the cbo has this silly quarter of a percentage point change. do you think there will be a bigger, negative economic impact? that's what i'm really trying to get to. >> i think it will be a huge economic impact. i think we're going over a taxmageddon cliff and that will be very bad next year. i think obama would have wished he would have extended all those tax cuts going forward because when this goes into 2013, it's going to be a real problem. >> jared, i'll give you the last word on paul drugman. drugman writing today in "the new york times," i know he's a favorite of yours. he says do not extend any of the tax cuts if you can't extend the top rates and he said that won't matter either, do you agree? >> so paul's coming exclusively from a place of leverage there. the president -- he's saying the president should go over the cliff and have the leverage to get the sunset of the upper income cuts and everyone wants to extend for the middle class. >> art lafer, appreciate it. coming up on kudlow, the dow and s&p suffer their worst week in more tha

contract with the cbo and have counselors do more outreach. not more of a direct correlation. but definitely the 1.7 in the evening school is a doubling amount or the back-fill. >> thank you, perhaps that's not what i am getting at. there is a request of 2.7 million to do this work, some things are one-time in nature. but even if they are ongoing expenses that we can't back fill the school district. so the question is this one-time request. and asking this halfway through the school year. and is this expense for the half year or school year or what is the school's plan for this? >> this is for this year. some purchasing such as the online licenses don't expire. those are smart budget planners and purchase x amount of licenses and don't have to purchase next year. and focus the budget on the extra money for the teachers. >> good afternoon, deputy superintendent. i

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now they are at the table really dialogues with sfpd, dph and all the cbo's to figure out how they can de-escalate the violence. in terms of exchanging information, of course in a confidential way, but there's definitely a more structured way to share information. i want to pause real quick and emfa zultz for the family piece, i would say that family, really really focusing on families as part of our treatment plans now because most often it's those fathers, it's the grandmothers, it's the girlfriends that really try to work closely with us and that actually contact the cbo's or offices to make sure their brother, sister, boyfriend that they actually get the wrap around service that is they need and what we find is that throughout all the scenarios that we have had, you know, the women that are part of these communities have been very vocal and have been one of those that really mobilize and organize their constituents and the voices of trying to promote peace. not trying to talk down to our male counterparts, that voice, but i want to emphasize what we've done so far we've seen a lot

the cbo gives him a way home. what he did today was just like he blamed george bush for the last four years, he set it up if this does not happen, it's boehner's fault, it's mccon nell's fault, cantor's fault, and he was the good guy doing everything, but had a bad set of cards from the congress. he is not telling the truth in my opinion, neil, nor is he taking us back to jobs and growth, and he should be held accountable for that. i want him in a room, istead of the supporters, put him in a room of reporters asking questions he has to answer and -- neil: you won't see that. good points as always when you visit us. craig smith, he raised a point that bears watching here, how much the president is compromising and how much each side is getting. you know, every since speaker boehner offered a plan to have revenues orbit table, speaking generally, didn't specify what revenues, didn't specify what hikes, but it's caused a revolt with some of the troops that he runs, the republicans who he oversees in the house. one of

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republicans didn't like that cbo study although they always like the cbo.rs to see if they could do another study that would differ from the cbo study. crs confirmed it. all the economists are unanimous if we're going to try to go after the debt, now that we have virtually 3% gdp growth, we want do it in a way that's least damaging to the economy. almost all of them agree the obama approach is the right approach. increasing the rates on the wealthy will have no impact on job creation or gdp growth. >> professor dyson, we found out today that the austerity budgets used in the eurozone have sent employment to record highs. unemployment in spain is at 25%. unemployment in greece, 25%. how is it possible speaker boehner comes out and promotes paul ryan's budget for 2011 and 2012 as somehow the answer to our fiscal problems? >> i mean, this is the indication that i'm afraid that they're stuck in the mud attitude and their ostrich-like oblivion to what's going on in the real world will lead to disastrous consequences. i hope my good friend julian epstein is right

that's what cbo said. let's listen to it. it's an independent agency. >> congressman levin, good to see you. thank you for joining us. >> thank you. >> sandra levin of michigan joining us from washington today. >>> the other big story in washington, a shakeup at s.e.c. eamon javers joins us with details. >> a lot of changes at s.e.c. mary schapiro is out. she'll be leaving on december 14th. president has designated a successor to her, elisse walter. cnbc has been talking to a lot of different folks here trying to get some information about who might then succeed elisse walter who is expected to finish out mary schapiro's term. one name i want to throw out is the white house is talking to sallie krawcheck about a few different roles, including chairman of s.e.c. she's worked at bank of america and citi and other places on wall street as well. that's one name to keep an eye on, bill. back to you. >> very interesting. eamon, thanks very much. >>> clicks and profits, u.s. consumers are expected to spend at least $1.5 billion on t

