(Image source: Ghana Broadcasting Company, DEUTSCHE WELLE, The Washington Post, CNN Money)

BY: JONATHAN KETZ

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This is Newsy Now, and here are your latest headlines.

Tax increases for the rich? That’s what President Obama wants as part of his plan to cut the debt by a trillion dollars. The president says, raising taxes on the rich could create $400 billion in revenue. Mr. Obama says it’s up to Congress to deliver the news.

“Right now Congress could send me a bill that would have construction workers back on the job rebuilding roads and bridges, not by having government fund and pick every project, but by providing loans to private companies and states and local governments that’s based on merit and not on politics. That’s pending in Congress...right now.”

The Taliban takes credit for a deadly attack on Kabul’s Inter-Continental hotel.  But today, is a cease-fire in place? The Christian Science Monitor thinks it might be though no serious ceasefire talks have begun. In a recent interview---one expert told India’s News X why the Taliban wants to hit the capital.

“It’s heavily guarded, and even then the Taliban are able to sneak through and make large types of spectacular attacks.”

Moving west to Libya---NATO warships hit the town of Zlitan (Zli-tahn). Rebels say leader Muammar Gaddafi’s forces are blocking them from getting to Tripoli. Al Jazeera reports, the rebels target is Gaddafi himself.

“Hundreds of kilometers from Tripoli, there are efforts to try to support a revolt in Gaddafi’s stronghold, but a revolt from within will need backing from outside, and it seems like the zero hour for the last battle for freedom has still not come.”

The IMF is weighing in on America’s debt-ceiling. It’s urging Congress to raise the roof. If it doesn’t do so -- or cut spending -- the US is at risk of defaulting on its debt by August 2nd. Presidential candidate Newt Gingrich is in no mood to compromise.

“I hope the republicans in the house and senate are gonna stick to their principles and stare the president down. The president has as big an obligation to solve this as anybody in washington. I think that he needs to come to the table and be prepared to accept a spending cut no tax increase solution.”

Speaking of money---Bank of America accepts a settlement of $8.5 Billion -- for its part in the mortgage crisis. It will pay that in claims for selling questionable bonds. The settlement is expected to increase second quarter losses by more than $6 billion for the company. Here’s WJLA.

“The settlement comes after 22 investors demanded the bank to buy mortgages. Bank of America bought Countrywide in 2008 and it denies claims that Countrywide enriched itself at the expense of investors. The deal still needs court approval.”

Stay with Newsy for all your news throughout the day. For Newsy Now--I’m Austin Kim- hiighting the top headlines---making you smarter---faster.

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Transcript by Newsy.