Do journalists report the truth?

Not always. Occasionally, the truth can seem unpalatable to sensitive audiences, and journalists cannot afford to alienate the public. Sometimes, journalists and reporters feel the need to sugarcoat stories, or to censor information that may be unpleasant to the public, to corporations, or to the government.

That being said, I think the instances of journalists lying outright, or plagiarizing, are less common. If lies really did dominate the news market, then it wouldn't be news. Papers would be storybooks, and TV broadcasts would be entertainment films. I think that most of the time, the truth is reported, but with a spin, depending on who the audience is. News agencies can try to correct this, but unless robots report the news, it's never going to happen. Every piece of information presented to humans is subjected to a person's own private mental filter.

Out of this natural phenomenon are born the various news outlets. Fox news exists for those who like a conservative spin on their news, MSNBC for those who want a liberal spin. These and other news organizations may claim that they report completely objective stories

I doubt that many other news networks reporting this story called Nancy Pelosi a socialist, although she probably did address the disparity of income in America

Other times, a story may be censored to avoid offending or hurting a government organization or corporation. When Jeffery Wigand came to CBS to report a story on the corruption of a Big Tobacco company, the story was shortened to avoid a lawsuit.
http://www.nytimes.com/1995/11/12/opinion/self-censorship-at-cbs.html

The truth was reported, just not the complete truth, which in my opinion, is the case with nearly all of the news stories published and reported in this country