nations of the cjudiciary act. >> sosa and the u.s., versus alvarez, saturday on c-span radio. >> c-span radio, we're on xm at 119. washington today continues. the gdp will grow by only 2% this year and only about 1% next year. we expect economic activity to quicken after 2013. but real gdp to remain below the economy potential through 2017. according to our projections, the economy is only about halfway through the shortfall that will result from the recession and its aftermath. >> with the forecast not only for the debt and the deficit but also the jobs outlook for the next 12 months. welcome to our tour of

washington today. i'm steve skully. we're glad your with us. that's the latest from cbo. the unemployment rate will inch up to 8.9% possibly 9.3 .by next year. the dow rising 3.5% for the month of january. nasdaq also up for the month. trader upbeat about some of the modest gains in the economy. well, it's primary day in florida. the polls closing in one hour in parts of the state at 8:00 eastern throughout the rest of florida, early results of the exit polls showing that 7 out of 10 who voted today consider themselves conservatives. while most are concerned about the economy, a division over what to do over issues like legal immigration. nearly 4 in 10 say should the

illegals should be able to apply for citizen ship. primary was moved up because florida wanted to have a key role in the nomination process. 50 delegates at stake instead of the normal 100 delegates. it is a winner-take-all. live coverage getting under way at 8:00 p.m. we're in florida for the speeches by mitt romney and newt gingrich and a chance for you to call in with your comments and what's next as we move into caucuses and primaries in february and super tuesday in early march. news from new york and the united nations secretary clinton telling the security council that u.n. action to end the violence in syria doesn't compare to sanctions in egypt. russia is worried that a draft

measure could lead to military intervention. let's begin with the comments on the economy and the impact it will have taxes and the deficit. the headline that will come out of today's announce from cbo the government will again this year for the fourth year in row run a deficit of $1.1 trillion in excess of a trillion dollars. the unemployment rate at about 8.5% will inch up for a number of reasons, including the inability of congress to work out some spending cuts. they'll take effect later this year. doug also taking questions from reporters on it. >> i think you said that there was some action that lawmakers could take between the scenario of harsh fiscal policy in the near term, versus better fiscal policies that leads to 96% held

by the public in the long term. what are some of the policy actions that they could take -- >> so, 94%. it's not -- we have not tried to lay out a specific fiscal path. i think the point that i was trying to make and that we have made on a number of occasions in documents and in testimonies in that very short in fiscal restraint. dramatic increases in taxes. cuts in spending. under the current economic conditions will tend to hold back the economy. at the same time, letting the debt skyrocket the way it does, will ultimately be very damaging to the economy in the end. so, one can both provide near-term support and put the economy on a sustainable medium term and long term path.

there's no intrinsic contradiction. to do that requires the fiscal constraint take effect slowly. which will amount to a very large change in policies by the end of the decade. this is not a number of times before, there's no substantive advantage to waiting to decide what policy changes we will make. to the contrary the longer that we wait as a country, to make the sort of choices that we have to make, the harder it will be to make them. because more debt will have accumulated. because people will then haveless time to plan how they will react to these various changes. there's no substantive advantage to waiting, to making changes. on issue how quickly those should take effect, to change, that's a more complicated questions. doing it very quickly slows the economy down. if you wait too long, you end up with debt that's much, much

harder to manage. and so there are number of ways in which the congress could put off the expiration of the tax revisions set to expire. but not put those off indefinitely. or if put those things off indefinitely, then other very large changes need to be made in the deficit. it's not our place to recommend any specifics. >> comments of doug elmendorf earlier in the day. according to cbo forecast, the deficit will begin to drop between 20123 and 2022, deficits that would drop down from the current 2% of the current gdp to the 1%. it will be an issue that the republicans will be using

against the president and the democrats in this election year. the washington post asking jay carney about all of this including the unemployment projections which indicate the up employment rate that has dropped, over the next ten to 12 months. >> the cbo has a report out today on the deficit and unemployment through 2013, the administration has cited cbo as fair scorekeeper. does the white house think that unemployment remain that way three years out. >> i'll leave that the economists to evaluate and judge. i would simply note that, we are -- it's important to look at trajectories. and trends. and, as you know, when the president was sworn into office, on a much colder day three years

ago, almost exactly, we were losing that month, almost 800,000 jobs. just in the month. that pace was one that the country experienced for a sustained period of time. we lost 8 million jobs. and if you look at it, you know, you can find this in a lot of places, a chart that shows unemployment -- or employment loss or employment growth, from six months before the president took office, and it hits its bottom right about when the president's economic policies begin to take effect, some of the tough decisions that we made on the automobile industry the recovery act, dealing with our financial sector. and since then, it's gone like this. the fact is this hole is so deep that we have a long way to go before we are where we need to be.

