debate will get much louder. Brian Todd, CNN, Washington.
(END VIDEOTAPE)
PHILLIPS: The royal couple's tour of North America is over. It was pretty busy ranging from polo matches to some very special kids on L.A.'s toughest streets. We are going to talk to Skid Row. We're going to talk to one of those students straight ahead.
(COMMERCIAL BREAK)
PHILLIPS: Your showbiz headlines, Halle Berry dialed up 911 on Sunday. According to TMZ, that was her second call this weekend after spotting an intruder on her property. No arrests were made.
Not so friendly skies, Octomom, Nadya Suleiman and actress, Kristin Johnson, they're on a delayed New York to L.A. flight when Suleiman's eight kids started crying in business class.
TMZ says, the third rock from the sun actress asked her to keep the babies quiet and Suleiman just responded, why don't you grow a baby and get a life.
Kate Hudson and her musician fiance, Matthew Belmy (ph) welcomed a son over the weekend. Hudson already has a 7-year-old son, Rider, from previous marriage. Now, he's got a little brother.
Prince William, rather, and his bride, Kate, wrapping up their North American tour, but not before leaving quite an impression on the folks out there in California.
Max Foster joining me once again from L.A. So Max, did the royal couple make some new fans during their time there?
MAX FOSTER, CNN CORRESPONDENT: They certainly did. Not as many as Canada. They didn't get a chance to meet so many members of the public. A series of events in this whirlwind tour, they certainly won all sorts of people over.
Saturday, I think you could describe as glamour day, the polo match in the morning and the Duchess presenting her husband with his team won. He had a big red carpet event on the Saturday night with some A- listers there all about promoting U.K. talents.
They were excited essentially about what the Duchess was wearing and she won everyone around on that. The A-listers were nervous. It says something about the star power. Then it was a bit more low key on the Sunday. There was a mission event, meeting war veterans and helping them to get jobs after their work in the military. So a very successful whirlwind tour.
I am told by St. James' Palace, we north going to see them for a while now because they want to lie low in North Whales. In the words of the palace, they want some time to establish their new married life. Certainly, after this flurry of media coverage, they are going to go quiet for a while.
PHILLIPS: OK, Max. I don't know how quiet they will go. Everyone has their eyes on them, watching what they are doing. Max, thanks so much.
You know, the royal couple's visits to California, it wasn't all glitz and glamour. On the final day, they visited an art center for intercity kids. They went to some of the toughest streets in Los Angeles. We are talking about Skid Row.
Joining us now, the school's president, Cynthia Harnisch and one of its star students, 19-year-old Jessica Cornejo. Jessica, I'd like to start with you if you don't mind. Before you met Will and Kate, you know, what did you think about? What did you imagine when you thought of the royal family or the royals?
JESSICA CORNEJO, STUDENT, INNER-CITY ARTS: Well, I thought of them as just a name, really. I didn't know too much about them. I knew that they were everywhere. I knew that everyone was focused on what Duchess Katherine was wearing but like anyone else, I really just knew the name.
And when I saw them at Inner-City Arts, everything about them was just so beautiful. They exude grace and joy and humility. It is just they are humbling to be around so full of youth. It was definitely an amazing experience.
PHILLIPS: How did that impact you, Jessica? You know, Jessica, we are talking -- when you look at your school and the students that attend your school and the area that all these students come from, including yourself.
These are two totally different worlds. How did Will and Kate inspire you? Did they say anything specifically to you that sort of, I don't know, helped you maybe look at what your future may be like in a different way?
CORNEJO: Well, they did exchange some words with us. Unfortunately, we didn't get to meet them. As they were exiting the building, Duke William turned and gave us two thumbs up and said, brilliant and Duchess Katherine turned to us and said we were amazing.
