This is what's in the news for Thursday, July 28th. The Los Angeles Times reports that Standard & Poor's President Deven Sharma says the credit rating agency does not expect the U.S. to default, but believes a bigger risk is a downgrade in the country's AAA credit rating because Congress and the White House cannot agree on a plan to increase the debt ceiling. Reuters reports that AT&T's (NYSE:T) $39B plan to acquire Deutsche Telekom's (PINK:DTEGY) T-Mobile unit gained support from a Louisiana regulator and 11 state attorneys generals. The Wall Street Journal reports that The Blackstone Group (NYSE:BX) is in advanced discussions to buy Emdeon (NYSE:EM) which could cost over $3B. Finally, the Telegraph reports that BSkyB's (PINK:BSYBY) board is said to be considering a share buyback of up to GBP1B to appease its institutional shareholders.