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During weeks of closed-door talks with the auto industry, the Obama Administration has been pushing for lower mileage standards, which could also effect global warming. Will Americans pay more to achieve those goals? Also, party leaders meet with President on the debt ceiling, and Rupert Murdoch closes Britain's "News of the World" after an Internet hacking scandal that destroyed its journalistic brand name.

Banner image: An enlarged label shows fuel economy information of a 2011 Nissan Leaf during a news conference to announce new fuel economy labels for auto vehicles at the Department of Transportation May 25, 2011 in Washington, DC. Photo by Alex Wong/Getty Images

Making News Party Leaders Meet with President on the Debt Ceiling 7 MIN, 32 SEC

Congressional leaders went to the White House today to discuss the debt ceiling, but President Obama made good on his promise to introduce "something big." Tax reform and major changes to entitlement programs reportedly have been put on the table. The President said he'd reconvene congressional leaders on Sunday "to start engaging in the hard bargaining that is necessary to get a deal done." Major Garrett is Congressional correspondent for the National Journal.

Major Garrett, National Journal (@MajoratNJ)

Main Topic The Big Three and Mileage Standards: Obama and Round Two 35 MIN, 17 SEC

As the President and Congressional leaders work on possible tax reform and massive cuts in Social Security and Medicare, other changes might be in store. The auto industry and the cars Americans drive could be radically altered by Obama Administration efforts to increase vehicle mileage standards. To get an $89 billion taxpayer bailout, car-makers went along, after decades of losing market share to Europe and Asia. Mileage standards of 34.1 miles per gallon by 2016 were part of the deal. Now, during weeks of closed-door negotiations, the Obama Administration has been pushing an average of 56.2 miles per gallon by 2025 but, this time, the industry has been pushing back, claiming that smaller, lighter, more efficient cars might not sell. Neither side will talk publicly about weeks of secret negotiations. We hear what's at stake.

Sherwood Boehlert, former Congressman (R-NY)
Sean McAlinden, Center for Automotive Research
Roland Hwang, Natural Resources Defense Council (@RolandHwang)
David Kreutzer, Heritage Foundation (@dwkreutzer)
Aaron Robinson, Hagerty Magazine

Reporter's Notebook Internet Hacking Scandal Shuts One of UK's Oldest Tabloids 6 MIN, 53 SEC

Britain was stunned today when Rupert Murdoch's News Corp announced it will shut down "News of the World."  Murdoch's son, James, acknowledged "serious problems" and "repeated wrongdoing" a tabloid that's been published for 168 years. It's all about the hacking of cell phones belonging to a murder victim and the families of soldiers who died in Iraq and Afghanistan. Until recently, NOTW has been considered too politically influential to challenge, but the hacking scandal has News Corp's stock prices falling and raised questions about Murdoch's proposed $12 billion takeover of British Sky Broadcasting. Iain Watson is political correspondent for the BBC.

Iain Watson, BBC

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