That was amazing in itself. They definitely inspired me and gave the rest of us hope by bridging that gap between the two worlds and really showing the public that they do truly genuinely care about world issues and poverty and people who otherwise can't help themselves. PHILLIPS: You were part of the dance group, right? I am looking at video. What was that like? Were you nervous? Do you think they were impressed by the moves, the music?
CORNEJO: They were engaged. They were engaged. We were so happy, because before we got started, there were amazing audience members fully engaged, participating with the clap, with the kids. They were great. It was amazing.
PHILLIPS: I have got to say, you have some serious moves going on there, Jessica. I'm impressed. Cynthia, what did this do for your school? What do you do for the students?
CYNTHIA HARNISCH, PRESIDENT, INNER-CITY ARTS: Well, you can imagine if you are growing up in a neighborhood that already is described as the homeless capital of America and then loosely called Skid Row, to have the most famous couple in the world come to see you, to see your performance and to do art with you, it uplifted everyone.
One young dancer said to me, if they can visit us here, then anything is possible in my life. It was the most extraordinary experience, because in -- first of all, they did art with our younger students and were fully engaged with them. They were very playful in teasing one another about their art projects then, went to another studio.
This was all led by the students. This wasn't an adult-led tour by any means. It was all completely from the students going into regular classes. Next, they went into a ceramics studio and fully engaged with the students and just being with them, doing work alongside.
We tried to get both of them to wear smocks, because they were beautifully dressed. William, unfortunately, didn't put one on. Was a bit covered with clay by the time he left.
PHILLIPS: That's what makes them so down to earth. Cynthia, you brought up a great point. It takes sometimes just a visit, just a smile, just a hand shake from somebody of that level to make such an impact on our kids.
Jessica, I want to point out. I saw a little salsa moves there. Very impressive I love it. You got it going on. Jessica Cornejo and Cynthia Harnisch, what a blessing they got to visit your school.
And hats off, Cynthia, you are doing a marvelous job with that program. Jessica, you are a prime example of why we need that school. Best of luck to you.
CORNEJO: Thank you. Thank you very much.
HARNISCH: My honor.
PHILLIPS: The controversy. Michael Bloomberg says that he puts ice in his beer. How do you get through those bottles, the tiny neck? We are going to ask our bus panelist about the New York mayor's shocking admission that is making headlines. Stay with us for President Obama's news conference, about half an hour from now, 11:00 Eastern is the time. You will see it live right here on CNN.
(COMMERCIAL BREAK)
PHILLIPS: Checking top stories now. Britain's "Daily Mirror" reporting that "News of the World" journalists unsuccessfully tried to get phone records of the 9/11 victims. The tabloid brought down by the phone hacking scandal printed its final edition yesterday.
The U.S. is withholding $800 million in military aid to Pakistan. Top U.S. officials say it is meant to pressure Pakistan to crack down on militants.
A heat wave could reach dangerous levels in parts of the Midwest, the plains and the south east this week. Temps are expected to go beyond 105 in 15 states.
Kidnapping victim, Jaycee Dugard, says she did what she had to do in order to survive during her 18 years in captivity. Kidnapped at age 11 by a convicted sex offender and held in tents in a backyard in California. She endured horrible abuse. She even gave birth to two children. Now, at the age of 31, she is talking about it for the first time.
(BEGIN VIDEO CLIP)
JAYCEE DUGARD, KIDNAPPING SURVIVOR: There was not a day that I didn't cry. I felt like there would never, ever be a day that I wouldn't cry again. Then, after a while, I told myself, I can't cry anymore.
DIANE SAWYER, ABC NEWS: What's the most haunting memory?
DUGARD: That lock, hearing the lock. I know I said that earlier but for some reason, that and the bed. It was a squeaky, squeaky pull-out bed. I guess the noise, the sounds. It's weird what sticks in your head but sounds.
SAWYER: How did you stay sane?
DUGARD: I don't know. I was still alive. There was still hope. Still hope.
SAWYER: I am trying to imagine how are you coping? I'm trying to imagine.
