host: our current desk jon hilsenrath,, road -- our current guests jon hilsenrath, -- our current guestjon hilsenrath, what is the take away benefits -- what is the take away? guest: that american corporations are doing well. they are doing well in part because they focused so intently and expanded so aggressively overseas over the last 10 to 20 years. many of these profits are coming from outside the united states. this is a double-edged sword. partially because they went out to hiring in places like america. what good is that doing us? that is income coming into american companies in helping to hold up stock companies. so, it does benefit the u.s. economy in that respect. there is a lesson to be learned from this. american corporations are doing well because they took a global view a long time ago. i think that that is what we have to think about for the broader economy. making it more globally competitive. the profits have been the strongest we have ever seen in a recovery. how will it become more globally oriented, competitive, and capable? guest: compared to what we just showed wit

stands adjourned until >> "washington journal" continues.gton journal" host: we are back live jon hilsenrath of "the wall street journal." taking a look at this week's economic rebound, that is what the- taking a look at weak economic rebound. here is the headline from "the wall street journal" this morning, "companies bracing for the fall." guest: american companies are operating in a very >> they have already been disappointed by what happened in the first half of the year. i've been talking to companies in the last few days. i'm winnebago industries, a rv company, that was expected to have good spending in the first half. this didn't happen. they are back to deciding whether or not to cut back on that. what they don't want right now is uncertainty. that's what we are getting. >> host: you see the ups chief in todays "financial times" the small and mid sized companies that would be using his are pulling back. they are not sure. >> guest: right. this is largely, i think, because of the uncertainty they face. default, downgrade, you never now how investors are going to react. ironically what

host: jon hilsenrath, thank you so much for your time this morning. that is it for today. the house is about to come into session. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] signed, john boehner, speaker of the house of representatives. the speaker pro tempore: pursuant to the order of the house of january 5, 2011, the chair will now recognize members from lists submitted by the majority and minority leaders for morning hour debate. the chair will alternate recognition between the parties with each party limited to one hour and each member other than the majority and minority leaders and the minority whip limited to five minutes each, but in no event shall debate continue beyond 11:50 a.m. the chair at this time recognizes the gentleman from oregon, mr. defazio, for five minutes. mr. defazio: well, this week we've just disproven two items of republican orthodoxy and that is corporations don't pay taxes, only individuals pay taxes. and tax cuts create jobs. what am i talking about? well, last friday the a