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a meaningful handle on the deficits and the debt. now comes of course the federal reserve. we have ben bernanke here, which has used every tool in its box to keep credit flowing and interest rates low in the wake of the great recession. at 2:15 eastern, a little over an hour from now, the fed will tell us what if anything it plans to do in the wake of the downgrade, the debt snafu, the european debt snafu and the global stock freak-outs. in the meantime, i want to bring in richard quest, just outside the new york stock exchange, and christine romans in our new york studios. i would l...

but first, long island's serial killer. >> that's how we know that we're dealing with a monster, a hannibal lector. >> beautiful homes, mysterious murders. >> four of the victims were pound in a burlap type material. >> larson traces the trail of a serial killer still on the loose. this is babylon, long island. it's an hour's drive away from manhattan and it's known for beautiful million dollar homes and secluded beaches. but that same isolation that people come here to seek, as of late, has been masking a darker element. in december policing on long island make a shocking discover...

spending cuts in ten years. reid would hike the debt by $2.7 trillion now and mandate an equal amount of cuts. but the congressional budget office says the boehner plan would trim spending by $850 billion, and the reid plan by $2.2 trillion. boehner went back to the board and postponed the vote that was supposed to happen today. reid's plan can't pass the house, and not only is boehner's plan doomed in the senate, a great many house republicans don't like it either. so what happens now? well, time marches on. a never-before-seen default on u.s. debt and obligations could be just six ...

bare bones bargain. if not, payments to critters, bill payments, you name it, there is not enough income to cover all that. every month we come up $125 billion short. if we cannot borrow to bridge the cap, 40% of the monthly obligations could not be paid, and that could include social security checks due to go out on august 3rd. the stakes we just laid out are monumental, so both sides have to give ground and risk their jobs for the good of the country. what is so hard about that, right? joining me with their insights on conflict resolution are cnn contributor, pete dominic, and fami...

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...