News Buzz: McCain on Gas Prices; Midwest Flooding; and More

Republican presidential candidate John McCain told viewers of NBC's Today show this morning that those $4-a-gallon gas prices probably won't drop before the November presidential election. While he didn't address raising taxes on oil companies, he said those companies should return some of their profits to consumers. Earlier this week in the Senate, Democrats attempted to pass legislation imposing a windfall profits tax on the top oil companies and also taking away millions in tax breaks. The Republicans quashed the proposal.

As flooding still plagues the Midwest, one Iowa city is hoping that the makeshift sandbag levee holds back the waters of the Cedar River. The river was expected to flood the city of Cedar Falls overnight, but the sandbags appear to be holding. Thousands of volunteers showed up yesterday to work on the levee, and today city officials are asking for more to shore up the dam in case of thunderstorms.

President Bush, in a press conference held with German Chancellor Angela Merkel, said today that he preferred a diplomatic solution to the standoff with Iran over the country's nuclear program but wouldn't rule out military force. Bush is trying to persuade European allies to back tougher sanctions on Iran. Iranian President Mahmoud Ahmadinejad also had a message for Bush today. He described Bush as "wicked" and said Bush's presidency was over.