eight quarters, seven quarters -- ten quarters of economic growth. very conservative in my analysis. but, so, i don't know what -- never myself predict what the unemployment rate would be in a year or three from now, i know that the economic policies that this president has put into place working with congress and when necessary without congress, have had the effect of reversing the most dramatic negative trend in employment since the great depression. >> comments of white house press secretary jay carney. as he took questions from the members of the press corps 37 one side story on the debt and deficit, the unemployment rate is expected to increase in the summer and fall. increase even further next year

to 9.3%. the president using the day to talk about jobs and the economy. he focused on small businesses asking congress to pass a bipartisan deal to help small businesses to hire more employees. then he traveled to the d.c. auto show, the president focusing on what the administration has done to help the automobile industry, most notably general motors. here's remarks from the president. >> let me just say, when you look at all of these cars, it's a testimony to the outstanding work that has been done by workers, american workers, american designers. . u.s. auto industry is back. the fact that gm is back to number one, shows the turnaround that's possible. it's good to remember, there are folks that were willing to let

this industry die because of folks coming together, we are now back in a place where we can compete with any car company in the world. and these are not only selling here in the united states, they also serve as a platform to sell all over the world. i'm very proud of what we're seeing here. that camaro with the american eagle and the american flag, that helps tells the story. >> yes, indeed, mr. president. >> thank you. >> yes, sir. >> thank you. >> the lady whose name is on the building. first lady of washington. >> president obama, at the d.c. auto show. you heard that exchange at the very end as the president was going to meet the wife of the late former mayor walter washington who the convention

center is named after. he served as the mayor back in the 1960s and 1970s. the gnat today is taking up what's being referred to as the stock ashgt, which would prohibit investors to get involved in insider trading. about the legislation and the debate on capitol hill. >> senator, a bill including land bills and other things, how do you feel about that. >> you know, we'll see what leader cantor or the house. i say, this is a good government bill. this is a clean government bill. this is a restoric, some measure of trust to the american people.

the danger is that we could -- we could kill it with kindness, try to make it so perfect that it falls. but, you know, i'm not excludes anything f the house comes up with a bill that improves this one, sure, we'll look forward to seeing it in congress. >> congressman -- >> i would like to see, we have senator paul, i actually, on our committee introduced a bill -- and we adopted it. so, i have to see what their thinking about. >> prohibition covers federal employees. >> any more questions -- >> yes. >> ed koch the gop chair today,

sent out an e-mail questioning some trades against the housing market, he asked the question, there are two questions that i would like to ask, did you use any inside information with your husband to make those trades on the falling housing values and the second question, isn't that exactly the perception that you guys are worried about in doing this stock bill that those very kinds of trades. >> absolutely not and it's just an old, baseless political attack. it was untrue then as it is now. >> thank you all 1rvery much. >> thank you. >> kristen gillibrand, from new york. two senators speaking to the reporters. meanwhile the house republican leader eric cantor spoke

favorably about the measure that will ban federal lawmakers and their staff to trade inside information. there's a debate between both ends of -- both sides of capitol hill. because what may happen in the senate in some of the so-called poison pills, that congressman cantor can doom the legislation in the u.s. house. here's more from virginia republican eric cantor. >> there's been a lot of talk about fairness over the last several months. certainly as the political campaign heats up and i can tell you, there is a sense among people in this country, that they don't have a fair shot, when they see things that have transpired whether with their investments in the financial services community at all levels

of government, beginning to hear stories about poeshlg conflict of interest on the part of the people that they elect to represent them. and, that's why i'm here today. is to say, you know, it is unacceptable for anyone, any member of congress, anybody affiliated with this level of government or any other to profit from insider information, information that is not available to the public. period. and, people of this country, because there is this sense out there, of untoward behavior, people of this country need to know that members of congress are living under the same rules that they are. i am glad to see that the senate is taking up the s.t.o.c.k. act. i hope they'll take the opportunity this week to strengthen the bill. to expand the bill and to make sure it works.

depending on what the senate does, if the senate produces a bill that we believe is strengthened in something that's workable, that certainly will be something well received by the house. if it does not, it's my intention to move a bill. to bring a bill to the floor. in february. that does. accomplish the goal of ensuring the public they can have confidence their elected representatives, their voices in washington are not using their positions to personally profit. with that, i will be glad to answer some questions. [ inaudible question ] >> sure. i can tell you, first off, the bill does not adequately cover those connected with the federal government in the executive branch that are in positions

with access and that are privy to information that could be used to personally benefit those individuals. we're looking at ways that the senate can work on that language, strengthen that language so the same rules apply to those individuals. kate? >> what do you say to the symbolic vote that members already could not benefit from the information and this is just political advantageous for everybody -- >> i tell you, i have begun to read the book that gave raise to some of the broadcast of this issue. and certainly i think that there is, you know, activity that exists, that could certainly be characterized in a negative light and lend itself to the

public's believing that their elected representatives are operating in a way that benefits themselves. so if that's the case, i think we need to make darn sure that people across this country know that members of congress and others are not using information that they gained because of their position for personal gain. so, again, that's what i would say to the people who may say, this is not a necessary vote. then let's just make it clear, let's make it the law, that there will be and no insider trading going on or trading information for personal gain. >> eric cantor spoke about the congressional insider trading. the act is expected to pass the senate. the securities and exchange commission prohibits inside trading already. lawmakers cannot and will not be able to trade on any insider

