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in spending that we've already cut from the budget, our plan makes additional spending cuts that need to happen if we're to solve this problem. we reform agriculture subsidies. subsidies that a lot of times pay large farms for crops that they don't grow. we make modest adjustments to federal retirement programs. we reduce by tens of billions of dollars the tax money that goes to fannie mae and freddie mac. we also ask the largest financial firms, companies saved by tax dollars during financial crisis, to repay the american people for every dime that we've spent. and we save an additi...

Taxes. some tried to push their way into parliament. others struck from a distance. throwing molotov cocktails. the protests coinciding with a nationwide strike which kept planes on the ground, ships in the docks. office buildings empty and tourist attractions closed. >> greece is one of 16 countries on the euro. if it defaults on its debt, analysts say that could be a huge blow to the shared currency. >> this is about nothing less than the future of europe. >> shepard: so germany and other nations have agreed to give greece a bailout. in return, they insist the country should take these drast...

Left wing opposition party is taking to the street in a major demonstration against prime minister berlusconi. he's in trouble . italy being monitored by the international monetary fund. that was embarrassing thing to happen in the meeting and being baby sat to make sure they can get their reform in order. you can see a lot of similarities between italy and greece. the difference is that italy is so much bigger. if it defaults, so many more problems. >> all right, greg. thank you very much. how does the global financial turmoil affect us. anchor of your world neal cavuto has been monitoring th...

Latest updates on this topic from reliable sources.

This is not an abstraction. if the united states government for the first time cannot pay its bills, if it defaults, then the consequences for the u.s. economy will be significant. and unpredictable. and that is not a good thing. >> the president insisted that a legislative deal to raise the debt ceiling is necessary by august 2nd and legislation should include both spending cuts and tax revenue increases. he explained that he does not mean raising income tax rates. instead, he wants to reduce or eliminate some of the corporate and personal loopholes in the tax code.