CNN Student News 6 2

(CNNStudentNews)--June2,2011DownloadPDFmapsrelatedtotoday'sshow:TranscriptTHISISARUSHTRANSCRIPT.THISCOPYMAYNOTBEINITSFINALFORMANDMAYBEUPDATED.CARLAZUZ,CNNSTUDENTNEWSANCHOR:Hi,I'mCarlAzuzandthisisCNNStudentNews!It'sJune2nd.Andinourpenultimateprogramoftheschoolyear,we'restartingthingsoffonWallStreet.FirstUp:HeadlinesAZUZ:Talkingaboutthestockmarket,andyesterdaywasnotagoodone.ExpertsusetheDowJonesIndustrialAveragetogetanideaofhowthewholemarketisdoing.TheDowdropped280pointsyesterday.ThatistheworstdropsincelastAugust.Nextuptoday,northernAfrica,whereLibyanLeaderMoammarGadhafi'sforcesarefightingagainstrebelsinacivilwar.Othercountriesareinvolvedinthis,too.TheU.S.,Britain,France:They'repartofamilitarycoalitionthat'sbeingledbyNATO,theNorthAtlanticTreatyOrganization.ThegoalofthatcoalitionistoprotectLibya'sciviliansduringthiscivilwar,andNATOsaysit'sextendingthatmissionforanother90days.Alotofwhatthecoalition'sbeendoingiscarryingoutairstrikes,likethese.They'retargetingColonelGadhafi'sforces,hiscompounds,andtryingtolimithismilitaryresources.TheconflictinLibyahasbeengoingonsinceFebruary.Recently,severaltopofficialshaveleftGadhafi'sgovernment.ThatincludessomegeneralsintheLibyanarmy.Oneofficialwholeftthegovernmentyesterdaysaidthatit'sinshambles.DebtCeilingDebateAZUZ:TurningtotheU.S.governmentnow,whereabigtopiconCapitolHillisthecountry'sdebtceiling.Thatistheamountofdebtthatthegovernmentisallowedtohave.PresidentObamawantstheceilingraised.RepublicansinCongresssaytheywon'tdothatunlessthegovernmentmakessomecutsinspending.Infact,onTuesday,theU.S.HouseofRepresentativesvotedagainsttheideaofraisingthedebtceilingwithoutmakingspendingcuts.ChristineRomansisheretohelpusgetabetterpictureofwhat'sgoingon.Christine,let'sstartoffwiththequestion,whatexactlyisthedebtceiling?(BEGINVIDEO)CHRISTINEROMANS,CNNBUSINESSCORRESPONDENTANDANCHOR:It'sbasicallyAmerica'screditlimit.Congresssetsthecaponhowmuchmoneythecountrycanspendtopayitsbillsandtopayourinterestpayments.Thedebtceilingissortoflikethecreditlimitonyourcreditcardbill,onlymuch,muchbigger.Andthinkofitthisway:ifyou'rerunninga$3,000balanceona$10,000creditlimit,theU.S.government,werunrightuptoourcreditlimitoverandoveragain.Andinsteadofpayingitoff,wejustraisethedebtlimit.Howbigisthispileofdebt?$14.3trillion.Moreprecisely,$14,293,975,000,000.Thisismoneythegovernmenthasalreadyspent.Stackedontopofeachother--thisisjusttogiveyouanillustration--$14trillionwouldreachfromtheEarthtothemoonmorethanfourtimes.Yourshareofthispileofdebt:about$47,000foreveryman,womanandchildinAmerica.Wehitourdebtceiling,thedebtlimit,onMay16th.Howareweoperatingnow?Thetreasurysecretaryisjugglingthebillsthatarecomingintokeepthecountryfromdefaulting.HesayswecangountilAugust2nd.Afterthat,thesituation,hesays,iscritical.SecretaryGeithnersaysnotraisingthedebtlimitsoAmericacanpayitsbillswouldbecatastrophic.It'slikebeing,hesays,ahomeownerwithonlyenoughmoneytopaysomeofthebills.Youeitherpaythemortgageoryoupaythecreditcardbills.Whichoneareyougoingtopick?Thegovernmentwouldliketopickandchoose,wouldhavetopickandchoosewhattopay.Geithnersayssomebillswon'tgetpaid.CheckstomillionsofAmericans,likeSocialSecurity,perhaps,wouldhavetostop.Republicanssayhe'swrong.TheU.S.won'tdefaultsolongaswekeepmakinginterestpaymentsonourbonds.Allofit,abigpoliticaldebatenow.Buthereyougo,youguys:Congresshasraisedthedebtceiling74timessince1962;10timesjustsince2001.Thisisthefirsttimeit'sbeensocriticalpoliticallyandturnedintosuchabigideologicalfight.Formoreinformationandcompletecoverageofthedebtceilingdebate,youcancheckoutmoreatCNNMoney.com.(ENDVIDEO)PoliticalCheckAZUZ:Thankyou,Christine.November6,2012mightsoundlikeawaysaway,butsomepeopleareworkingtowardsomethingthat'sgoingtohappenonthatday:theU.S.presidentialelection.Campaignseasonishere,andbeforeweheadoffforthesummer,wewanttogiveyouanideaofwherethingsstand.OntheDemocraticside,PresidentObamahasannouncedthathe'srunningforanotherterminoffice.Butwhomwillheberunningagainst?Thatwillgetdecidedthroughprimaryelections.Thosestarthappeningoncewegetto2012,andseveralRepublicanshaveannouncedtheircandidacy.ThatincludesformerCEOandtalkshowhostHermanCain,formerU.S.HouseSpeakerNewtGingrich,U.S.RepresentativeRonPaulandformergovernorsGaryJohnsonandTimPawlenty.Anothernameyoumightknow--formergovernorMittRomney-isexpectedtoannouncehiscandidacytoday.Someotherbignameshavealreadysaidtheywon'tberunning,andthere'salwaysthepossibilitythatmorecandidateswilljointhefield.ShoutoutTOMEKAJONES,CNNSTUDENTNEWS:Today'sShoutoutgoesouttoMr.Shimasaki'ssocialstudiesclassesatValleyHighSchoolinSantaAna,California.Whatdothesesignalflagsmean?Youknowwhattodo.Isit:A)Diverdown,B)Stopimmediately,C)HurricanewarningorD)Manoverboard?You'vegotthreeseconds--GO!Thisdoubleflagisthesignalforahurricanewarning.That'syouranswerandthat'syourShoutout!HurricaneSeasonAZUZ:Hurricaneseasonison!IntheAtlanticOcean,itlastsfromJunethroughNovember.That'snottheonlytimehurricanescanform,it'sjustthetimewhenthey'remostlikelytoform.Forecasterswhomakepredictionsabouthowmanyhurricanesmightformsaythisyea