tokyo and eight prefectures accounted for about forty percent of the country's g.d.p. local automakers electronics and refiners have shut their. key factor is sent to a nice and honda reported damage to more than a dozen plants and facilities so only also has suspended production at eight plants and japanese automakers have tronics farms and all refineries their share prices drop by double digit percentages. and we can say that also showed on monday over six hundred points or more than six percent and investors expect the earthquake and tsunami to take a toll on the economy and require significant government and also. says that its injection of record one hundred eighty three billion dollars into money markets to stabilize the financial system all ports have also been closed with warnings of aftershocks to come and moral the crisis at the damaged nuclear plants north talk is threatening to cause an energy squeeze that all sectors of japan's economy oil prices which fell by three percent on friday are likely to continue falling this week japan is one of the world's largest im

g.d.p. and local authorities. are saying. local. electronics forums and makers and world refineries have shut their businesses only has suspended production plant. eight plants. japanese or to me because all these companies saw their share prices drop by double digit percentages and all ports have been closed and warnings of aftershocks become more about the crisis damaged nuclear plants north talk who is threatening to cause an emergency squeeze that could. all sectors of japan's economy and japanese stalks fell six percent on monday as investors expect the or quake and tsunami to take a toll on the army and require significant. central. it doesn't jump to a record one hundred thirty three billion dollars into money markets to stabilize the financial systems world prices which fell by three percent on friday are likely to continue falling this week and world demand is likely to drop as industrial activity falters more in august i will your for that update on the economic impact of the a disaster thank you. well as the situation at

g.d.p. and local. forums and oil refineries have shut key factors and saw their share prices drop by double digit percentages toyota nissan honda accord. to more than a dozen plants and facilities and sony has suspended production at eight plants and showed over six hundred points a little than six percent of monday's investors expected the earthquake to take a toll on the economy and definitely requires significant government during and japan's central bank says it is injecting injection a record one hundred eighty three billion dollars into the. money market has destabilized the financial system all ports have been closed warnings of aftershocks to come and more when the crisis a nuclear plant is threatening to cause and issues for. all sectors of the country's economy while prices which already fell by three percent on friday are likely to continue following this we're going to punish one of the world's largest importers with oil the demand is likely to drop as activity falters we'll have more on th

g.d.p., its manufacturing footprint looms large. toyota, knee nissan, honda, sony and other makers have been forced to suspend production in the wake of disaster. tokyo electric power's crippled nuclear power plant not only terrified local residents but triggered an energy shortage so severe that tokyo metropolitan areas are being forced to ration electricity. tokyo's trains are running slow or not at all. workers at many firms are being asked to stay home. long lines are forming at gas stations. tokyo's normally bustling streets are early quiet. japan will be counting on a massive rebuilding effort to help it bounce back just as it did after the last traumatic quake in kobe 16 years ago. lucy craft, cbs news, tokyo. >> couric: by the way, we mentioned on friday that lucy was having trouble contacting her 17-year-old son who was away at school in sendai. we're very happy to tell you that lucy got in contact with him over the weekend and he's fine. meanwhile, the head of the u.n.'s atomic energy agency said today the japanese nuclear emergency is not yet as severe as the three mile island accident in pennsylvania in 1979. to understand what went wrong at fukushima and what dangers still exist there, you need to know how

and as a result of the stimulus and the subsidies to state and local governments, that accounts for a larger share of d. -- g.d.p than it did a few years ago. is it to be that because of that g.d.p. is a less meaningful measure of our economic health than it was even two years ago and perhaps that could explain part of the disconnect between g.d.p. and unemployment? >> that's interesting, i haven't looked at the data so i don't know the answer. i would just need to try to figure out the magnitude of the shift sufficient to explain it. i wouldn't think that the magnitudes of what share of the economy is, say, education, would have changed that dramatically over two-year period, that it would break down the law so significantly. but it might. it's worth looking at that. >> outside of this room, are we going to have an endorsement by the president of the president's own commission on productivity and growth chaired by simpson and bowles? the state of the union in particular, absolutely quiet. >> i don't agree with that. it absolutely was not quiet. >> maybe not absolutely. but -- [laughter] are we going to have a m

local governments across the country. if we continue on the track that we're on, right now gross domestic product, rather our debt as a percentage of g.d.p. has climbed up to 65%, i'm told, 65%. our debt is a percentage of g.d.p. last time it was that high was the end of world war ii. it was the only time it's been that high, 65%. and other countries that get in that kind of territory like greece and ireland, that's not smart, and they found out the hard way. we need to learn from them, and this is the time to do it. it requires all of us to stand up and do what we know we need to do, sharing in the sacrifice, everything on the table, use the deficit commission as a good role model. ask the executive branch to provide the leadership that they need to provide. i think my time has expired, mr. president. with that, i will note the absence -- no, i take it back. i note the presence of a senator from kentucky who is biding his time so that he can take the floor, but my time has expired. i yield to the gentleman from kentucky if he wants to proceed. the presiding officer: the senator from kentucky is recognized. mr. paul: we are discussing an