ben tracy reports. >> reporter: what is everyone in here making today? >> people are making parts for the navy. >> reporter: the dante valve company makes safety and relief valves for the u.s. navy. >> carriers, destroyers, amphibious, things like that. >> reporter: so these are basically going to the department of defense. >> they are. >> reporter: now her third generation business is caught in the crossfire. they're talking about $43 billion in defense cuts. is there any way that that does not affect your business? >> it definitely will affect our business. it's just a matter of how. >> reporter: the looming cuts are going to hit the employees. >> we're sitting here ready to hire people, ready to give raises for people we have and we another doing either of those things because of the sequestration. we just don't know what's going to happen in the future. >> reporter: you have 36 employees. we see some of them working behind you. how concerned are you about their jobs? >> i'm very concerned about their jobs. i'm thinking we could see 25% to 50% of them

now the police are investigating and so is ben tracy. >> reporter: 87-year-old lorraine bayless was in the dining room of the glenwood gardens retirement home when she collapsed. the 911 operator spent most of the seven-minute call trying to convince a woman who identified herself as a nurse to perform c.p.r. >> reporter: the caller refused. she said glenwood gardens would not allow her to perform c.p.r. on residents. >> reporter: the executive director of the facility said in a statement that in the event of a health energy at this independent living community our practice is to immediately call emergency medical personnel for assistance and to wait with the individual needing attention until such personnel arrives. glenwood gardens is what's known as an independent living facility. unlike nursing homes and assisted living, it's not licensed to provide medical care or c.p.r. marybeth bersani is with the assistant living federation of america. >> in an independent living community, it's basically a senior apartment where amenities are provided such as meals housekeeping, and activities

ben tracy shows us the possible optimism pact on one of them. >> reporter: most mornings la tosha good win feeds her 3-year-old daughter cereal and milk. >> yes sm. >> she buys the food with monthly vouchers worth about $60 from the women infants and children nutrition program. it serves 9 million single mothers near the poverty line. goodwin is a single mom with five children. she earns 30,000 per year from part-time jobs. >> it's kind of hard for me to have a 9 to 5 and be a mother of five. >> what do you use the vouchers for. >> for the milk, the eggs, which is a 2% milk, the eggs the cheese the bread. you can actually buy the apples, the oranges the grapes and things that would normally be out of reach. >> is this program allowing your family to eat more healthy than they would without it. >> yes, yes, indeed. >> reporter: automatic budget cut kos force up to 775,000 mothers and children to lose not only their food vouchers but also access to nutrition and breast-feeding classes and breast pumps. >> do you think we're at a point where we need to prioritize how much of a safety net

but, scott, the pentagon has put those repairs on hold. >> pelley: ben tracy in our los angeles newsroom. thanks very much, ben. those budget cuts can be changed at any time. president obama will talk with the congressional leadership tomorrow. but he insists on increasing tax revenues. republicans say last month's tax increases are all that the president is going to get. so both sides are stuck. late today, the obama administration asked the supreme court to overturn california's ban on same-sex marriage in what is called a friend the court brief. the administration argues that denying gays and lesbians the right to marry violates their right to equal protection under the law. the court will hear arguments on this case next month. in a surprise today, army private bradley manning pleaded guilty to ten criminal charges in the biggest leak of classified material in u.s. history. manning sent files to the web site wikileaks. he still faces a court-martial on more serious charges. david martin is following the case. >> reporter: along with the guilty pleas, manning gave his first detailed e

ben tracy has the 911 call that started the investigation. >> we're going to let this lay lady die?lley: the princes of the church gather to elect a pope and an american cardinal demands that they face their sins. >> that is a terrible wound on the body of the church. >> pelley: and elaine quijano with kid president-- a boy easily broken. >> i broke my finger, i just fell on it. >> reporter: does that happen a lot? >> mostly arms and legs but not fingers. this is my first finger break. >> pelley: he's teaching us all how to be strong. captioning sponsored by cbs this is the "cbs evening news" with scott pelley. >> pelley: good evening, "aids" is one of the most frightening words in the world. the disease was a death sentence when it burst on to the scene in the early' 80s, but today doctors are claiming that they have rid someone of the virus that causes the disease. an infant. and they're getting the world's attention. is the child truly free of h.i.v.? how did they do it? and what does this mean for the battle against aids? we asked dr. jon lapook to look into all this. >> reporte

