Morning Edition on KSTX

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RENEE MONTAGNE, HOST:

Let's look now at the impact of some shocking revelations on the other side of the Atlantic. Britain's media has had a pretty rough year. First, the phone-hacking scandal that led to the closure of Rupert Murdoch's popular tabloid News of the World. Now the esteemed BBC is in trouble. Over the weekend, the head of the BBC resigned, plunging the world's largest public broadcaster into its second crisis within weeks. NPR's Philip Reeves has more.

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RENEE MONTAGNE, HOST:

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RENEE MONTAGNE, HOST:

Good morning. I'm Renee Montagne, with news from the world of Oz.

(SOUNDBITE OF MOVIE, "THE WIZARD OF OZ")

JUDY GARLAND: (As Dorothy) There's no place like home.

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RENEE MONTAGNE, HOST:

It's MORNING EDITION from NPR News. I'm Renee Montagne.

With the election settled, Washington, Wall Street and much of the rest world, it seems, are focused on whether Congress and a reelected president can avoid the fiscal cliff. To tell us what's at stake, we turn now to David Wessel. He's the economics editor of The Wall Street Journal and author of "Red Ink," a new primer on the federal budget and the deficit.

In 1979, when Jim Stigler was still a graduate student at the University of Michigan, he went to Japan to research teaching methods and found himself sitting in the back row of a crowded fourth-grade math class.