CNN Student News:奋力号升空

 

CARL AZUZ, CNN STUDENT NEWS ANCHOR: An economic face-off, a special graduation speaker, and a look at what happened on this day in history. I'm Carl Azuz, and CNN Student News is ready to take flight.

First Up: Shuttle Launch

UNIDENTIFIED NASA ANNOUNCER: ...liftoff for the final launch of Endeavour. Expanding our knowledge, expanding our lives in space.

AZUZ: The space shuttle Endeavour taking off on its final endeavor. The launch was delayed due to mechanical problems, but NASA officials said those were all fixed. The shuttle and its crew are headed to the international space station. This is a 16-day mission and the next-to-the-last mission for the space shuttle program. Mae Jemison has flown on Endeavour before. On that mission, she became the first African-American woman to travel into space. She said yesterday's launch brought up mixed emotions.

DR. MAE JEMISON, FORMER ASTRONAUT: It's very bittersweet, because it was a wonderful, beautiful launch. I was on the second mission of Endeavour. And things are transitioning. When we spoke last year, we were there talking about the fact that the shuttle era was coming to an end, and now the United States was putting more of its research money into how to do interplanetary travel, how to come up with the kinds of engines that are needed to go, to taking us to an asteroid. So, that transition is great, but it's sort of hard to see the shuttle program ending.

Shoutout

TOMEKA JONES, CNN STUDENT NEWS: Today's Shoutout goes out to Mrs. Fulton's business class at Shepton High School in Plano, Texas! Which of these words means failing to make required payments on time? Is it: A) Arbitration, B) Bankruptcy, C) Collusion or D) Default? You've got three seconds -- GO! When you default, it means you haven't made your payments on time. That's your answer and that's your Shoutout!

Debt Ceiling

AZUZ: There's a chance the U.S. government could default on its debt, money that it has borrowed. Congress actually sets a limit on how much money the government can borrow. It's called the debt ceiling. It's kind of like the limit on a credit card: once you've maxed out, you can't borrow any more. And the government is there, at that maxed-out limit: $14.294 trillion. If it can't borrow any more money, the government might not be able to pay its bills. That's not a good thing. Treasury Secretary Timothy Geithner told Congress yesterday that there are ways to keep things running for a few months, but he's urging lawmakers to raise the country's debt ceiling. That's something lawmakers have been debating for a while now. Maggie Lake looks at some of the arguments from both sides.

(BEGIN VIDEO)

MAGGIE LAKE, CNN ANCHOR AND BUSINESS CORRESPONDENT, NEW YORK: Republicans want trillions in cuts and no tax hikes. Democrats say tax hikes should be included in the mix. And they caution against tying the debt limit too closely to deficit reduction.

JAY CARNEY, WHITE HOUSE PRESS SECRETARY: We believe that we can reach an agreement on significant deficit reduction within the same time frame that Congress needs to take action to raise the debt ceiling. But it simply would be folly, as I've said before, to say that if we don't get an agreement, or if we don't get the agreement we want, then we're just not going to raise the debt ceiling, come what may.

LAKE: As politicians squabble, Treasury Secretary Tim Geithner has vowed to take "extraordinary measures" to allow the U.S. to continue paying its creditors, including borrowing from federal pension plans. Because of this, the U.S. will not default on its debt immediately. But Geithner says he'll run out of options in early August. Many in the Capitol believe Congress must act by then, and creditors will be watching every step of the way.

Creditors like China, which holds more than $1 trillion worth of U.S. treasuries, and Japan, which holds more than $890 billion worth of debt. Over the years, the U.S. has been forced to raise the debt ceiling 74 times since 1962 to pay for tax cuts, foreign wars and other spending increases. In fiscal year 2000, total national debt stood at $5.5 trillion. Since then, debt has almost tripled. Most in Washington agree, not raising the debt ceiling, and defaulting on debt, would trigger a spike in borrowing rates and a loss of confidence in the ability of the U.S. government to honor its obligations. A high stakes game of political chicken is underway, and the national debt clock is ticking. Maggie Lake, CNN, New York.

(END VIDEO)

This Day in History

AZUZ: On this day in history, May 17th, in 1792, 24 stockbrokers and merchants signed the Buttonwood Agreement. That established the New York Stock Exchange.

In 1875, Oliver Lewis rode Aristides to victory. It was the first running of the Kentucky Derby, now one of the world's most famous horse races.

And in 1954, the U.S. Supreme Court ruled on the case of Brown vs. The Board of Education, saying that racial segregation in public schools is unconstitutional.

Border Violence

AZUZ: Increased tension around the nation of Israel after protesters who support the Palestinian people fought with Israeli forces on Sunday. The violence broke out on "Nakba Day." Nakba is Arabic for "catastrophe." The day marks the time in 1948 when Arabs were moved out of their homes after Israel was established. At least 12 people were killed in the fighting on Sunday. Hundreds of others were injured. Officials from Syria and Lebanon -- two of Israel's neighbors -- accused Israeli troops of firing on protesters. Israel said the protesters were illegally crossing the border. Israel's prime minister said he hoped for a quick, peaceful resolution. But he added that Israel is determined to defend its borders.

U.S. & Pakistan

AZUZ: There's also been some tension between the United States and Pakistan recently, especially after U.S. forces killed terrorist leader Osama bin Laden in Pakistan. The country accused the U.S. of violating Pakistani law by launching the attack on bin Laden inside of Pakistani borders. The U.S. has questioned how bin Laden lived near a Pakistani military academy without being discovered.

Yesterday, U.S. Senator John Kerry, who's the chairman of the Senate Foreign Relations Committee, traveled to Pakistan. During the visit, he said the U.S. doesn't need to apologize for the raid that killed bin Laden. But he said that it's important for the two countries to find a way to resolve their differences, and he pointed out that the U.S. and Pakistan still share the same goal.

SEN. JOHN KERRY, (D) MASSACHUSETTS: We must never lose sight of this central fact: we are strategic partners with a common enemy in terrorism and extremism. Both of our countries have sacrificed too many citizens and troops in the fight, and many too many to consider abandoning this important relationship for one reason or another. Far too much is at stake here.

Commencement Contest

AZUZ: Booker T. Washington High School in Memphis, Tennessee had a high-profile graduation speaker for this year's ceremony: President Obama. He was there because the school won this year's Race to the Top Commencement Challenge. Public high schools across the country were judged on how they prepare students for college and for careers. Booker T. Washington used this video to show off some of the school's achievements. That includes test scores higher than the state average and the school's dramatically improved graduation rate. At yesterday's commencement, President Obama said that Booker T. Washington's progress should be an example for schools around the U.S.

U.S. PRESIDENT BARACK OBAMA: Today, Booker T. Washington is a place that has proven why we can't accept excuses -- any excuses -- when it comes to education. In the United States of America, we should never accept anything less than the best that our children have to offer.

Before We Go

AZUZ: Before we go, we offer for you a little case of identity crisis. Golden retrievers are supposed to hunt ducks. This one adopted them! They even follow her around, as if she's their mother. For instance, when it gets warm outside, they all cool off by pooling their resources. Though with any other retriever, these feathered friends would be duck soup. The retriever will raise them for two months with dogged determination before they leave the nest... or the pool.

Goodbye

AZUZ: Of course, the dog could've ducked that kind of responsibility, but that kind of behavior wouldn't fit the bill. Oh yeah: duck puns! You can't deny it: they quack you up. I'm Carl Azuz, and I'm out!