z dean baker and douglas holtz-eakin, president of the american actions forum. that debt deal showdown in washington was the talk on "wall street," pushing stocks down for the fourth straight day. the dow tubmled 200 points, the nasdaq fell 75 and the s&p 500 lost 27. heavy volume on today's selling, with the big board trading over one billion shares, nasdaq volume 2.4 billion. the economy worsened in about half the country in recent weeks due to weak home sales and signs of a slowdown in manufacturing. a federal reserve survey out today shows seven of the fed's 12 bank regions reported slower growth. and in another sign of new weakness in the economy, the commerce department says there were fewer orders of aircraft, autos, heavy machinery and computers last month. orders for durable goods fell by 2%. >> reporter: i'm diane eastabrook in orion township, michigan. still ahead, i'll tell you how general motors plans to make money selling this small car with help from the u.a.w. >> susie: can you say $1,630 an ounce? that's the new record for gold prices set today,

director, douglas holtz-eakin, says although c.b.o.loyees are sometimes a convenient scapegoat for controversy they do not tell congress what to do. >> they'll happily provide options but they won't say this is the best one and this is the second best one. they'll say, "congress, here you are, enjoy the menu." >> the c.b.o. is working in the weekend, folk in addition the office and about 100 on call to crunch more numbers should lawmakers ask. >> mitchell: and that cbs evening news. later on cbs two editions of "48 hours mystery." thanks for joining us this saturday evening. i'm russ mitchell, cbs news in new york. i'll see you back here tomorrow. good night. captioning sponsored by cbs captioned by media access group at wgbh access.wgbh.org that has some residents so worrie >>> a stinky problem for pg&e. what happened when it tried to dig up parts of san bruno pipeline that had some residents so worried. >> we are hopeful this could be the time we are waiting for. >> a attorney point for two calgrads arrest the in iran two years ago?

the key advisor was douglas holtz-eakin, former head of the c.b.o., who had no brief whatsoever for that proposal. please go ahead. mr. durbin: the second point i'd like to ask the senator from arizona, i think one of the real bedrock beliefs among republicans is that if you cut taxes particularly on the healthiest -- wealthiest people in america the economy will pros puss. didn't the debt of the united states double under the president and he left a shambles behind him? 2.3 million jobs lost in the first three months of president obama administration because of this failed economic policy which you continue to espouse, that if we cut taxes on the rich, america is going to get wealthier. haven't we tried it? where are the jobs? mr. mccain: could i take a little trip down memory lane with my friend from illinois who i had great privilege many years ago -- i don't know if i should mention the 1982 election, he and i came to the house of representatives together. you might recall that one of his own, then a democrat congressman from texas, got together with president reagan and guess what w

douglas holtz-eakin talks about his recent study which would require drug companies to issue rebates -- and meredith mcgehee that the history of presidential campaign financing -- who is eligible and how taxpayers -- axpayers pay. >> house speaker john boehner has announced he is pulling out of the ongoing debt and deficit reduction talks with president obama. instead, the speaker said he will negotiate with the senate leaders. washington is less than two weeks away from the deadline to raise the federal borrowing limit. after that, president obama met with reporters. this is just under 30 minutes. >> good evening, everybody. i want to give you an update on the debt negotiations. speaker boehner says he will walk away from the negotiations we have been engaged in for the big deficit-reduction and debt- reduction package. i thought it would be useful for me to give you some insight into where we were and why i think that we should have moved forward with a big deal. essentially, what we had offered speaker boehner was over $1 trillion in cuts to discretionary spending, both domestic a

douglas holtz-eakin, thank you for your time. we're going to figure out how it effects everyday people because there are implications. patti ann: well, she was found bound hang prg a balcony in a mansion. days later that ceo's 6-year-old son died allegedly from a fall down the stairs. now new questions about exactly what happened in that house. bill: congratulations nasa. sort of a melancholy day. watching this program become historic in u.s. space exploration, the shuttle program is no longer, and be atlantis is back here on earth. ♪ muck challenge that with olay regenerist night elixir. its gentle glycolic formula resurfaces at night for the smooth skin of a light chemical peel. sleep ght. regenerist, from olay. bill: 22 minutes past the hour now. the war in libya continues, rebels gaining ground near moammar gadhafi's stronghold in the south. according to reports, rebel fighters captured a small village, considered one of gadhafi's regional power centers. >>> in texas the state education board set to consider supplemental scie

the key advisor was douglas holtz-eakin, former head of the c.b.o., who had no brief whatsoever for that proposal. please go ahead. mr. durbin: the second point i'd like to ask the senator from arizona, i think one of the real bedrock beliefs among republicans is that if you cut taxes particularly on the healthiest -- wealthiest people in america the economy will pros puss. didn't the debt of the united states double under the president and he left a shambles behind him? 2.3 million jobs lost in the first three months of president obama administration because of this failed economic policy which you continue to espouse, that if we cut taxes on the rich, america is going to get wealthier. haven't we tried it? where are the jobs? mr. mccain: could i take a little trip down memory lane with my friend from illinois who i had great privilege many years ago -- i don't know if i should mention the 1982 election, he and i came to the house of representatives together. you might recall that one of his own, then a democrat congressman from texas, got together with president reagan and guess what w

our first witness is douglas holtz-eakin. he's served as commissioner for the financial crisis inquiry commission from 2009 to 2011. and director of the congressional budget office from 2003 to 2005. dr. holtz-eakin received his ba from denison, and his phd in economics from princeton. welcome, dr. holtz-eakin, you have five minutes to present your system. >> thank you, chairman ellmers. i appreciate the chance to be here to talk about the affordable small act and employer sponsored insurance. you have my written testimony which i submitted for the record. let my make a couple of points. the first one is ultimately the ability of small businesses to offer insurance is on the health of those businesses and they are voting to grow. the affordable care act containing many provisions that i think are detrimental to small businesses. there are accidents, 3.8% investment tax is going to be a direct hit on small business. there are a large number of mandates and penalties and the regulatory implementation, i think, is daunting to any

. >> host: thank you for your time, douglas holtz-eakin. >> host: we'll look at the public financing of campaigns. particularly as we look at 2012. we'll be right back. >> host: our guest is meredith mcghee, the policy director for the campaign legal center. our topic for our last segment until 10:00 a look at public financing of presidential campaigns. meredith mcghee, how did the last campaign that we saw affect this campaign in terms of public financing? >> guest: well, i think you're certainly going to see that really no viable candidate is going to appropriate in the current system. as you know in the last campaign president obama opted out, raised an enormous amount of money that shocked everyone from both primaries and the yes or no. senator mccain did participate in the general to get the money. and i think in this campaign, because changes have not been made in the system that was financing presidential campaigns with the public financing, it really has become, to some degree, out of date and it's an understandable selection given that the system hasn't kept up with the chan