our current forecast of economic conditions is not much different from our previous economic forecast in january. unfortunately, this is a case where no news is not good news. the country faces serious budget problems and serious economic problems. let me summarize the key points of that report, and then my colleagues and i will be happy to answer your questions. i will begin with our outlook for the budget and then turn to our outlook for the economy. for fiscal year 2010, we estimate the federal budget deficit will be about $1.30 trillion. that is 7 $1 billn below last ye's total and $27 billion below our estate in march. relative to the size of the economy, this year's deficit is expected to be the second largest shortfall in 65 years. at 9.1of gdp, is exceeded only by last year's deficit of 9.9% of gdp. as was the case last, this year's deficit is attributable in large part to the weak revenues and elevated spending that occurred automatically because of the financial crisis and recession. as well as the policy responses adopted. for the period from 2011 to 2020, it is assumed as

growth and economic strength. some suggest we should hold the tax cuts of the middle class hostage until congress and extends the tax cuts for the top 2% and permanently repeals the estate tax. that would be a mistake, in my judgment. the middle-class tax cuts are not extended, americans will face a sharp increase in taxes and a sharp fall in disposable income per this would be irresponsible and it would be unfair especially given the fact that so many americans are still suffering through the effects of what we learned last week in the gdp numbers was the worst recession in postwar history. allowing the tax cuts for 98% of americans would slow recovery. others suggest we led by extending -- we delay by extending the tax cuts for one year or so. the world will view any temporary extension as a prelude to a long-term or permanent extension. that would scare economic recovery by undermining confidence that we're prepared to make a commitment today to bring down our future deficits. fiscal discipline requires hard ch

i am director for economic and work force development. i am happy to answer any particular questions that the committee has about any of these four items. i can speak breafl to each of them and then take questions or comments you might have? supervisor maxwell: why don't you do that? >> the first is an accept and expend asking the committee to allow us authorization to continue contracts we have with young community developers to provide retail skills training and recruitment for the lowe's facility in bayview hunter's point. the second item is a grant with san francisco works commrks is the non-profit arm of the chamber of commerce through the wal-mart foundation to fund our new green skills academy, which is a training program for back office jobs as well as fuller installation and energy efficiency that we have begun this past summer. supervisor maxwell: back office jobs? >> this is actually a new area for us. in conversations with many of the solar installers and energy efficiency providers in the city, they have told us that they hav

of economic turnaround is that the right strategy is i just populism or is it something or something to it the rich should pay more because they have more. well peter let me just start by saying that i think that if you want to talk about tax policy you need to start by talking about budget policy in two thousand and ten we're in a situation where we have mounting deficits looking forward that are on an unprecedented proportion or the next ten years if we stay the current course will have about eleven trillion dollars in deficits this is an incredible problem the only get worse now the solution to this problem lies both in decrease spending and also increase taxes so about your question about whether or not the rich should pay more the answer is simply everyone needs a pay more taxes in two thousand and ten are lower than they've been in sixty years were to situation now where we definitely to cut spending but there is some room to raise taxes as well ok got if i can go to you everybody should pay more but that's maybe a good idea but it's politically at this point in time a lot of p

in the longer-term that debt will limit our economic growth. but apparently the republican leader and his colleagues are willing to risk our future economic growth in order to permanently extend that portion of the bush tax cut but does to the wealthiest 2% in our country. the non-partisan tax policy center estimates the 96% of that $680 billion will go to the 923,000 households that make over $500,000 a year. and under that plan, next year households making over $1 million would receive an average tax cut of $103,000. the notion that we need to permanently extend these deficits-busting tax cuts for the top 2% in order to grow the economy has been flatly disprove in by the record of the eight years of the bush administration. after all, they enacted the tax cuts for the folks at the top in 2001 and 2003, and at the end of that period, the economy had lost over 630,000 private-sector jobs. and yet here they are once again proposing to redo in go back to the same old policy. they should not be allowed to hold tax relief for 98% of the american pe

next peter lavelle presents our debate show crosstalk in this edition he asks if during the global economic slowdown it's time that the rich started paying their fair share in taxes it's coming up on our t.v. . q. hello and welcome to cross talk i'm peter lavelle does the world need the return of robin hood should the rich be taxed more for the benefit of everyone else and what kind of global financial system is necessary that goes beyond protecting and enriching individuals and banks. to. discuss whether tax that taxing the rich would help i'm joined by benjamin harrison he's a senior research associate at the economic studies program at the brookings institution and we have scott hodge he's the president of the tax foundation and curtis do bay he's a senior policy analyst at the heritage foundation and another member of our cross talk team on the hunger all right benjamin if i can go to you first and then a number of states in the u.s. and a number of countries in the european union and elsewhere are in acting or trying to enact millionaires taxes soak the rich make them pay during this t

