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i'll get a live update from tripoli. in china, vice president joe biden says the u.s. will never default on its debt. i'll have more on what he's saying about the u.s. economy just ahead. and for many members. u.s. military, returning home is just not complete. well, until they get a hero's welcome from man's best friend. their dog. a very special welcome to all the servicemen and women who are watching us right now on the armed forces network. let's get right to it. we begin with libya where moammar gadhafi's government and rebels are offering very different takes on hats goi ...

of the turmoil on wall street has been triggered by fears over the european debt crisis and the anemic economies. and richard quest, one of the best people to turn to when we want perspective on the global economy. he joins us from london. what happened in the european markets today? >> reporter: the europeans went down initially and then down further and they rallied with wall street. we closed down 1% in london, and paris 1%, and frankfurt, once again the german market is being creamed by what is happening at the moment, by far and away being breutally attacked. and the german indu...

Eisenhower. now some of the savings will come through less waste and more efficiency. to take just one example, we'll give -- we'll save billions of dollars by getting rid of 14,000 office buildings, lots, and government-owned properties that we no longer need. and to make sure special interests are not larding up legislation with special projects, i've pledged to veto any bills that contain earmarks. still, even as we cut waste and inefficiency, this budget freeze will also require us to make some tough choices. it will mean freezing the salaries of hard-working federal employees for the next...

And more efficiency, to take just one example, we'll give -- we'll save billions of dollars by getting rid of 14,000 office buildings, lots, and government-owned properties we no longer need, and make sure special interests are not larding up legislation with special projects, i pledged to veto any bills that contain earmarks. still, even as we cut waste and inefficiency, this budget freeze will also require us to make some tough choices. it will mean freezing the salaries of hard working federal employees for the next two years. it will mean cutting things that i dare about deeply, like commu...

In terms of, melanie, mitigating potential damage to the environment, what are you local, state, federal resources, how successful are you in potentially mitigating the damage? >> it's hard to tell. i mean, everybody's putting forth heroic efforts, and the louisiana coastal initiative is a program, a conservation program with the national autobahn society, and the national autobahn society is trying to mitigate immediate damages to monitor for long-term recovery of population, as this gets cleaned up, but really we've been focused for many years in this area and across the gulf coast on habita...