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[ male announcer ] cbo., crispy bacon, grilled onions on the angus third pounder or premium chicken sandwiches. cbo... the simple joy of... threemendous. yeeeah. threemendous. ♪ >> jimmy: tonight on the program, he has a one hour comedy central special called "mandroid" premiering saturday night. chris hardwick is here. chris sold his website nerdist for $11 billion. sold it to the chinese. and then - music from a terrific band. this is their first album together in 13 years. it's called "the sound of the life of the mind." ben folds five from the bud light stage. [ cheers and applause ] >> jimmy: we've got some good shows for you coming this week. we will be off tomorrow because of the election but back with new shows wednesday, thursday, and friday with daniel craig, john goodman, hayden panettiere, kirstie alley, the author of the twilight series -- stephenie meyer. [ cheers and applause ] dave salmoni will be here with animals and we'll have music from tyler bryant & the shakedown, machine gun kelly, and

to provide cbos for the technological need and the center set up and training. this is one time. the 150,000 is to hire two people to coordinate this. one specifically with online technology knowledge to make sure we get this implemented and implemented well. this would be positions that continue being funded by the school district. and as we go through our annual budgeting process. they would be allocated into that. so again this is one-time funding. the student counseling sessions are the extra boost we are doing right now around the community. extra outreach sessions with families for counselors to really focus on this group of juniors. the targeted support is again to give us a boost for this current class of juniors. who are the first to be hallowed to these graduation requirements. and to be sure that we have that extra support or the opportunity to give that extra support. like we had the opportunities in summer school. >> of this 2.7, which categories are one-time in nature? maybe you can just call out which ones

what the dark side of the joint cbo for four and half years and then let cbo. for most of the past 10 years have been in the international budgeting community and a lot to say that particularly to the gentleman on my right, there is a tremendous value that is not recognized here in the u.s. value is as is pointed out the spending caps. the spending caps, let me make sure -- is picked expenditures. that has served as the precedent for a number of countries who have had successful fiscal and economic experience since. they include sweden, number one. they include space. they just instituted kinko's holland, chile, finland. it does not include the european union. the european union is still on grim redmond and they're suffering from it. i don't think the situation in greece would be a significant asset is now if they had moved to the bea as we did. it was a tremendous success. it's been a precedent for other countries. i hope the european union gets there. i was just in berlin last week testifying mostly about a german cbo, but look what we did in 1990. look at th

cbo. >> sean: you can spin it any way you want.s and we have raided medicare and we still can't pay for it. $716 billion. >> no, that money was not going for obamacare. >> it's robbing peter to pay paul to pay for it. $6 trillion is that -- bush was unpatriotic for $4 trillion in debt. is $6 trillion unpatriotic? >> do think debt and the interest the fact that we are insuring people and saving their lives is that important? >> sean: i have to run. >> you can't take the healthcare system and turn into socialized medicine. >> who is socializing medicine? >> sean: obama. when we come back, a special this week, media bias how the media continues to downplay the tragedy, the cover-up in benghazi. brent bosel is next. [ male announcer ] every day, thousands of people like you, are choosing advil® because helps you keep doing what you love. no wonder it's america's #1 selling pain reliever. you took action, you took advil®. and we thank you. plus the perfecting color of a bb cream equal? introducing the newest beauty trend. total effects

