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donor nations which faced tough internal opposition party has been speaking to associate professor harold ford he's from the department of economics at the business school who told me earlier that the bailouts will only help protect big banks and. he won't solve anything in principle to live line. but it's a way of gaining time gaining time to implement more fiscal reform and it's certainly a relief to. a whole group of european banks really exposed to watergate and other debts believe that the level of debt in portugal is around eighty seven are you concerned that has historically been associated with frequent default so the question is are the politicians willing to accept national banks from a sovereign default what are you willing to sort of a big role please go. further with their arctic spirit and it seems to be you know the politicians are basically taken hostage at a bank. to bridge or play the lottery but with a recap of our main news stories about five minutes from now the meantime coming up next from all the latest business news we've kareena stay with us for that here in moscow. to

. >> yesterday, and the wall street journal the former democratic congressman harold ford, a good friend of mine asked whether gas prices are climbing the with any elected official call for new taxes on energy. the thought was a pretty interesting question coming from a democrat. in your testimony you say that changing important tax provision outside the context of corporate tax reform would achieve one unmistakable outcome. it would restrain domestic development and reduce tax revenues at a time when they are most needed. would you folks please elaborate on the negative economic consequences of the proposed selective tax increases that they would impose only on your industry and not the others? >> to the extent that taxes are increased, itmpacts the economic evaluations that we go through. we spend less oneepwater development. as to the extent of more onerous tax provisions are placed on us. >> anybody else care to comment? or do you agree? >> this business came up today. generally, all u.s.-based companies are entitled to a foreign tax credit based on foreign taxes that they paid. it w

mitch mcconnell, chuck schumer, and harold ford. 1:00 p.m., "this week."mer minnesota governor tim pawlenty, mitch daniels. fox -- "fox news sunday "errors again at 2:00 p.m. eastern. john mccain, alan west, and don edwards. 3:00 p.m., "state of the union." all right off. patty murray, the chairman of veterans affairs. finally, 4:00 p.m., open quote face the nation." face the nation." on the republican jobs plan, politics of medicare and campaign 2012. the five network talk shows begin at noon with "week to press," "this week," "fox news sunday," "face the nation," "in the washington d.c. area. tuna in on satellite radio, download as an iphone application, or listen anywhere at cspanradio.org. host: we want to introduce you to judd legum, the founder and editor of "think progress." also joining us, guy benson, political editor. thank you both for joining us. let me point you to a poll to start off with. taken by abc news, rankings rudy giuliani and others in the republican field as far as to how others are responding. rudy giuliani, sarah palin, mitt romne

. >> yesterday, in the "wall street journal" harold ford, a good friend of mine, he asked, "why when gas prices are climbing, would any elected official call for new taxes on energy?" that's an interesting question coming from a democrat. it's a good question. in your testimony you say that, "changing important tax provisions outside the context of broader corporate tax reform would achieve one unmistakable outcome. it would restrain domestic development and reduce tax revenues at a time when they are most needed." would you folks please elaborate on the negative economic consequences of the proposed selected or slebtive tax -- selective tax increases that the menendez bill poses on only your business and not other the others with similar tax expenditures or tax deductions? >> sure. certainly. to the extent that taxes are increased, it impacts the economic evaluations we go through and spend less. natural gas prices are low, costs more than doubled over the last few years to the extent more erroneous tax provisions are placed on us. that leads to less gas produced in this country. >>

. >> yesterday, and the wall street journal, the former democratic congressman harold ford, a good friend of mine asked whether gas prices are climbing the with any elected official call for new taxes on energy. the thought was a pretty interesting question coming from a democrat. in your testimony, you say that changing important tax provision outside the context of corporate tax reform would achieve one unmistakable outcome. it would restrain domestic development and reduce tax revenues at a time when they are most needed. would you folks please elaborate on the negative economic consequences of the proposed selective tax increases that they would impose only on your industry and not the others? >> to the extent that taxes are increased, it impacts the economic evaluations that we go through. we spend less on deepwater development. as to the extent of more onerous tax provisions are placed on us. >> anybody else care to comment? or do you agree? >> this business came up today. generally, all u.s.-based companies are entitled to a foreign tax credit based on foreign taxes that they paid.

consent to offer to the record an editorial in the "wall street journal" by former democratic member, harold ford, titled washington vs. energy security, even form president clinton called the obama administration's deepwater drilling policy ridiculous. the speaker pro tempore: without objection. mr. reed: at this time, mr. speaker, i would like to yield three minutes to my good friend from texas, mr. flores. the speaker pro tempore: the gentleman from texas, mr. flores, is recognized for three minutes. mr. flores: mr. speaker, i rise today in strong support of the rule and for h.r. 1231, the reversing president obama's offshore moratorium act. when gas prices hit $4 a gallon in the summer of 2008, coning and president bush lifted a decades old ban on drilling, allowing for exploration on both the atlantic and pacific coast. however these plans were postponed or canceled by the obama administration and we are now back in the same situation of high gas prices, squeezing the budgetings of american families and small business -- budgets of american families and small businesses. the facts are clear.

. >> yesterday, and the wall street journal the former democratic congressman harold ford, a good friend of mine asked whether gas prices are climbing the with any elected official call for new taxes on energy. the thought was a pretty interesting question coming from a democrat. in your testimony, you say tt changing important tax provision outside the context of corporate tax reform would achieve one unmistakable outcome. it would restrain domestic development and reduce tax revenues at a time when they are most needed. would you folks please elaborate on t negative economic consequences of the proposed selective tax increases that they would impose only on your industry and not the others? >> to the extent that taxes are increased, it impacts the economic evaluations that we go through. we spend les on deepwater development. as to the extent of more onerous tax provisions are placed on us. >> anybody else care to comment? or do you agree? >> this business came up today. generally, all u.s.-based companies are entitled to a foreign tax credit based on foreign taxes at they paid. it wou