DUGARD: I don't know. I can imagine being beating to death, you know, but -- and you can't imagine being kidnapped and raped, you know? So it's just -- you just do what you have to do to survive.
(END VIDEO CLIP)
PHILIPS: Her kidnappers, Phillip and Nancy Garrido, are serving long prison sentences. Dugard's book is titled "A Stolen Life."
Tour de France riders go down in a pile-up while a car knocks down another cyclist. You'll see it in sports.
(COMMERCIAL BREAK)
PHILIPS: Lots of talk but little agreement as Washington races to avoid a looming crisis over our national debt. Today Congressional leaders are returning to the White House in search of a deal that would slash trillions of dollars from government spending. Last night, they met for 75 minutes but only agreed to return to the negotiating table today. The parties are divided over huge philosophical differences. Republicans say tax hikes are unacceptable. Democrats oppose cuts to Social Security and Medicare.
Well, 30 minutes from now, President Obama will address the debt crisis at 11:00 AM Eastern time at a news conference at the White House, and we will take it live.
All right, "Political Buzz," a rapid-fire look at the hottest political topics of the day, three questions, 20 seconds on the clock. Playing today, Democratic pollster Cornell Belcher, Sirius XM political talk show host and comedian Pete Dominick and conservative talk show host Dana Loesch.
OK, guys, first question. GOP candidate Rick Santorum says the president is in, quote, "denial" over debt limit negotiations. Now, as we just mentioned, the president has a news conference in 30 minutes. So what can he say to bring his critics on board? Cornell?
CORNELL BELCHER, DEMOCRATIC POLLSTER: Well, he can't say anything to bring critics on board like Rick Santorum who want his job. However, the president can say is, you know, We've got to get to the table, we've got to get to a balanced approach here. We've to get out of our ideological boxes and stop kicking the can down the road. Republicans simply can't say, We're -- you know, we're not going to do this, we're not going to do that because of our ideological reasons, kick the ball over the fence and storm off. That's why we don't solve any big problems in this country.
PHILIPS: Dana?
DANA LOESCH, CO-FOUNDER, ST. LOUIS TEA PARTY: I don't know if it so much is ideological differences as economic history. I would be -- I am, you know, a critic of how everything is going with the debt talks right now. I would be incredibly happy if the president said, You know what? Let's go back to these $4 trillion in cuts. Let's also -- let's look at Social Security, let's look at Medicare, but let's also look at increasing the number of taxpayers we have. We only have 53 percent of Americans that pay into the tax system. We need more of these people, not pass burdens on to job creators to shrink that pool.
PHILIPS: Pete?
PETE DOMINICK, HOST, "STAND UP! WITH PETE DOMINICK": Kyra, Rick Santorum saying anybody is in denial is like me telling you I have the best hair on television. Rick Santorum is in denial about all science that we accept, so I wouldn't trust him on economics. But can the president convince his critics? He's adapted their thinking. So I think that's his idea to criticize -- or change his critics' idea is to actually start thinking like them.
PHILIPS: All right, in a weekend interview, Tim Pawlenty said that he's uncertain if homosexuality is biological or a choice. He said he would defer to scientists on that. So how much will these wedge issues matter in 2012, Dana?
LOESCH: I don't -- I think right now, everyone just wants to make sure that they can put food on the table and stay under their roof. We have 9.2 percent unemployment. And I think at some point, these issues are going to become -- are going to come at the forefront. But right now, everybody's just drowning. We need to focus on the economy.
PHILIPS: Cornell?
BELCHER: First, Pete, I have the best head of hair on television.
(LAUGHTER)
BELCHER: So there's that.
DOMINICK: No! No! No!
BELCHER: I think -- I think -- I agree with Dana. I think, you know, when you're afraid, more -- I think people are going to be more afraid of the banker with a foreclosure note than they are with -- of a gay couple. But to a larger problem, I mean, this is sort of why I think Richard Cohen (ph) referred to them as the Grand Old Colt (ph) in an op-ed. He's a smart guy. He knows better.
