dan coates slash the corporate tax rate dramatically, we try to create the incentives to do business here. >> senator johnson, why double tax corporate profits why not do it territorily. every other industrial nation does that. we are the only one that punishes companies that operates overseas for sales reasons or distribution reasons, what is your take on that senator johnson? >> well, larry, it's like any business, you have to bench mark your cost and business viempt. we need to do that here in america. we need to make sure america is a great place to head quarter a business and have the manufacturing plant. you take a look at it by looking at the tax regimen, one comment i want to make that chairman bernanke made clear we have to address the long-term entitlement issue, that is something this president has failed to lead on. we need to start addressing that. chairman bernanke said it clearly unsustainable path that we are on right here. >> one more -- >> i have to leave it there senators i would love to have a longer discussion. i'm going to come down and sit with you guys and we

others like indiana republican senator dan coats. >> it's a shell game and has to be repaved. >> it ensures that the medicare doctors won't see sharp cut in reimbursement rate. it allows those out of work to continue receiving benefits after six months but scale back maximum benefit. the nonpartisan budget office says jobless rate has been above 8% for three years and recommends that it will remain above 8% until 2014. this ominous note. the extent of long-term unemployment is greater than would be expected on the basis of the historical relationship with the overall unemployment rate. long-term suggests those looking for work for six months. it topped 40% in december of 2009. for the first time since they started keeping track back in 1948. it remained there ever since. that's double the normal level. president obama is expected to sign the bill in law soon and called the passal an important step. bret? >> bret: mike emanuel live on the hill. thank you. the dow continued its good run. gain of 46 to close at the highest point since may of 2008. the s&p 500 was up 3. the nasdaq lost eight. g

an indiana republican senator, dan coats said, we shouldn't mess with entitlements. >> let's be honest with the american people and say we're taking the money out of your social security trust fund to extend the program here to give you the so-called tax break. it's a shell game and it is going do have to be repaid. >> in the end, it passed. lawmakers are now going on their president's day holiday recess, and we expect the president to sign the bill into law in short order. >> and they soon will. mike, thank you. fox news sunday anchor chris wallace is in washington. it has widespread support but the republicans saying it has to be paid for. it wasn't paid for so they gave up. >> absolutely. this is a triumph when we talk about republicans politics over policy, a lot of people don't think this is an effective stimulus. it's temporary, it's small. they don't think it's going to do anything for the economy. as they also really felt if you're going to add $94 billion to the deficit, you should find a way to pay for it. and on the payroll tax cut, basically two-thirds of the package, it is

i worked for dan coates, former now current u.s. senator in the 2010 cycle.aving a competitive five way primary made him a better general election candidate. they had to debate and defend and offer ideas on debate stages across the state and it makes people stronger. i think you saw that with mitt romney and the two florida debates. >> two guys at dscc they say in indiana it could be another sharron angle and christine o'donnell in delaware and richard murdoch, could he be a loss in indiana which is now trending red after being for obama in '08 because he's too far to the right for those indiana voters which like a guy like dick lugar who has reached across the aisle before? >> you know, democrats are in such desperate straits in the state of indiana that really the only race is the primary race and that's why you see a lot of people jump in these like the fifth congressional district where dan burton just retired. a lot of people are getting in. the primary is the only race. president obama is so unpopular in the state and he was able to pull people with a b

republican senator dan coates. >> let's be honest with the american people. we're just simply taking money away from the trust fund, from retiree benefits, making social security come closer and closer and closer to bankruptcy and insolvency, at the same time not telling the american people that this so-called "tax cut" is robbing that fund. >> sreenivasan: and house democratic whip steny hoyer criticized it for cutting retirement benefits of new government hires. >> nobody is targeted in this bill, other than federal employees! you can tell i'm angry about that, because that's not fair. and that's not how you ought to treat our employees, america's employees. >> sreenivasan: president obama thanked congress for their efforts during a visit to a boeing factory in everett, washington. >> today, we took one important step in the short term. just before we got here, congress did the right thing, and voted to make sure that taxes won't go up on middle- class families at the end of this month. >> sreenivasan: the president is expected to sign the bill right after

here is dan coats and why he's a no. >> let's at least be honest with the american people straight out tell them we are taking the money out of your social security trust fund to give you a tax break. it is a shell game and it will have to be repaid. >> reporter: assuming it passes in a matter of moments it will be sent to president obama, and he has promised to sign it as soon as possible. jenna: thank you. jon: let's bring in bob cusack, managing editor of the hill. it's an interesting situation right now you have senator mark cook outside of action because of that stroke, it's our understanding that harry reid only needs 650 votes to get the thing to pass based on the concessions the republicans have made. does he have 50 votes? >> i think he does. that with us a big development in the upper chamber. i don't think they have 60 votes for this. we'll see most republican senators vote against it. most democrats voting for it. but there is some unrest on the left. senator tom harkin has been critical of this bill, of the president. so both the left and the right don't like it but i thin

i'm working with dan coats, republican from indiana on the compliance act.going right up. thanks so much for your time this morning. hats off to you on working together part. i like it. >> thank you. >> gretchen: wait until you see what this camera caught. fire tears through a building with a mother and her daughter trapped inside. the new weekly jobless numbers are due out any minute. eric bolling is standing by to bring them to you right after the break. he's got his white board and everything can you enjoy vegetables with sauce and still reach your weight loss goals? you can with green giant frozen vegetables. over twenty delicious varieties ha sixty calories oless per serving and are now weight watchers-endorsed. try green giant frozen vegetables with sauce. instead of blaming me, try advil congestion relief. often the real problem is swelling, not mucus. advil congestion relief reduces swelling due to nasal inflammation. so i can breathe. advil congestion relief. "for starters, it didn't cost me anything." "and i got a one-hundred dollar cash bonus for

senator dan coats says we will be paying for this later in some other way.e always do that with congress. take a listen. >> let's at least be honest with the american people and straight out and tell them we are taking the money out of your social security trust fund to extend the program here to give you a so-called tax break. it is a shell game. it's going to have to be repaid. >> and real truth of this is that it's nice news to tell people they will get this money. is this going to stimulate the economy in this year? hard to imagine that continuing the payroll tax cut will do anything at all to stimulate the economy. taking it away could have hurt. continuing it -- >> it's an election year. do they want to get their noses bloodied again last real fight scheduled on the books before the election. goes through the end of the year. one thing have to relitigate is bush era tax cuts at the end of the year. that will be post election time. president obama for the first time mentioning them by name when he was out on his west coast three day trip there for his f

coat and all the sudden the case is made you know the i.a.e.a. report said there may be reasons to believe but again no evidence and i want to play something here's dan an opponent of the homeland security secretary testifying last week on capitol hill right now we have no specific or credible threat against any organization or or target in the united states but this is certainly a situation that bears watching all right so a situation that bears watching as an official you know educated source is a little bit different to me then you know an attack is imminent. what's going on here. and they they all say every single one of them the president the secretary of so-called defense the homeland security secretary that there is no evidence that iran is developing a nuclear weapons program there is only evidence that iran has a nuclear energy program which it iran's says it does there is no evidence that iran is violating the nuclear nonproliferation treaty all of these facts are in contrast with israel and the united states by the way which if these were justifications for war there would be justification for war against us but of course they are not and