the next stage, the next step will be economic government of the 27th. whenever is necessary -- whatever is necessary, meetings will take place in the eurozone. only a few months ago, the words european economic governance were taboo. today, europe recognizes that a true european become a governance is necessary and even essential. -- european economic governance is necessary and even essential. france and germany have made ambitious proposals that were submitted at the council of ministers meeting. in october, the european commission will take the necessary decisions on the basis of proposals. but it cannot be limited to economic issues, however important they may be. there are also issues of security and defense. we will not defend europe with procedures and the talents of paper. to defend our vital interests, we have nuclear deterrence. in the face of new challenges, the europeans are lagging behind. they should also participate in ensuring the security of the sea is essential to our trade, the security of space, and now the security of cyberspace. fr

globalization we are dealing with techno economic systems that are de facto global they are not about to ring nationalize anytime soon i agree with that where i disagree and here i am closer to what you were saying rodney that is the whole issue of how it affects you know questions of income distribution. advantages disadvantages for the losers i do think that number one crises is built into finance it's just part so we shouldn't be shocked if we see we have a financial crisis we have had since the 1980's five major crises and about seventy what are called country adjustment crises but they're all crises the question then is is there a difference in the current crisis and i see a difference and and here i divert i think from him and his evaluation it is the following to keep this system going at the highest levels i don't mean the poverty you know that's easy to keep that going i mean to keep the sort of the heart of this global corporate economy going and the high finance system that we have it means more and more extract of taxes from citizens all over the seven hundred billion fund

in this edition the all six if you're in the global economic slowdown it's time the rich paying their fair share of taxes. hungry for the full story we've got it first hand the biggest issues get a human voice face to face with the news makers on. every month we give you the future we help you understand how i get there and what tomorrow brings the best in science and technology from across russia and around the world to join us for technology update on our g. q. hello and welcome to cross talk i'm peter lavelle does the world need the return of robin hood should the rich be taxed more for the benefit of everyone else and what kind of global financial system is necessary that goes beyond protecting and enriching individuals and banks. and you can. discuss whether tax that taxing the rich would help i'm joined by benjamin harrison he's a senior research associate at the economic studies program at the brookings institution and we have scott hodge he's the president of the tax foundation and curtis do bay he's a senior policy analyst at the heritage foundation and another member of our

we are marking the economic development of this part of san francisco and marketing at the economic developmentf san francisco for the next 30 or 40 years. that means tens of thousands of jobs and all kinds of infrastructure improvements. if that was not enough from the budget to the hunters point deal, we were also an extraordinarily proud to have had speaker nancy policy out here, senator barbara boxer out here, and countless others celebrate our groundbreaking at the terminal. we will be developing a world- class grand central station on the west coast of the west coast. i call it a grander station. it is a new intermodal facility creating a regional transit hub. 11 transit agencies will feed in from 88 area counties into this world class hub. there will be ground-floor retail. there will be 2600 new units of housing. 30% of them will be available below market. there will be the ability ultimately to connect the high- speed rail from san francisco to l.a. and ultimately down to anaheim and eventually to sacramento. to have the key terminus there at the terminal. the speaker was there. she ha

mosque near ground zero and will split opinion some say it was just too late drawing attention to his economic struggle. prodigal prince the self-proclaimed oil seeks to fix the russian president from the kremlin saying it's his good points to move the country. but next people develop present debates crosstalk. hungry for the full story we've got it first the biggest issues get a human voice face to face with the news makers. and you can. follow in welcome to cross talk i'm peter lavelle does the world need the return of robin hood should the rich be taxed more for the benefit of everyone else and what kind of global financial system is necessary to goes beyond protecting and enriching individuals and banks. and you can. discuss whether taxes taxing the rich would help i'm joined by benjamin harris he's a senior research associate at the economic studies program at the brookings institution and we have scott hodge he's the president of the tax foundation and curtis do bay he's a senior policy analyst at the heritage foundation and another member of our cross talk team on the hunger all right b

