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Trustees urge congress to address this issue as soon as possible. former news international chairman james murdock grilled in the u.k. hacking scandal investigation today. murdock answered questions about questionable media practices including phone hacking at his father's scandaled news of the world tabloid. >> i think it is self evident that in hindsight in knowing what we know now whatever controls in place failed to create sufficient transparency around those issues and the risks around it. >> murdock resigned as chairman of the british sky broadcasting group earlier this month. more t...

On november 4th and issued his statement saying he was leaving. he hasn't acknowledged this issue where this money is. >> shepard: quiet all of a sudden. interestingly. adam shapiro, thank you. movie star and parents of a teenager witnesses today hearing about media practices. the hearing in london comes in the wake of a tabloid hacking scandal. that scandal began when investors say staffers of the news of the world newspaper broke into the voice mail accounts of people they were covering. in one case, they were accused of hacking of voice mail of a 13-year-old named millie do you ler when she...

if they fail -- and that's expected -- what happens? >> reporter: it seems that despite the very -- we call it the super committee and they had super powers. this committee written in law had the power to bypass many of the procedural hurdles that slow down and hold up legislation up here on capitol hill. despite having the power these 12 committee members were not able to bridge the gap on a philosophical difference on what they believe. a big issue that's held up negotiations to this point, the issue of taxes. democrats increase the tax revenue increased taxes need to be part of an...

they're acting as though it's today. is there any news in the last 50 or so minutes since we last spoke? >> reporter: since we last spoke, that impromptu meeting you and i were talking about between a bipartisan group of members of the super committee, that has broken p up. as members were leaving, senator max baucuss, facing a mass of reporters, the only way to describe it, he actually mentioned that there's possibly a new tax idea being floated possibly by senator john kerry. as you and i talked, this meeting was described by one aide earlier as kind of a hail mary pass to see if t...

$1.2 trillion are expected to give up. that's supposed to mean automatic cuts in almost every federal department in 2013. same bottom line -- $1.2 trillion half from defense, half non-defense. but congress can and likely will change it. meantime stock markets are tanking again,down jones down more than 2.5% today. again the u.s. credit rating may be in for a down gragradedowngr. much more on fallout in our "face time" segments minutes from now. in cairo, 1,700 people have been wounded during the worse violence to hit egypt's capital since the revolution. at least 20 people have bee...