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what the cbo has said is over the first decade of obama care we will save $100 billion. that's not a lot of money, but we will be ensuring 30, 40 million additional americans. their projection right now is that in the second decade we will shave off the rate of growth of health care spending about a trillion dollars from the medicare deficit. that's really good news. we could phase in a lot of the reforms in obama care more quickly, such as the accountable care organization, and make those savings occur even sooner. >> great to talk to you. thank you for joining us today. >> good to be with you. >> thank you, maria. >> we will see you soon. marty feldstein and laura tyson. >>> up next on the "wall street journal report" we have talked about the economy under a second obama presidency but what about the markets and your money. we will find the investing moves and how to protect yourself. >>> when you think bankers, you think jamie dimon. we will talk regulation politics and policy. back in a moment. [ female announcer ] today, it's not just about who lives in the white ho

but that jump in taxes, the cbo tells us will take some $600 billion out of the economy next year. about 4% of gdp. >> yes, i completely agree. and it's causing -- it really is causing significant uncertainty in the business community. there's already evidence of changes in investment strategies and in employment strategies, because of the uncertainty around awful those very large spending cuts, particularly in defense that would occur next year as part of the cliff, if we go over the cliff. so this is very, very dangerous. and i think we have just all have to keep repeating that policymakers cannot, should not -- it would be irresponsible to hold the u.s. economy hostage, particularly if it's one around a very narrow issue, which is the top tax rates for a relatively small percentage of people. >> let me ask you about the second-most pressing issue, of course, and that's jobs. employment. what should the second obama administration do to encourage job creation? marty. >> well, i think getting the uncertainty of higher taxes off the table would help. i think corporate tax reform wo

according to the cbo, we know what the consequences will be. it is a non-partisan a respected organization that says if you don't solve the senate timely manner, we will have another recession in 2013 with negative gdp growth and they predict gdp growth will shrink by 2.9%. they said unemployment will go back up nationally over 9%. those are devastatingly bad consequences for the economy and our country. that is why we have to get this thing solved. >> january 1 is often treated as the deadline. if there has been no deal struck, will there be a substantial response or will markets realize there is time for congress to act to. >guest: perhaps what they could do is to stop sketch out an outline of what a deal might look like overall upward not renew -- and where new revenues will come from. they could signal that entitlement reforms would be on the table, enough to justify each side saying this is worthy of an extension. i hope they can get it all done by the end of this calendar year but if not, if they can get an outline of a measure to give th

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the cbo said it will cut growth dramatically as much as 1.3%. do you agree? >> yes. but the sequestration cuts are not just about defense may be disproportionately but it is education, every sector will be subject to ts. if you are the ceo and havv to plans, the first, i want to invest, part to identify will have federal funding for programs will be cut i may have to lay off employees how do plan for that? gerri: we have had people on the show that say i will not expand to the payroll. did anybody feel more confident? >> no. as the day played out to moody's and fitch list about. talk gained about and reaching across the aisle it was a little bit different tone but it is interesting to see how the market looks. >> they will be very short and nervous and sell-off the stock. >> uncertainty with business planning of? but company. even if it is short-term certainty wewill not go off the cliff it is helpful. >> you have a solution for the housing market? >> it is very complicated. how do deal with the underwater homes from people who cannot get out under that? those are re

now let's talk a little bit about what the cbo is saying.aying that you -- that post election this has to be handled. but at the same time you can't just push it off forever because we have big debts and deficits that have to be handled or that's going to hurt the economy. so there's balancing act that a congress that seems unable to even show up, is going to have to -- we have to trust that congress is going to be able to do a very delicate balancing act and they haven't shown us that quite yet. here are the scenarios. you could extend the current policy for six months. maybe you would just say, you know, six months from now we'll handle this. that would not be good for business, quite frankly. you could fall off the fiscal cliff, stocks would dive, for four or five days. congress would get frightened and then do something. or you could have a grand bargain on deficit reduction. something that a lot of deficit folks, hawks who watch the debt, really hope would happen. but haven't seen. >> you know, we could actually have a combination of al

the cbo saying if we go over the cliff the gdp would drop by 0.5% in 2013. it could decline in the first half of the year, but then renewed growth later in the year. and the unemployment rate would rise to 9.1% if we go over the fiscal cliff, but ultimately the cbo saying unemployment would decline to 5.5% by 2018. so, larry, this sets the backdrop for the dueling appearances between boehner first then president obama later in the day. tomorrow the question is, can these two men come back to the deal they were doing in the summer of 2011 and cab they get anything to agree between the two of them that their relative parties would actually agree to in congress, larry? >> that's the most movement we've seen, eamon, in quite a while. >> reporter: absolutely it. seeing a shift in tone in washington since the election. much more conciliatory tone on all sides here. i expect you'll see that on display tomorrow. the question is whether the fundamental stumbling blocks of democrats not wanting entitlement spending cuts and republicans not wants new tax revenues, whet