PHILIPS: All right, guys, your "Buzzer Beater," 10 seconds each. Michael Bloomberg confesses he puts...
DOMINICK: Wait! You didn't ask me!
(LAUGHTER)
DOMINICK: You never got to me, Kyra!
(LAUGHTER)
DOMINICK: How dare you!
PHILIPS: I got caught up in the hair comment. OK, sit your dome (ph) down, that smooth dome. OK, go ahead, Pete.
DOMINICK: Well, it needs to stop mattering whether homosexuality is a choice. Someone should ask Tim Pawlenty when he chose to be straight. But the real thing here that we need to try to understand, Kyra, of course, is whether or not that matters. Homosexuality is more damaging than people who watch reality shows? I would say the latter is a lot more damaging than homosexuality, which, of course, isn't damaging to society, as I very well know.
PHILIPS: "Buzzer Beater." We'll continue on that in just a second, Pete. Hold on. Michael Bloomberg -- here we go -- he confesses -- oh, no! -- that he puts ice in his beer. SO would you actually vote for a guy that says, Hey, I'll have a beer on the rocks? Dana?
LOESCH: No! Who puts ice in their beer? You ruin the beer! That's what icy cold frosty beer steins are for. I would never vote for a guy who did that.
PHILIPS: Cornell?
BELCHER: Actually, Dana makes a good point because she -- she puts an example of -- it seems so strange and odd, it makes voters suspect, you know, and voters -- makes voters untrusting of you. How can you trust a guy that puts ice in his beer?
PHILIPS: Pete, I want to know how he gets the ice, you know, in the little -- in the long neck. I mean, how'd he get the ice in there? What's he do?
DOMINICK: Oh, I can tell you how he gets the ice in there. He's a multi-billionaire. He can pay someone to crush that ice and put it in the straw. Any voter who cares about what a potential president has to drink should not be allowed to vote. That's my opinion.
LOESCH: That's a big thing, though. Ice in the beer? That's pretty big. It's, like, you know...
(CROSSTALK)
PHILIPS: Thanks, guys.
DOMINICK: You're right, Dana. It is anti-American. It is very European.
(LAUGHTER)
PHILIPS: ... stick to a martini. Come on! All right, guys.
Well, have you been denied a loan and you are not sure why? It's all about to change, apparently, new rules about to go into effect to pull back the certain -- or curtain, rather, on lending.
Alison Kosik at the New York Stock Exchange. So Alison, how does this all work, and when will the new rules kick in?
ALISON KOSIK, CNNMONEY: OK, Kyra, so the new rules kick in next Thursday, and here's how it works. Say a lender denies you for a loan or sticks you with less favorable terms, like a high interest rate, well, after July 21st, here's what the lender's going to have to do. They'll have to give you your credit score for free. Usually, you have to pay. They're also going to have to tell you what other factors they used to make their decision because now they just deny it and they don't tell you why and you're wondering why. Well, now you'll get an explanation -- Kyra.
PHILIPS: All right, let's talk about why it's such a big deal. I mean, anyone can get a credit score. You just have to pay a few bucks. KOSIK: You know, you're right, but the key here is that you're going to know exactly what the lender is looking at. You know, what was the red flag for them? And the fact is, not every lender uses a FICO score. Some lenders use their own credit scoring models. And knowing what the problem is on your credit score can help you take measures to fix it and be on your way to, maybe when you apply again, helping yourself -- Kyra.
PHILIPS: All right. Quick look at the stocks before we go, Alison.
KOSIK: Yes, they're tanking, the Dow down 147 points. The big word of the day, debt, too much of it here, too much in Europe. We've got new worries about Italy. Their high debt is now in focus. Greece is still in focus. And we've got that lingering hangover from the very dismal jobs report on Friday. Yes, the Dow down 147 points -- Kyra.
