the state and this is primarily the surface transportation program which is the most flexible source of federal funding under the federal transportation bill. there is also a working group and maybe mark can speak to this if you have any other questions. but the working group that is working with ctc and cal tran staff and also local grups across the country. i am sorry across it is state. vta are local representatives working on this bill. working on this strategy, rather. which will likely result in bills being introduced either to deal with funding through december for... to fund half of the year's worth of a program with 50/50 to the state and regions or to fund a year to two-thirds to the region and one-third to the state or something in between. so stay tuned. >> this conversation that is happening at the state level will also impact how the funds that you see on the screen in front of you get distributed to the metropolitan planning organizations including mtc. so you will see that the over all funding that is anticipated to the bay area under map 21, is down for the surface transportation program and also the congestion, mitigation

the primary issue to point out with map 21, is that it is a two-year bill and it does not fundamentally change federal transportation policy. you can see from the picture on the slide in the corner, that it is illustrative of the politics of the bill. this is president obama at the signing of the bill and you see representatives of teachers unions and the u.s. department of education is also in this picture and arny duncan because it included provisions on college loan interest

and i am going to give you an introduction to map 21, which is the federal transportation bill that replaces safety will lieu. >> i am going to go over both and i am going to talk about the major reforms including the expansion of transportation alternatives and project delivery along with the impacts of the transit systems in san francisco. >> so, map 21 is on the 600-page bill, folks are still combing through the pages to determine what is exactly in the bill. so there are some changes that we will see that we might not even recognize until the end of the 24-month life of the bill. the major reforms were primarily driven by the house transportation and infrastructure committee chair. representative john mika and the senate environment and the committee chair barbara boxer. michael was focused on delivery reforms and boxer, innovative financing and those are the key points that you will see in the bill itself. president obama signed it into law in july. and back in june, i don't think that anybody was expecting that we would actually see this bill come to fruition. but within a couple of we

transportation bill. they are more one-time opportunities that we look forward to to help support those. >> can you show what federalallocation from ta to mt last year? we have replacement doors then there was something in the wheel base as well. what was -- >> i don't have the specifics about that, but i believe those were for trolley coaches. the trolley coach fleet in particular, which had our lowest mien distance between failure, an industry standard in how reliable your fleet is operating. our trolley coach fleet was significantly below the standard we had set for ourselves. >> i would like to make sure as we were managing our fleet looking forward that we don't have other emergency allocations moving forward. i think that is something that as we are working on updating the fleet plan, the managed fleet plan, that we work hard to take that into consideration. some of the things we probably didn't fund because we made the allocation from the t.a. last year. >> thank you. the last -- at the bottom here it also shows the expansion needs for all of the modes based on that 220 vehicles. about 580 million. largely dr

a contributor to the dow transports rally recently, federal express, up for the second day in a row on the news of its massive cost-cutting plan. bill, back to you. >> bulls take a little comfort from transports outperforming right now. thank you very much. with the fiscal cliff looming larger every day, the co-chair of the national commission on fiscal responsibility is sounding a huge warning. >> we have $7.7 trillion worth of economic events that are going to hit america in the gut in december. in washington, they're doing nothing about it. >> it's our block buster exclusive just ahead. >> keep it right here. we have that and a whole lot more heading your way on this special thursday edition of the "closing bell." >>> coming up, ipo no go? why are companies suddenly hesitant to commit to going public? we break down the reasons straight ahead. >>> and foreclosures hit a five-year low, so why aren't some real estate pros celebrating? we get a realty check on why these numbers might not be as bullish for housing as some think. >>> plus -- >> sugar, sugar, i want to make you happy. >> bear facts. why is a prominent madison avenue ad

the federal reserve, the fbi says that thieves took a large amount of newly designed $100 bills that were headed for a destination in new jersey. there was to be a stopover in new jersey, a transportery was missing after the cargo reached new jersey. >>> and candidates hard at work getting ready. president obama heading for williamsburg, virginia today for some intense debate preparati preparations. and meanwhile, mitt romney is holding a rally, the second of the day. meanwhile, live pictures of romney there at the podium. but he spent a couple of hours this morning getting ready for the debate. and this is a live shot here, another one from downtown los angeles, that is space shuttle "endeavour," of course. doesn't it look weird on the stre streets. and you don't want to get stuck behind this in traffic, going slower than average walking speed. destination, across to the california science center across from l.a.x. >>> and this may be a first, a mother super glues her daughter's hands to the wall. we'll tell you how much prison time she is going to get. but first this. >>> well, when it comes to your 401(k), how would you describe yourself? christine romans has advice on what to do

federal money into arizona. how do you respond? >> most of the earmarks, in the transportation bill.that had 6300 earmarks, including the bridge to nowhere. arizona has been short of for a long time in our transportation largely because of the earmarks, because delegations from donor states will say, we will take a lower formal amount in exchange for a few goodies -- earmarks. that has meant that arizona has only got 90 cents on the dollar rather than $1 for $1. now we're marks are gone and the next authorization bill, arizona will get 95 cents on the dollar. that will mean hundreds of millions of dollars more for the state and a flexible manner. arizona is far better off. >> let's look at this. the fact of the matter is that all the remarks are not poor. there are necessities the federal government can provide. the congressman has been in congress for 12 years. he has had this ideological streak. it accounts for less than 1% of the budget. it is almost insignificant. his colleagues have figured out other ways to circumvent this. what we are talking about a smart investment in our co

