The Security Council meets at 10 a.m. Fox just broke in with the news about Chapter VII, which authorizes various punitive actions, including an eventual military response, for acts of aggression. According to Fox, the U.S., Japan, Britain, and France support the resolution, and Russia and China naturally oppose it.

They fired off lucky number seven this morning at around 4:20 ET — and Australia thinks there’s more coming:

Pyongyang could test additional missiles soon despite the international furor over Wednesday’s launches, Australian Foreign Minister Alexander Downer said after making a protest via telephone to North Korea’s ambassador to Canberra, Chon Jae Hong.

“We think they probably do intend to launch more missiles in the next day or two,” Downer told reporters, without explaining if the possibility of more tests came up in his talk with Chon.

I’ll update once the UNSC meeting starts.

Update: Cowboy talk!

Update: Just thinking out loud here, but what kind of sanctions do you impose on people who already eat grass to survive? What more can they be deprived of?

Update: The UN has a webcast page, but I’m not sure if they’ll be broadcasting the meeting itself. The Chinese ambassador is at the press room mic right now declaring yesterday’s launches “a regret.”

Update: Sounds like Chapter VII is just leverage to get the Koreans back to the table. Not that that will accomplish anything, but it has at least the appearance of usefulness.

Update: Fox says a US/UK/Japan draft resolution would bar funds and technology from North Korea.

Update: Supposedly, Bush is due to speak at any time, Condi Rice will say something at 11:20, and the UN will hold a press conference at 12:30.

Update: The UNSC meeting’s over and Bolton is at the mic in the press room. He says no member of the Council defended the North Korean actions.

Update: Actually, the meeting’s not over. They were taking a break. Reuters says there’ll be no vote today on the draft resolution, which would prohibit “the transfer of financial resources, items, materials, goods and technology to end users that could contribute to (North Korea’s) missile and other weapons of mass destruction programs.”

Update: Eric Shawn reports on Fox that 13 of the 15 members of the UNSC are in favor of a strong resolution. The two opposed, as usual, are fascist brothers-in-arms Russia and China. They prefer a “presidential statement” as opposed to an actual, enforceable resolution.