committee -- part of the outreach and economic committee because we're looking at the economics of small business in relationship to -- vice president clyde: ok, all right. ok. executive director dick-endrizzi: to the citi. vice president clyde: ok. i'll be back. president riley: ok. so. no more discussion. do you have enough to work on? executive director dick-endrizzi: i think we have a very good idea in terms of the final draft. i mean, the final statement from the small business commission to the board of supervisors. president riley: great. next item, please. >> thank you. commissioners, we are on eye indemnify number seven, discussion of possible actions to make recommendations to the board of supervisors on board of supervisors file number 100963, healthy nail salon recognition program. this is an ordinance admitting the code fighting chapter 27, sections 27.1 through sections 27.6, to create a program to recognize nail salons that use nail polishes free of toxic chemicals. commissioners, the legislation and policy committee met on august 2 and recommended that the small business

not the total economic impact. just to show the final chart here, we still project that the changes between, in this case zero jobs and 20 jobs each year, i would say that the point of view of precision in the model of neutral economic impacts, hire public-sector spending through the result of expanded revenue, which has an impact on public sector employment and private-sector contractors that work for the city and those businesses supported by city employees and their wages. on the other hand we have the employment impact of reduced spending in restaurants, bars, liquor stores, grocery stores, and the rest of the private sector. the point was made that our assumptions about the pricing in san francisco and what consumers are willing to do in the change in prices is too small. based on national outside research it basically said how much does consumption change when you change the price? the price was made, -- the point was made, and it is a fair point, but that price sensitivity could be significantly higher becau

the navy's charge is to dispose of property in a manner that promotes economic development. that has been done. the transfer of treasure island is a win for san francisco. it is a win for the state of california, a win for the united states navy, and a win for the american taxpayers who paid for this base and all the infrastructure that was here. because of this transfer, the american taxpayer gets fair market value for treasure island. because of this transfer, hundreds of millions of dollars of economic development will flow into the city of san francisco and into this whole area, and because of this transfer, treasure island will bring thousands of great jobs right here. first, as new buildings are built, and then, as this island more and more and this new development becomes an ongoing an integral part to the city of san francisco. for our part, the mayor said the navy is going to get significant rewards by sharing a portion of the revenues, which could in turn be used to make sure that our sailors and marines have the tools that they need to do the mission that they are

for them to go out there and well this message this economic message how come it doesn't filter out to other groups that are pressuring various other. transgressors if you will who are who are who are destroying the environment you this very simple economic message back home nobody else seems to get it captain paul watson i'm not really sure but i have found over the years that the most successful approaches is the economic one with the canadian seal hunt with the eagle fishing operations we intervene we cut their profits in the galapagos for instance we see these two hundred thousand shark fins we busted the shark fin mafia wide open and expose the corruption down there that supports it and it's cost them a lot of money and which a pair and i think the only reason the whaling fleet continues to survive is because of massive subsidies by the japanese government but there are well over one hundred fifty million dollars in debt and subsidies to japan right now i don't know how much longer japan will continue to subsidize them but we're going to keep that kind of pressure on it's a one

what i call the politics and economics of extinction so there you are on the front line battling the the war that really is the only war against the only terrorists and these are the terrorists that are destroying life on planet earth and you're scoring some some wins in some some battles in the winning column the will war show of course hugely popular the nisshin maru collision was one of the boats was that the cliffhanger of this season and what we look forward to next season is or what school it's coming can you give us a little teaser of what you want to expect on january sixth earlier this year the vessel the audi giller fast interceptor vessel was deliberately hit it was rammed by the shoulder moderate number two one of the harpoon vessels was cut in half and sunk almost killed six of our people is that marco remarkable that nobody was was injured so we lost a three million dollars vessel what's amazing about this is the captain of the shona moderate number two has not been questioned by anybody and i don't know of a case in maritime history where ship has been struck even acci

president obmama says his economic team is working to find new ways to get the economy moving. he says congress can help create jobs by passing a $30 billion bill to boost lending to small businesses. >> it would help them get the credit they need and eliminate capital gains taxes on key investments so they have more incentive to invest right now. and, it would accelerate $55 billion of tax relief to encourage american businesses, small and large, to expand their investments over the next 14 months. >> tom: that jobs bill was blocked by senate republicans, worried about its cost. before the president's comments, house minority leader john boehner again called for the president to fire his economic team. boehner also said keeping the bush tax cuts would help the nation's small businesses create jobs. >> susie: still ahead, it's been five years since hurricane katrina devastated new orleans. we talk economic revival with tulane university's peter ricchiuti. >> tom: hewlett-packard wants to own more of its stock. h.p.'s board today boosted its share buyback program by $10 billion.

