tv CBS Morning News CBS May 16, 2012 4:30am-5:00am EDT
budget battle. the to-do list versus the won't do list as president obama meets with congressional leaders today. injury report. a revealing look at george zimmerman's medical report the day after he shot trayvon martin. an alzheimer's drug. new hope as doctors test a drug that could prevent the disease. this is the "cbs morning news" for wednesday, may 16, this is the "cbs morning news" for wednesday, may 16, 2012. captioning funded by cbs good morning. thank for joining us. i'm manuel gallegus. we begin with the race for the white house. mitt romney is inching closer to securing the republican nomination. he picked up two more primary wins last night in nebraska and oregon, but he's still short of
the 144 delegates he needs to clinch the gop nomination. meantime, a showdown is brewing over the economy and the federal budget. mr. obama will host a bipartisan meeting today to discuss his economic proposal. he plans to give them a to-do list, but house speaker john boehner made very clear yesterday what he won't do. susan mcginnis is in washington with more. good morning, susan. >> reporter: good morning. it looks like we are headed for a replay of what happened last year when the nation was headed toward a debt cliff. the battle lines were drawn yesterday during a deficit summit just ahead of a meeting with the president today. president obama will meet with the heads of both parties today to push for a series of bills he says will create jobs and build a stronger economy. >> that's why we make congress a handy to-do list, just like the kind i get from michelle. >> reporter: it includes eliminating tax breaks for companies that send jobs overseas, giving tax breaks to small businesses hiring u.s.
workers, extending tax breaks for clean energy companies, refinancing help for homeowners and job search assistance for veterans. but one more item could emerge at this meeting. another battle lies ahead on raising the nation's debt ceiling, which will be reached by year end. house speaker john boehner says in order to raise the cap, he'll insist on deep cuts in in spending. >> allowing the debt ceiling to go up without addressing our fiscal challenge would be the most irresponsible thing i could do. >> reporter: last year's debt battle was contentious. leading to several failed attempts to tackle the deficit. among them, a deal nearly reached at a golf summit between president obama and speaker boehner fell apart. and the threat of a default triggered a downgrade of the u.s. credit rating. senate majority leader harry reid says it's time for republicans to work with democrats. >> american people have had enough of this brinksmanship. they want us to get things done. >> reporter: today's arguments
are the same ones that faced congress then. republicans want deep cuts in spending. democrats want higher taxes for the wealthiest americans. and speaker boehner is also promising there will be a vote on renewing the bush tax cuts that expire at the end of the year. >> susan mcginnis in washington, thank you. the fbi is now reportedly looking into the $2 billion trading loss at jpmorgan chase. the securities and exchange commission and federal reserve have already opened inquiry, and ceo jamie dimon survived a meeting with shareholders yesterday. anthony mason has more on that. >> reporter: security was tight around jpmorgan's tampa, florida, campus. a small band of protesters was kept across the street from the annual meeting site, where ceo jamie dimon tried to explain the bank's $2 billion bad trade to shareholders. >> the bottom line is no matter how unfortunate this is, we want
to learn from the mistakes and fix them. >> reporter: cameras were not permitted in the meeting which was over in less than an hour, and some shareholders left less than satisfied. >> i still can't explain what went wrong, other than there was a lack of supervision and a lack of accountability. >> reporter: dimon survived a proposal to strip him of one of his jobs. he's both chairman of the board and ceo of the bank. 40% of shareholders backed the move to take away his chairman's title. ann simpson is senior portfolio manager of calpers, the california public employment retirement system, which has almost $600 million invested in the bank. she says they voted against simon on the chairman issue. >> he's sitting in the midst of a heart of conflict of interest. >> reporter: the pension fund may have lost that battle, but simpson says the bank's trading disaster has provided ammunition on another issue, stricter regulation. >> in that respect jamie dimon
may have done everyone a favor, reminding us we need to get these smart regulatory provisions on the book sooner rather than later. >> reporter: after the meeting dimon said the bank may take back compensation paid to executives involved in the trading losses. we will do the right thing, he said, which may well include claw back. anthony mason, cbs news, new york. a new report says gunman george zimmerman was hurt the night he shot 17-year-old trayvon martin. according to medical reports obtained by abc news, zimmerman had a nose fracture, a pair of black eyes and cuts to the back of his head. he was reportedly treated february 27th, the day after he shot martin. he claims he killed martin in self-defense. zimmerman is out on bail and has been in hiding since being released from jail last month. now to a possible breakthrough in the fight against alzheimer's disease. more than 5 million americans suffer from the disease, but by 2050, that number could increase
