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dropping out of sight. i'm wolf blitzer. you're in "the situation room." we begin with today's damming new report on penn state's university's cover-up of coach jerry sandusky's sexual attacks on young boys. it says the top people at the university including the legendary football coach, joe paterno, hid what they knew and had no regard for the young victims. just now university officials are promising it will never, never happen again. >> you should know that our hearts remain heavy. and we are deeply ashamed. >> we're in no way lessening our focus on our own failings. we also are...

we're also waiting for ana navarro. the typical politics surrounding this event, as i've been reading through and other times that joe biden has spoken at various events, i wonder what he's going to say and if he's going to cause a stir in biden's style. >> well, as you know, joe biden is quite capable of giving a very strong and capable speech. this is an audience that he is familiar with. as chairman for many years, joe biden championed equality for women and other minorities. this is an opportunity to talk about the presidential record on those issues and the president record on t...

washington while bankruptcy burns across the nation. san bernardino, california, is the latest american town unable to pay its bills. the math $46 million in debt. they've made drastic cuts in employees and services. and the city according to the los angeles times has only $150,000 in the bank. that's it. residents are coming unhinged saying, why wasn't this calamity headed off at the pass? >> what about two years ago when they took $10 million from the employees? what were they doing then? now the city is forced basically to file bankruptcy because they have this tremendous amount o...

zz h zoraida sambolin has the day off. >> that is awesome. it's caught on camera. i'm ashleigh banfield. it's nice to have you with us every morning. it's 5:00 a.m. on the east coast. let's get started with this. go vote for someone else. how about that for a campaign pitch. fighting words for mitt romney after a pretty rough reception at the naacp convention. it was a tough sell to begin with though anyway. governor romney's really trying to convince african-americans that they'd be better served with him in the white house than with president obama. president obama has about 95ish ...

burnett. a damsel in distress. remember that, tied to the train track, helpless, her only hope is that she's rescued before she is flattened, destroyed, ripped to bits, like a penny on the train track. makes me think of the aflac ad. the government added another $60 billion to the deficit in june. so the grand total on money that we've borrowed so far this fiscal year is $904 billion. the real headline, though, is that that number confirmed that we are on solid track to hit a $1 trillion deficit for the fourth year in a row. well, the sky high numbers start to blur in this country. i...