failures unemployment individual bankruptcies and then finally economic chaos so us terry therefore it was not a good idea andres it's not a good idea probably anywhere in the world in this type of environment which has been victimized by banking fraud and predatory bankers who ran up the guts stole the money so in response they're going to impose austerity on the people actually just to pay for the banker bonuses not to help the people well all the measures being done around the world from austerity measures to quantitative easing are usually employed right about at the economic chaos juncture right when you're erupting into a giant revolution and in fact the der spiegel article does quote a man who i can't pronounce his name so i won't say it. but he's an unemployed dock worker and he says the only thing that interests me anymore is my daily wage a loaf of bread is my political party if you take away my family's bread i'll take you down the government needs to know that well it's indentured servitude and subsistence toiling in the in the fields. the neo feudal economy we hope from

let me suggest that from an economic point of view, the economic center of iran is from oil. all their oil goes for one pumping station. >> anyone else? ok, i guess we will have to close this. we will leave many other questions and issues for our next seminar. one contributing factor that not only would it but will encourage escalation of terrorism as well as perhaps an all-out war is the ethnic and racial and religious intolerance that we see the escalation of education in hatred, propaganda, psychological warfare, if you will, and the use of the internet in order to bring about hatred, misunderstanding, and violence in the region and clearly the arms proliferation on the conventional and unconventional level, the so- called aspiring nations to become superpowers that we seek in the region. it seems to me that unfortunately we will have to deal with these issues not only next year or in 10 years but decades to come. the young children of today who are in the region prepare themselves to become the next generation of terrorists. incidentally mr. embassador, just as a footnote

economic recovery. there's new research casting doubt on the government's belief that oil spilled in the b.p. disaster is dissipating quickly. instead, scientists have confirmed the existence of a huge plume of dispersed oil deep in the gulf of mexico. they're worried it could be there for years. and, mortgage rates hit another new low, 4.42% on a 30-year, fixed-rate loan. it's the eighth time in nine weeks rates have dropped. >> susie: still ahead, bond rates tumble again. the yield on the ten-year treasury drops as investors pile into bonds. tonight's "market focus" looks at how close we are to a new record. >> tom: planning for better times was clearly on the minds at intel. the giant semiconductor company ponying up $7.7 billion in cash to buy mcafee, the big computer security firm. intel's offer was a 60% premium for mcafee shareholders. does it make sense? our scott gurvey reports. >> reporter: intel's deal for mcafee surprised both wall street and silicon valley. intel shareholders' reaction was

>> i have not done a complete economic analysis. i would say, however, that the way that the current legislation is designed, being that falls on the wholesaler, it is up to the wholesaler to pass on the cost. they will not care about the size of the retail business. supervisor mirkarimi: from an economic perspective, we are a healthy city. one of the top in the united states. probably one of the happiest cities by those that were polled. probably one of the most beautiful cities in the united states. so, you are thinking that with all of those variables lined up, we can absorb this? of >> i would not want to say anything of that level of generality. we think that it will impact business and consumer spending. we think that the expansion of the city's budget has proportional economic impact. at the maximum and in the original legislation we have maybe $20 million fee that is brought down war in the neighborhood of $40,000,000.14999999 dollars. not likely to have a decisive impact citywide. which is not to say it will not impact some

that group cites the strong economic recovery in germany. the organization recently raised the economic growth forecast to to 3.4%, and it expects small and middle-sized businesses to lead the way in job creation. well, stocks in europe have closed on monday. we have this report from the frankfurt stock exchange. >> many shares gaining, but there is new banking legislation coming in germany, and it will probably be that the state could transfer its sign the partnership into equity. what does that mean? that means that in order to get money back, the state could just create a whole lot of new shares. that would water down the investment of the present shareholders, so the shares are going down. those shares suffered under the nervousness that exists at the moment about the growth of the economy in the united states, the main worry here at the moment. >> and let's take a look at some of the numbers. first of all, looking in frankfurt, where the dax closed at 6010, the euro is up. -- the u.s. stocks is up. -- the euro stoxx is up. moving on, th