to 16 million. while there is no cure,there may be a way to prevent it. theresa garcia reports. >> reporter: the search for the secret to alzheimer's disease will focus on one family in colombia. hundreds of members of one extended family that researchers say were born with a genetic flaw that dooms them to contracting the disease by age 50. >> we believe that it is time to launch a new era in alzheimer's prevention research. >> reporter: the family members along with 24 americans at high risk for alzheimer's will participate in a clinical trial crenezumab, an experimental drug scientists say could prevent the buildup of amyloid proteins believed to cause the memory-wasting disease. >> most researchers believe the accumulation of amyloid plays a critical role in alzheimer's disease. if that's right and we start early enough, we may have a way to stop the disease in its
tracks before people develop symptoms. >> reporter: the study was announced as obama administration unveiled its plans to start on treatment for the disease by 2025. >> we know a lot more needs to be done and it needs to be done right now, because people with alzheimer's disease and their loved ones and caregivers need help right now. >> reporter: along with 50 million more dollars for research, the new plan expands support for family members and caregivers through a website, outsiders pgov, and calls for better training for doctors to spot symptoms earlier. the goal is to treat those already affected by the disease while looking for a way to keep others from getting it. theresa garcia, cbs news. strong winds are fanning the wildfires in arizona, but the 35-mile-an-hour gusts are blowing it away from the historic mining town of crown king. so far it's burnt 2 1/2 square miles. a wildfire in the tonto national
forest has consumed more than 8500 acres. overseas the genocide trial of serbian commander radek got under way. the so-called butcher of bosnia was in court in the netherlands. he's accused of ordering the slaughter of 8,000 men and boys. rebekah brooks has been charged with trying to hide evidence in the phone-hacking scandal. she was released from police custody yesterday. brooks was editor of the now closed "news of the world." these are the first charges to be filed since scotland yard reopened the investigation 18 months ago. coming up on the morning news, will he or won't he? speculation over whether john edwards will take the stand in his corruption trial. this is the "cbs morning news." i was pushing my kids in a stroller
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they'll announce today whether they plan to call on edwards or his former mist ris to testify. edwards is charged with using almost a million dollars of campaign toe nations to hide his out of wedlock affair. if he takes the stand, he'll face tough cross-examination by federal prosecution. at the roger clemens perjury trial today, defense attorneys will cross-examine the key witness. cleme clemens' long-time strength coach brian mcnamee testified over the past two days he injected the star pitcher with steroids several times from 1998 to 2001. clemens is charged to lying to congress about steroid use. on the "cbs moneywatch," retail sales cooled down. and what happens when four beetles cross the road the wrong way? ashley morrison is here with that and more. >> overseas markets saw a huge selloff. nikkei lost 1.5%, while hong kong's hang seng shed more than 3%. wall street will try and rebound
today following yesterday's losses. the dow fell 63 points while the nasdaq dropped nearly 9. treasury secretary timothy geithner says a big jpmorgan trading loss strengthens the case for tougher rules on financial institutions. geithner spoke in washington yesterday. he said as regulators implement the 20 10 law aimed at policing wall street, they'll examine capital requirements, limits on leverage and reforms in the derivatives market. retail sales increased 0.1% last month. cheaper gas and the milder winter were both factors. in the previous two months, sales were boosted and building, and gardening supplies, those areas fell sharply in april but spending on building materials was higher last month. the facebook public stock offering could be a boone to cash-strapped california. as california shareholders cash in, the state is projected to raise up to $2.1 billion in tax revenue.
of course, that assumes voters approve governor jerry brown's tax hike initiative this november. and a wrong way photo of the fab four is expected to go for big bucks. this is a rare photo of the beetles walking across abbey road the wrong way. the version on the famous album cover has them walking left to right. the photo is expected to fetch over $14,000 when it is auctioned on may 22nd. i'm sure there's a lot of beetles fans out there that would love to get their hands on that conversation piece. >> did you notice paul mccartney is wearing sandals, not barefoot like the cover? >> that's right. >> ashley morrison, thank you very much. straight ahead, your wednesday morning weather. and in sports, nba playoff action. clippers and spurs in a san antonio showdown. sometimes, i feel like it's me against my hair.