information or face penalty. joining us for some perspective on all of this is rachel, bain. >> how did this all come about. a direct result of that 60 minutes piece that got so much attention? >> that's a fair question. that broadcast basically led to members of congress were using nonpublic insider information to get rich. on savvy investments ma they were making. the practice known as insider trading is prohibited for all americans including for members of congress. but after that program aired, everybody was thinking, are members of congress actually above the law? so, in order to cover themselves, lawmakers have stepped up their sponsorship of the s.t.o.c.k. act and have pushed it to the floor immediately, it's on the senate

floor this week and it could be coming up on the house floor in the next few weeks. >> let me ask you, there's going to be a new senate par men tarren, senator reid is opening for an open amendment process? >> that says that any member can offer any sort of amendments and there's no limits to it. basical basically, there are two problems with the amendment problem. if you're trying to get a bill through. the open amendment process, allows any amendments to be offered. and if members have to vote on 30 amendments that's going to take a lot of time from the senate and the senate time is very valuable. slowing the process down can actually kill the bill. secondly, the amendment bill can

could result in attachments that could slow the ball. one would limit or prohibit ceos of fannie mae and freddie mac to receive bonus as the two government agencies are under government ownership. they're attached to this bill, they may decide to vote against this bill. >> senator joe lieberman called this is a clean government bill. if we traded on stocks it's considered illegal. we can pay a penalty. martha stewart went to jail because of that. s.e.c. prohibits insider trading, the question is, why is this even necessary? >> members of congress want to clarify to the public that they aren't above the law. there are some experts saying

that there hasn't been a member of congress that has gone to jail or prosecuted for insider trading. people are wondering, are they really accountable to the s.e.c.? this is basically the members saying, yes, we are accountable. >> we're talking with rachel bade covering this story for cq/roll call. by all accounts, the bill is expected to pass the senate. it then goes to the house. eric cantor said that this needs to apply to the executive branch as well. >> today he came out and said that he wants to expand a disclosure requirement included in the s.t.o.c.k. act zit would include congressmen and their staff to disclose on an online database within 30 days. right now the bill -- that closure bill only includes the

bade, writes for cq/roll call, her work is available online. thank you for joining us. >> thank you so much. this is "washington today." c-span. on the what street, dow fell 20. new budget report from cbo predicting that government will run $1.1 trillion deficit in the fiscal year that ends in september. slight dip from last year, but still quite high. the cbo saying that annual deficits will remain in the $1 trillion range in the next several years. if the bush era tax cuts expire in december are extended. the salvation army set it a new fund-raising record with the red kettle campaign during the

holidays. . that record is about a 3.5% increase over 2010 campaign. it's now 120 years now. dating its beginning to 1891 in san francisco. the donation supports social services. federal government has swooped down on 105 people in 23 states in the past week part of a nationwide crackdown on identity theft tax fraud that is timed to warn tax cheats. the sweep ranged from alaska to florida. it included 80 indictment and complaints. it produced a hand full of guilty pleas and sentencings. on capitol hill, dan burton of indiana said today that he's not going to seek re-election to a 16th term.

burton told members of the indiana state house today that he'll serve out his term but not run again. he's 73 years old. he didn't elaborate on his decision. he told them beforehand that he's resigning because of health issues finally in britain, former royal of bank scotland chief, fred goodwin is being stripped of his knighthood. the cabinet office said that the knighthood has been canceled because goodwin has brought the honor similar into disrepute. back with more of "washington today." "washington today" is now available as a pod cast. download each program individually at c-span.org. or subscribe using itunes. access to "washington today" pod

cast wherever you are with the app. on friday, c-span radio, a conversation with the reporter for the atlanta joump-journal constitution. she'll be talking about her latest book, "wanted women." muslim women in the u.s. to explore two distinct perspectives on the war on terror. one woman somalia born fights against islam with her writing. while the other educated here in the u.s. is strong proponent of jihad. she discusses her book with the brookings institution. the author of "wanted women." this friday. 7:00 p.m. eastern here on c-span radio welcome back to "washington

today." i'm steve scully. presidential politics in florida, it's primary day. the polls close across the rest of the state at 8:00 p.m. when c-span will have its live coverage. two candidates campaigning the most vigorous, mitt romney and newt gingrich, this is a winner take all state, which means the winner will collect all 50 delegates. florida is the sight of the republican convention at the end of august. at the villages in florida, one of those must-stop locations, lot of seniors in that area, said that he's going to defeat newt gingrich. both candidates being trailed by cnn, where we were able to get some of this audio. gingrich talking about the tones of the ads in florida. the negative ades and taking aim

at the romney campaign. >> mr. speaker, do you still see a path to the nomination after florida? >> of course. unify the conservativconservati. you win the delegates and yo have the nomination. >> did you let your guard down to mitt romney would you say? >> when you're outspent in adds it's tough. >> responding to some of those negative attacks be i the romney campaign. more than $20 million spent in the florida primaries. the next round of primaries as we move into february, including nevada this weekend, also key primaries in michigan, colorado and arizona. super tuesday is in early march. mitt romney campaigning in florida trying to get out the vote today. responding to all of this. in ask sblg we were vagsly outspent with negative ads attacking me. also, i think some