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‘Gang of Six’ Working on Budget Deal

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    FBN’s Diane Macedo breaks down the stories moving the markets around the world.

  • Duration 5:04
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This is this Imus in the morning.

On the -- goes.

Good morning everyone in the emergency session of parliament is underway in Britain's prime minister is getting grilled on the news of the world phone hacking scandal.

-- Webster's following the story from London -- what's the latest.

That makes for interesting viewing no doubt -- good morning to you British prime minister David Cameron says he would not of employed -- up.

Musical world at an -- Andy Coulson if he knew what would emerge.

About this phone hacking investigation and the prime minister says well with hindsight it appeared to be a wrong decision.

And I he would offer a profound apology it mr.

Paulson wasn't -- found to lie to him -- his involvement in the hacking.

Investigation mr.

Cameron saying quote you live.

And learn and believe me I have learned a lot unquote and in a special session of parliament as you say going on right now prime minister being questioned at this Allah.

A lot about his relationship with the media here in the UK meticulous his decision to -- -- calls and that is the newspaper the news of the world is of the very center.

Of the phone hacking investigation.

And it is -- -- statement to lawmakers this morning mr.

Cameron said an inquiry into the phone hacking scandal will be widened he said.

Attitude to -- look at the conduct of individuals in the police the medium and politicians all of this of course following yesterday's high drama involving.

News Corp.

CEO and chairman Rupert Murdoch and his son James Murdoch who testified before lawmakers.

Mr.

Murdoch apologizing to the culture of media and sports select committee over the hacking scandal saying it was the most humble day.

All of his life we'll continue to following what's that going on in -- and we'll have more updates throughout the day Diane back to you.

Thanks actually.

Meanwhile here in the US were less than two weeks away from hitting the debt ceiling and congress is scrambling for solutions.

-- -- on newsroom with more on this Robert what's the latest here.

Yeah indeed scrambling away -- all -- big focus on the hill today seems to be they gang of six here it's bipartisan.

I gang of senators here they've crafted this plan the president came out low yesterday afternoon.

Endorsing the outlined here this framework for the debt cutting plan would cut three point seven trillion dollars it would also be attacks -- -- eliminating the Alternative Minimum Tax.

Lowering some deductions but reducing individual and corporate tax rates.

It would also give the president's new power to raise the debt ceiling we're less than two weeks away from the Treasury's August 2 deadline here.

The plan -- whatever the Senate's number three Republican Lamar Alexander from Tennessee the big question is there enough time to craft.

This and to get it through both houses of congress -- -- house Republicans even supported after all they -- -- on measure last night in the house.

The so called cut cap and balance plan -- cut spending.

Boost the debt ceiling and requires a balanced budget amendment.

Not expected to pass the senate the president has already come out this week said he will -- that measure if indeed it does pass both houses of congress -- so.

The clock is ticking but still a lot of intrigue to go into he's.

Thanks Robert.

-- apple shares are getting close to breaking the 400 dollar -- in premarket trading.

This comes after the company reported a quarterly profit of seven point three billion dollars.

That was much better than Wall Street's expectations.

In April may and June apple sold twenty point three million iphones.

Nine point three million I've had -- only seven point five million iPods.

But those are taking a backseat to the company's better sellers apple didn't say anything about new products -- may be planning to launch but there are reports of a new iPhone coming out in September.

There's also no update on the health of Steve Jobs he's been on medical leave since January but is still involved in major decisions regarding company.

And Apple's results definitely are helping boost the boost the markets this morning.

Futures you can see it in Green across the board all morning and continued their Dow futures are up 55 the S and -- of 650.

The nasdaq's points for nearly 1% gain right now at the open.

And in Europe.

Stocks are also up across the board and have been for all of the day.

-- up 58 Harris is of sixty and records of 32.

Now let's get the latest on weather from meteorologist Maria Molina more heat.

Waves coming out -- Maria -- that's right this heat wave is going to continue through the weekend across portions of the mid Atlantic where it's headed.

But you know it's gonna be a hot day when you wake up you go upside and it's already 85 degrees really early in the morning and that's the case.

And the city of Minneapolis so we are looking at very hot temperatures already early this morning.

Expect a lot of sunshine and temperatures seventeen heating up we're looking at a high temperature today in Chicago at a 10101.

In Dallas and factor in the humidity and dangerous heat index values will be in place yet again across portions of the midwest.

And you -- is also out across portions of the mid Atlantic and northeast because -- -- is headed our way and.

Thanks -- Taking a look at commodities now oil gold and silver are mixed -- up around 98 dollars a barrel almost 99 gold and silver -- down.

Imus in the morning continues right now on business giving you -- Howard.

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