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here's a look at today's forecast in some cities around the country. new york, showers, 80 degrees. miami, thunderstorms, 86. chicago, sunny. dallas, sunny, 85. l.a., partly cloudy, 78 degrees. now for a check of today's national forecast. showers and thunderstorms will develop from maine to the mid-atlantic. in coastal areas from carolinas to florida, it will be fair and
warm across most of the southeast and texas, and a few thunder showers in the ohio valley. scattered storms will develop in the rocky ands intermountain region in the west. now to sports and the nba playoffs. san antonio hosting the clippers and visitors looked strong at the start but the spurs hit three straight to open the second half and led by tim duncan's 26 points, san antonio won the first game of the western semifinals 108-92. in miami, playing without injured chris bosh, dwyane wade and lebron james looked great early on a touch pass to score against indianapolis, but the pacers played tough, including a paul george steal and fast break score and indy beat the heat, 78-75, tying the eastern semifinal series 1-1. now to baseball. cubs and cardinals. it was a back and forth game. in the top of the ninth, soriano hit a solo homer to tie it 6-6. but molina came through in the bottom of the ninth with the
game-winning rbi single and the cards avoided a five-game sweep at home. in a west coast match-up, a's took on angels and pujols hit a pair of infield singles as the home team took a 3-0 lead. santana gave up four hits in 7 2/3 innings and angels won it 4-0. in nhl stanley cup action, the l.a. kings' jeff carter scored three against the phoenix coyotes, his first career hat trick. jonathan quick stopped 24 shots as kings won it 4-0 and led the western conference finals 2-0. when we return, another look at this morning's top stories. and sixes for f-22 raptor. new restrictions after complaints about the stealth jet from their pilot. tealth jets from their pilots. eggland's best eggs.
washington, d.c., thunderstorms, 87. atlanta, thunderstorms. st. louis, partly cloudy, 78. denver, afternoon thunderstorms as well. seattle, 66 degrees and sunny. now for a recap of this morning's top story. president obama meets with leaders of both parties today to push a series of bills he says will create jobs and stimulate the economy. and abc news is reporting george zimmerman suffered a broken nose, two black eyes on cuts on the back of his head the night he shot trayvon martin. defense secretary leon panetta is determined to solve the mystery that threatens the lives of air force pilots flying the f-22. it's a high performance jet fighter that costs $190 million apiece to build and has never been used in combat. david martin has the story. >> reporter: something is wrong with the f-22 and the secretary of defense doesn't think the air
force is doing enough about it. so, he signed a memo restricting the world's most advanced and most expensive fighter jet to training flights close to landing fields. that would give pilots a better chance to land safely if they experience a mysterious disyoerns disorientation when they described to lesley stahl on "60 minutes ". >> several times during the flight, i had to really concentrate, immense concentration on just doing simple, simple pass. >> reporter: wilson was experiencing the symptoms of oxygen deprivation and went to his emergency oxygen supply. >> go ahead and pull your emergency oxygen and come back home. when i did make that decision to pull the emergency oxygen ring, i couldn't find it. >> reporter: wilson made it back to base, but he and gordon, both combat veterans, have since refused to fly the plane. >> i am not comfortable flying the f-22 right now. >> reporter: according to the air force, there have been 22 unexplained cases over the past four years in which pilots experienced symptoms of oxygen deprivation.
the f-22 was grounded last year while engineers searched for something that could be contaminating the cockpit air. but the air force returned it to flight. secretary panetta demanded a briefing on the unsolved problem and ordered the flight restrictions as well as a speed up in installation of an automatic backup oxygen system. david martin, cbs news, the pentagon. aaa is out with annual forecast of memorial day weekend travel. it says 34.8 million americans will travel at least 50 miles from home. 1.2% more than last year. but the average distance they plan to drive is down by 150 miles. travel would be a lot quicker if we could beam ourselves from place to place like they did in "star trek" but don't hold your breath for that. a form of teleportation does exist and chinese scientists are claiming a new distance record. they say they teleported a foton, a particular of light, 60
miles in an instant using a highly focused laser beam. coming up after your local news on "cbs this morning," more on the first ever trial for an alzheimer's prevention drug. drug. you may be muddling through allergies. try zyrtec® liquid gels. nothing starts working faster than zyrtec® at relieving your allergy symptoms for 24 hours. zyrtec®. love the air. at relieving your allergy symptoms for 24 hours. kiwi. soy milk. impulse buy. gift horse. king crab. rhubarb pie. lettuce shower. made by bees. toucan sam. that's not cheese. grass fed. curry. gingersnaps. soup can tower. 5% cash back. right now, get 5% cash back at grocery stores. it pays to discover. here's one story. pain doesn't have much of a place in my life. i checked the schedule and it's not on it. [ laughs ] you never know when advil® is needed. well most people only know one side of my life. they see me on stage and they think that that is who i am. singer, songwriter, philanthropist, father, life's a juggling act. when i have to get through the pain, i know where to go.
4 minutes before 5 o'clock. marty is in first warning weather. >> i think our bigger issue this day start is going to be some fog, almost all my fog indicators were lit up. the fact of the matter is, we're going to be looking at a foggy situation for the next 2 or 3 hours. mid 60s now, very humid. 8 #0 0 at lunch on a way of a high to 83. watch for an afternoon or early evening thunderstorm. here is what we have our eye on today. frederick county preparing for protestors iffer the g-8 -- for the g-8 summit. >> state health officials