adam: maybe this is why detroit will be bankrupt, nearl half the property owners, half, are not payinges. can it be saved in what about other cities in the country? two men oknow best. plus, the u.s. wants to go mono-o-mono on nuclear talks, but pakistan could be iran's saving grace from brutal sanctions straight ahead. ♪ ♪ adam: mismanagement in mo-town. they are in a state of financial emergency, with, quote, no satisfactory plan to resolve the situation. it probably doesn't help that a new report shows nearly half of all property owners there never paid their taxes in 2011 so detroit is headed for default, and this is a situation that is happening more and more facing other municipalities, but are there any lessons that other citi can learn to avoid economic crisis? here to help us answer the question, sort this out, two experts in the area, former new york state lieutenant governor who knows about urban economis, saved the mta years ago here in new york city, and ohio congressman and fox news contributor, dennis, dealt with a similar situation as a mayor of cleveland, a city i love

arbitrary destructive budget cuts, cuts that economists tell us will damage our fragile economy and cost nearl nearly oe million jobs. madam president, this is a shame, and it's shameful. this is yet another self-flicted wound to our economy. and it's completely unnecessary. for months president obama and democrats in congress have urged republicans to join with us in negotianegotiating a balanced pe -- a balanced package -- of spending cuts and riff knew increases to -- and revenue increases to head off this sequester. regrettably, we have run up against the same old response from our republican colleagues. obstruction, obstruction, obstruction. an adamant refusal to compromise. they reject the very idea of a balanced approach, insisting that all deficit reduction must come exclusively from cuts to spending and investment, and since they have not gotten their way, they are now willing to allow all the destructive impacts of the sequester to happen. think about it, because it really is breathtaking. republicans would rather allow our economy to lose up to a million jobs than to close a tax loo

he is the first pope to r nearl. >> gretchen: greg palkot live in london for us with all the latest details. shocking news coming in the past two hours or so from the vatican. word that 85-year-old pope benedict xvi will be resigning by the end of the month, specifically on february 28. less than eight years into his papacy. he said in a statement which he released today that he didn't have the strength to fulfill the duties of the office. he said he was aware of the seriousness of this act, but he did it in full freedom. he specifically said that his strength deteriorated in the last few months and that his advanced age pointed to an incapacity to inadequately fulfill the mission of the pope of the all this sets autopsy conclave, election of cardinals for the new pope. that according to the vatican this morning, is by mid march. they say there will be a new pope probably by easter. that is march 31. a half hour ago, you spoke to my old colleague, greg burke. he is now senior media advisor in the vatican. he said he was surprised like a lot of people were this morning. but that he said he s