House lawmakers begin their twoweek holiday recess but not before owning yesterday to approve of the republican 2015 budget proposal. It balances the budget by making 5 trillion in spending cuts over the 10 years. Party lines. Along the senate is not expected to take up the measure. He said it does have a presession this afternoon at which point he reread will take up plans to judicial nominations. You can watch the senate today live at 4 00 eastern on cspan2. We will take you live to the white house this morning for a personnel announcement from president obama. Hes expected to announce that Sylvia Burwell will replace Kathleen Sebelius as health and Human Services secretary. For youhave that life at 11 00 eastern this morning and we will open up our phone lines to get your reaction afterward. And joe Michelle Obama biden host a white house event in support of military and veteran caregivers at the white house. Also participating, Elizabeth Dole and former first lady roslyn carter. Th
But stocks are down. Worse day for equities in the bull market started back in 2009. The nasdaq in particular selling off quite heavily, down about 3. 5 . Blackrocks chief investment strategist is with us. What are investors thinking . There are a couple of things going on. Veryof these sectors got aggressive valuations. You look at biotech for example. Nearly eight times book value as recently as the end of march, so clearly, you know, stretch valuations have played a part. I think what is exacerbating this anchor to reading and contributed to the seat is were seeing a lot of liquidation by hedge funds. They have done really well with a, but at that moment them has broken down, we are seeing some aggressive liquidation by many of those players. What are those players doing now and what are they buying into . Been a lotthere have of movement into cash, but you are also seeing something below the surface. Take a look at technology. We have all spun this as Technology Selling off. If you
Information. New at 5 00, Alameda County sheriffs expecting to seven a routine eviction to serve a routine eviction notice get a surprise. Linda yee reports. Reporter liz, just in the last hour we have seen at least two s. W. A. T. Units go in or approach that home very carefully and back back out. Right now a team of about a dozen or so officers did walk into that home. The second one from the corner. You cant see too much because its behind those trees. Earlier, a smaller unit of officers approached the home. Presumably they got as close as they could safely. They had a barricade with them. They had some heavily armed officers. Just as they approached what we think is probably just right outside the premises they used a bull horn to shout out some commands. [ inaudible yelling ] come out with your hands up. This is the police department. Reporter as far as we can tell, Nothing Happened after that. There seemed to be no response. We saw a unit of officers back out carefully from that
Air and asphalt cracks. The water poured out and cement falling everywhere. Reporter 35,000 gallons of water gushed out every minute severely damaging a small portion of uclas campus. It took crews 3. 5 hours to shut off the water. They faced tough questions as to what took so long. Its not the easiest place to get to at rush hour. Reporter as that was happening cars were stuck and people were, too. This is Pauley Pavilion an Athletic Complex redown two years ago for 136 million. Now its in need of new repairs. In a nearby parking garage, 200 cars were surged, five people were trapped one rescued by a swiftwater rescue team. They were trapped under their cars. Reporter no one was hurt. By around 7 p. M. Tuesday night, the geyser was just a trickle and a huge puddle of water on the iconic sunset boulevard. In the end, 8 to 10 million gallons of water were wasted in a state that is dealing with a historic drought. David begnaud for cbs news, new york. I mean, you can see how strong the w
Raiders here in oakland. Were committed to we got the as to stay. We are committed to keeping the raiders and trying to work on the warrior. How much is real and how much is gamesmanship . We have to say san antonio has been used as leverage before by teams looking to get a better deal at home. And the city is used to being a bargaining chip for sports franchises. Its just a fact of life in these big deals. Isnt this really amazing . Because the warriors, okay, i mean, they are leaving. All right . Back to San Francisco. 100 official but despite what the Alameda County joint Authority Powers board wants to believe, they are coming to the city. Thats right. All right . Lew wolff has already said i want out of here. He says he wants out. He signed a new deal. He signed the lease but is hoping for san jose. The raiders were the only ones who wanted to stay. Why would they want to leave now . Money. Simple as that. Unlike some nfl owners with deep pocket, mark davis only has that team and