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Hey, good morning to you from the CNN Center in Atlanta, I'm Reggie Aqui. Here are some of the headlines NOW IN THE NEWS.

The economy, of course, is still Issue No.1 on the campaign trail. The presumptive Republican presidential nominee¹, Senator John McCain, is laying out his proposals in a speech before the National Small Business Summit in Washington. He wants to extend the administration's tax cuts and make it harder to raise taxes. McCain proposes a variety of tax breaks for entrepreneurs and corporations. He says that will generate more jobs.

President Bush kicks off the first leg of what will likely be his final European tour as president. He is currently in Slovenia where he will take part in the annual US-European Union Summit. World leaders are expected to issue a joint² statement to Iran, warning Tehran it could face more sanctions if it refuses to give up its nuclear program. They'll also discuss the rising price of oil and Afghanistan.

And speak of oil, big oil companies could be facing a new windfall tax. A vote is expected in the Senate today. Senate Democrats³ are in favor of the tax on the five biggest US oil companies. They also want to take back 17 billion dollars in tax breaks. Republicans oppose the plan.

Americans start to change their driving and commuting⁴ habits because of the price of gas. But that gas price continues to go up. AAA reports the average price for a gallon of regular is now $4.04. Twenty three states and Washington D.C. now have average gas prices above 4 bucks⁵.

It will be another scorcher as temperatures flirt⁶ with the 100-degree mark along the East Coast. In New York City, the mercury reached 99 degrees at Yankee Stadium yesterday. Officials with New England's power grid⁷ are expecting a tight supply of electricity today.

And that's a quick look at what's making news this hour. Please stick with CNN for more on these stories and the other news of the day.