PHILIPS: OK. Alison, thanks.
And we're minutes away from President Obama's news conference. It's scheduled for 11:00 Eastern. You can see it live right here on CNN.
(COMMERCIAL BREAK)
PHILIPS: Well, stories making news later today. President Obama holds a news conference at the White House on the debt reduction talks. That's at 11:00 Eastern. And at 1:00 Eastern, the Jobs for America summit being held at the U.S. Chamber of Commerce in Washington. And the girlfriend of reputed Boston mob boss James "Whitey" Bulger, Catherine Greig, appears for a bail hearing in Boston at 2:30 Eastern.
Two Republican lawmakers will be grilling their party's presidential candidates in an upcoming forum. And our senior political editor, Mark Preston, is here to tell us the story. Hey, Mark.
MARK PRESTON, CNN SR. POLITICAL EDITOR: Hey, Good morning, Kyra. Yes, Steve King, the Iowa congressman, and Senator Jim DeMint, who's from South Carolina, will be grilling the top Republican presidential candidates on Labor Day. Just announced this morning. The Palmetto Freedom Forum will take place on the afternoon of Labor Day. It's news that we reported last week.
What's interesting about this presidential forum is the ability to get into it. They say that the average for the presidential candidates to qualify for this forum is 5 percent. So potentially, we could see some of the presidential candidates not actually qualify for it, Kyra. So Labor Day, we'll see these two lawmakers here from Capitol Hill try to get these presidential candidates to explain their positions heading into 2012 -- Kyra.
PHILIPS: All right, Mark, well, one of the candidates setting awfully low expectations for the Republican Iowa straw poll. What's Rick Santorum saying?
PRESTON: Well, yes, and this is somebody who might not even qualify for this presidential forum on Labor Day. But Rick Santorum on "STATE OF THE UNION" with Candy Crowley yesterday said that he is going to shoot to come in fourth, fifth or even sixth place in the Iowa straw poll.
And what's interesting about this is that Rick Santorum is a social conservative. His whole campaign is based upon trying to get social conservatives to back his campaign. And Iowa is a state of social conservatives. So he has very low expectations. And in fact, as far as how much money he has raised in the past couple months, it's not very good. He told Candy yesterday it's going to be less than $2 million.
So Rick Santorum not aiming necessarily high for the Iowa straw poll. But Kyra, he says that no matter what, he will remain in the presidential race and he'll be there in February.
And let me just add one more thing, Kyra, if I can. It's OK to put ice in your beer, OK?
(LAUGHTER)
PRESTON: For all the purists out there, if you have a warm beer, you've got to...
(CROSSTALK)
PHILIPS: Doesn't that water it down? You know...
PRESTON: Well, sure. Sure. But you know what? If you drink it fast enough, it won't water it down, Kyra.
(LAUGHTER)
PHILIPS: Oh, Mark! Mark Preston, the connoisseur of all things beer and ice.
Well, the U.S.is moving on to the semi-finals after one of the most exciting finishes in women's World Cup history. Megan Rapinoe sent a crossing pass to Abby Wambach, who headed in that goal. The score in the final minutes of extra time tied the match with Brazil at 2. Now, the U.S. won on penalty kicks. Ali Krieger clinched it and was mobbed by her teammates. The U.S. advances to play France on Wednesday.
A car from French TV won't share the road at the ninth stage of the Tour de France. The car actually knocked one of the riders off his bike. He collided with another rider, sending him into a fence. Both riders returned to the race, but they lost a lot of precious time.
And the minor league Fresno Grizzlies were wizards for a night. They actually dressed up in Harry Potter-themed uniforms. And after the game, the jerseys were auctioned off for the area's Junior Achievement program.
All right, we're going to take a quick break. And just minutes away now from President Obama, who is about to speak. Our Suzanne Malveaux and Wolf Blitzer coming up next just after the break. We'll see you tomorrow. (COMMERCIAL BREAK)
