Mark Memmott

Saying that "I messed up," Netflix CEO Reed Hastings announced late Sunday evening that after many complaints from its customers about a 60 percent increase in its fees, the company is splitting its services.

Soon, if you just want DVDs-by-mail, you'll be dealing with Qwikster (Hastings says the name "refers to quick delivery).

If you want to stream movies and other content, the company you'll be using will still be called Netflix.

Good morning.

President Obama this morning lays out what his aides say is a plan to reduce projected budget deficits by about $4 trillion over the decade. Earlier, we posted about "Five Things To Know About Obama's Deficit Plan."

While saying there was no violence involved in the May incident at a New York City hotel that led to his arrest on a sexual assault charge, former International Monetary Fund managing director Dominique Strauss-Kahn has admitted making a "grave moral mistake" during what he says was a consensual encounter with a maid.

"I regret it infinitely," he said.

President Obama this morning outlines a deficit-reduction plan that his economists say would reduce anticipated federal budget deficits by about $4 trillion over the next decade.

The Jefferson County Commission in Alabama approved a plan today that could mean the county will avoid having to declare bankruptcy because of a $3.1 billion debt.

The Birmingham News cautions, though, that "the agreement [with creditors] is only a framework or a concept to settle the crisis, and work remains toward crafting a definitive, binding deal."