this business owner tells ben tracy why many of her workers could lose their jobs. >> i don't think thease, but is it too late to save this devastated town? ana werner is there. and dr. jon lapook sits down with the first lady who says stop pushing junk food on our kids. >> we're still just scratching the surface. this is a generational goal, and we need to keep pushing every step of the way. captioning sponsored by cbs this is the "cbs evening news" with scott pelley. >> pelley: good evening. for the first time in eight years, the throne of st. peter is vacant tonight. the catholic church has no pope. benedict xvi, in failing health, today became the first pope in six centuries to retire. he said farewell to cardinals, his top advisers, then left the vatican for the last time as leader of the world's 1.1 billion catholics. alan pizzey is in vatican city. ( applause ) >> reporter: benedict's final day as pope drew to a close with applause from his staff, last acts of homage, a 300-yard trip to the helipad, and a precisely timed liftoff for a ride he's taken many times over his eight yea

ben tracy cbs news los angeles. >> jeff: a car crash in ohio today claimed the lives of six teenagers. it happened near warren about 60 miles east of cleveland. the driver of a honda passport hit a guardrail and the vehicle then flipped into a pond. police say the suv was speeding and carrying too many people. no one was wearing a seat belt. the teens killed range in age from 14 to 19 years old. >> winter is taking another swipe at the central plains tonight. parts of nebraska and iowa could get up to six inches of snow. blowing snow shut down several highways in colorado yesterday. more than 600 flights were cancelled at denver's airport. former south african president nelson mandela returned home today after an overnight in the hospital for what doctors say was a successful examination. it was mandela's second hospital stay in three months. he turns 95 in july. >> coming up u.s. navy sailors who say the fukushima nuclear meltdown made them sick. financial obstacles military families face we understand. our financial advice is geared specifically to current and former military member

for "cbs this morning," ben tracy, snowbird, utah. >> wow.. >> that's what boys thing. san jose police this morning, san jose police this morning, >> your realtime captioner: linda marie macdonald. >>> good morning, everyone. 8:25. i'm frank mallicoat. get you caught up with some bay area headlines now. >>> san jose police are looking into a fatal shooting on the east side. officers responded to a call near capitol and murtha around 4:30 this morning. they found a man with a gunshot wound and the victim was pronounced dead at the scene. so far be there no suspects. >>> and authorities are trying to figure out how a man got into an elevator shaft at a san francisco bart station. bart police say around 9:30 last night a homeless man died after being crushed as an elevator went down. he apparently had been sleeping on top of the elevator. it took several hours to remove his body. >>> and thousands of people who earn minimum wage in san jose just got a raise. they will now make $10 an hour. the $2 increase is going into effect after voters approv

tracy: ben bernanke taking the podium or the desk preparing to answer questions from reporters.y with us as we listen in on this q&a session. >> good afternoon. the federal committee concluded a meeting today. our colleagues and i reviewed economic development and discuss the economic outlook. the data ince the january reading has been consistent with the expectation the fourth quarter pause and recovery would prove temporary and moderate economic growth would resume. spending by households and businesses continue to expand and the housing sector has seen further gains. the jobs market has also shown signs of improvement. private payrolls growing quickly, hours have increased, the rate of filings for unemployment insurance has fallen in the unemployment rate has continued to tick down. however at 7.7%, the unemployment rate remains elevated. also remains concerned restrictive fiscal policies could slow economic growth and job creation in the coming months. we will continue to monitor the recent increase of the gasoline prices which appear to be doing mostly passing factors like