federal money into arizona. how do you respond? >> most of the earmarks, in the transportation bill.that had 6300 earmarks, including the bridge to nowhere. arizona has been short of for a long time in our transportation largely because of the earmarks, because delegations from donor states will say, we will take a lower formal amount in exchange for a few goodies -- earmarks. that has meant that arizona has only got 90 cents on the dollar rather than $1 for $1. now we're marks are gone and the next authorization bill, arizona will get 95 cents on the dollar. that will mean hundreds of millions of dollars more for the state and a flexible manner. arizona is far better off. >> let's look at this. the fact of the matter is that all the remarks are not poor. there are necessities the federal government can provide. the congressman has been in congress for 12 years. he has had this ideological streak. it accounts for less than 1% of the budget. it is almost insignificant. his colleagues have figured out other ways to circumvent this. what we are talking about a smart investment in our co

federal money into arizona. how do you respond? >> most of the earmarks, in the transportation bill.that had 6300 earmarks, including the bridge to nowhere. arizona has been short of for a long time in our transportation largely because of the earmarks, because delegations from donor states will say, we will take a lower formal amount in exchange for a few goodies -- earmarks. that has meant that arizona has only got 90 cents on the dollar rather than $1 for $1. now we're marks are gone and the next authorization bill, arizona will get 95 cents on the dollar. that will mean hundreds of millions of dollars more for the state and a flexible manner. arizona is far better off. >> let's look at this. the fact of the matter is that all the remarks are not poor. there are necessities the federal government can provide. the congressman has been in congress for 12 years. he has had this ideological streak. it accounts for less than 1% of the budget. it is almost insignificant. his colleagues have figured out other ways to circumvent this. what we are talking about a smart investment in our co

billings. that includes $230 in whole $49 millionan and an ambulance-transportation fraud. thanks to the outstanding work of federalhorities and the assistance of our state and local partners, most of these individuals have been arrested or have been -- or have surrendered. charges include health care fraud, conspiracy to commit health care fraud, wire fraud, violations of the anti-kickback issues, identity theft, and money laundering. these charges are based on fraudulent activities involving treatment and services that were medically unnecessary or, in some cases, never actually rendered, ranging from home health care and mental health services to psychotherapy, physical and occupational therapy, durable medical equipment services, and the largest ambulance a fraud scheme ever prosecuted by the medicare fraud strike force. such activity not only siphons taxpayer resources, drive up costs and jeopardized the strength of the medicare program, they also victimize the most vulnerable members of our society, including the elderly, disabled, and impoverished americans. unfortunately, we allege many of those charged not

federal reserve. they say a large amount of newly designed 100 dollar bills were bound for a fed facility in new jersey. the money was being transporteday from dallas with a stopover in philadelphia. after the cargo reached new jersey, the courier noticed some of it was missing. the fbi won't say how much was taken, only that it was substantial. >>> and rocker eric clapton made gold and platinum records, but yesterday, a painting from his private collection broke a sales record. the abstract work by german painter sold for more than $34 million at sotheby's in london. the auction house says it's the highest price ever for a work by a living artist. the old record was $28.6 million. >> where can you find superheroes, zombies, and movie stars all in one creepy kind of place? there it is right there. comic-con in flonew york. that's gray drake, always getting into character for a good segment. she'll be joining us right after this, and friends, too. or geico...as most of you know it. ...i propose savings for everyone! i'm talking hundreds here... and furthermore.. newcaster: breaking news. the gecko is demanding free pudding. and politic

federal deficit and said that. on the mind of many voters. what three specific cuts would you oppose and support? latham: with my a bill with transportationargest percentage cut of any appropriation bills bills, over $4 billion. more importantly long-term i have a bill called the last government act to apply proven private sector management tools to the federal government for efficiency. we could reduce 25% of the administering the programs be much more efficient, this would be better to cut the deficit and then national debt than the individual programs. there is no incentive for efficiency with the federal government. boswell: for a specific i am a longtime soldier. i believe in a strong defense but we pay more for defense then all the countries of the world. we have to address that. the secretary of defense recommended that. secretary gates. i am on the eisenhower commission. he gave us instructions and about the military industrial complex. it needs to be a broad band. reroute of flak. strong defense absolutely. that is a place to start to bond excuse me. the pentagon is on schedule $4,307,000,000,000 of reductions right now. admiral

transportation. the federal transit thi administration does not make the decisions about these things, except for a few programs like the new start program. hopefully, we have moved away from your marks. -- earmarks. in the previous bill contained 6500 earmarks. congress made the decisions and it depended on seniority and power as far as to which program -- which projects got funded. host: another question -- how, and all of this work better based on -- how can all of this work better based on your experience? guest: we need improvement in the capital programming process. the metropolitan planning agency, whether in chicago or iowa, is making decisions about how the federal money will be used. it should be required under federal law to develop comprehensive strategic plans and programs and prioritize and target and show that the projects in which they are investing both work with each other in a way that lends weight. two plus two equals five. we have said rigorously that the federal government should be very per script if about what the money is used for, but how the -- very prescriptive about what the money is used for. but how the money is used, that is at the local level. i think that is one of the most important