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have a great weekend. you're in the cnn news room where the news uned fors live this saturday, july 16th. live pictures now from washington where it's a day off from the talks about the debt ceiling, but not because there's a done deal. president obama and congressional leaders are still at an impasse after discussions at the white house all week long. the president maintained during his weekly address he wants to consider both tax hikes on the wealthy and spending cuts on popular entitlement programs. we'll try to get the president's -- the address now a moment. the republican res...

averted. and the people's republic of china, red china, urging washington to raise the debt ceiling. somewhere chairman mao is smiling. president obama went on record with his account of how last night's turbulent meeting ended. you'll recall house majority leader cantor said the president told him not to call his bluff, said "i'll see you tomorrow" and walked out of the cabinet room. >> look, at the end of the meeting after we'd already met for a couple of hours, what i said to the group was what i think the american people feel, which is we have a responsibility to do the right thi...

out. >> now, despite all that, i'm told by my sources there's not a lot of optimism, that this particular negotiating process here at the white house is going to actually end up leading to the real deal, and a lot of effort and attention is now turning to a different process that's happening in the u.s. senate and another alternate deal that's being worked out between the two senate leaders that could instead end up raising the debt ceiling. >> an optimistic late night view from jessica yellin. today president obama will update the nation with a press conference at 11:00 a.m. eastern...

tough enough to withstand another financial shock. >> i think they've injected themselves into a situation that's beyond their comprehension. >> plus a former fed boss paul volcker has a blunt message for the ratings agencies. quit meddling in things you don't understand. we have that candid interview in full. but first, though, we begin with the tide of debt that is causing problems on both sides of the atlantic. this of course with the results of the european banking stress tests out later on today. now, that is seen as one of the -- one of the most debted nations, italy, is of cou...

china's economy cools slightly, but still hot enough to beat the forecast. uk lawmakers close ranks to try and block news corp's bid for bskyb. first up though here in the italian capital, the government is preparing to speak to parliament for a marathon debate over the next couple days, designed to gain the necessary approval for painful austerity measures. these are ones designed to prevent this country from becoming the fourth eurozone nature to go cap in hand to the imf, the eu and the ecb. pauline. european stock market investors are watching italy's debt crisis very closely...