tracy: and ben bernanke will go down as the smartest man in history if it works, right? >> yes. make money regardless what is it going on. let's make money with all this now. you have two interesting plays for us. whiting petroleum is one of your picks. how come. >> i had that one for a long time and i suffered with it. i really love whiting petroleum. they're in the bakken shale. they're in the oil play. they have tremendous proven reserves. proven reserves underlying a stock price is multiple of the stock price. it is $80 price all day long just on asset valuations. it has clean balance sheet. could be teen out on an lbo. i don't think there is really significant downside, maybe five points but maybe a 30 point upside. tracy: tara data corp.. this is data solutions. we hear a lot about companies like this. >> they actually had real good earnings. they have done a fantastic job positioning themselves for a business spend but they think business will be slow to spend. they're a little worried about the economy. i think they're a little bit behind on their thoughts. i think the e

nicole is with ben willis, hi, you guys. >> hi, tracy. about what's going on in cypress. they obviously rejected taxing the depositors, but the big picture, it was a lose-lose either way, ultimately, and not only for cypress, but the whole sewer zone, still a wild card now. >> absolutely. i want to hear them stop calling it a tax. they were taking private citizens' funds, citizens of another country, took it whether you like it or not, nothing for it. that said, that was wrong. we knew that. the mart is in a corrective phase. i think that comets. actually, what happened to the u.s. equities, we see a bounce because of the trouble in europe because we're the safe haven because of cypress and people taking, we'll take what's ours, that doesn't happen here. we have positive inflows on negative news. >> that's interesting. maybe they are too nervous to go over there. >> absolutely. >> we see that with the u.s. dollar too; right? >> absolutely. that's the first asset that moving on that, and so this becomes the de facto investing platform for

tracy: goldilocks is arguably uncle ben, right? he is not going anywhere anytime soon, right?ake a argument, sell in may, do away thing doesn't count this year. >> i agree with that one, uncle ben. i hadn't heard that before. ultimately it i is pushing on a string. you need to have private economy, you need u.s. corporations, you need to have the global economy growing and this monetary stimulus is getting in the way of good, pro-growth economic policy. tracy: seems everything you learned in school though is thrown out the window. doug, thank you very much. >> thank you. ashley: where is goldilocks? that is a good question. >>> coming up the cyprus bailout breaking the mold how to fix european banking problems. what does that mean for the rest of europe? the heritage foundation's nile gardiner will be weighing in just ahead. tracy: our special report, small business, big ideas. we'll meet one startup finding success helping men find their fashion groove. first time to check out how oil is trading. it is up almost a dollar. $94.68 a barrel. we'll be right back. we went out and

tracy: god bless him for trying, right? federal reserve chairman benhe market. one fold watcher says the market is dangerous terror now. why? ashley: the euro actually dipped below 1.30 for a short time today. as you can see only the canadian dollar moving higher against the green back. we'll be right back. >> at 21 minutes past the hour i'm arthel neville with your fox news minute. a sinkhole 30 feet wide has swallowed a florida man in his own bedroom. jeremy bush says he tried to rescue his brother jeff late last night at his home near tampa as he screamed for help. fire rescue officials lowered equipment into the sinkhole but not so far seen any sign of life. >>> a secret investigation into pub republican, wisconsin governor scott parker aides have been closed a no charges were filed. the milwaukee county district attorney said the investigate closed last week. six people were charged with crimes looking into activity in the milwaukee county executive's office when walker held the position. >>> bonnie franklin who played the divorced mother of two g

tracy: bring this back to the market because you're sitting there on the ubs trading floor. bring the economy and economist in you, what do you tell traders on the floor, other than uncle ben willo make sure your clients are in this market? >> you know, the first thing i tell them, watch out for rising bond yields because the bond market will not like it if the economy keeps improving. it will want to go up. of course the fed is leaning against it as hard as they can. on the equity floor, what i'm telling them, there is reason equities are doing what they're doing. because these companies are actually making money. if you look at the behavior of the economy relative to what we call an economic surprise index which is fancy way of saying how bad your economist is, the surprises in the economy are actually very highly correlated with the movement in the equity market over time and the recent improvement we've seen is very highly correlated with the economic surprises we've been seeing which are mostly to the upside? ashley: what worries you, drew. we saw enough of what is going on in cyprus to knock the stuffing out of the market but look wherewer are now. is there anything on th