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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 a plan palatable to both sides, and there's a separate push for the balanced budget amendment. the president suggested this morning that the u.s. doesn't have time have for any proposals. >> we don't need a constitutional amendment to do our jobs. the constitution already tells us to do our jobs and to make sure that the government is living within its means and making responsible choices. so it this notion that we're going to go through a multi-year process instead of seizing the moment now and taking care of our problems is a typical washington response. we don't need more stud...

a democratic source telling it differently, saying the president challenged mr. cantor for what the source called" talk out of both sides of his mouth". they'll be back at the table tomorrow. the stakes could not be higher. moody's today put america's credit rating on review hinting at a possible rating drop. ben bernanke says defaulting on the debt would be catastrophic. jessica yellin is at the white house with what her sources are telling her. what have you heard from these differing accounts? >> reporter: democratic sources say that bottom line is that the president was schooling...

money and influence. how deep does that run? take a look. the television empire, fox with its news programming is part of his world. 20th century fox was huge, hit films. in publishing, "new york post," "wall street journal," what he has in print, along with harpercollins publishers limited, books like sarah palins, all part of the empire of rupert murdoch. we will dig much deeper into the rupert scandal and one of the senators calling for an investigation. first, one of the other stories we're following tonight. the other barack obama. a new book reveals astonishing information abou...

for news international and tabloids over in great britain possibly tried to hack into the phone numbers of 9/11 victims and possibly some other u.s. citizens, so now this scandal that started over in great britain has a chance to make it to the united states and the fbi it appears right now is getting involved. we'll have much more on this still developing story throughout the next couple of hours here on cnn. also coming up for you this hour, the man accused of killing and mutilating an 8-year-old boy is arraigned in court. the charges, first-degree kidnapping and first-degree murde...