david: back to peter barnes. more from treasury secretary jack lew. peter? >> that's right, david. these budget negotiations will have an impact one way or the other, good or bad, on america's aaa credit rating, which, standard & poor's cut two years ago because of all these budget dysfunction. so i asked him if we will get it back? take a listen. >> i'm not going to comment on what ratings agencies might or might not do. >> why? >> what we have to focus on whether the economic challenges we face and why. we need to do a number of things. we need to take steps to have an economy where we're investing and creating jobs and improving the future for american workers. the truth of the matter is we know that we need to do entitlement reform and tax reform. we need it for competitiveness and we need to do it on bipartisan basis. time to do it and time to unleash the investment that i think will follow from a certainty that we have dealt with the challenge, that everyone knows we need to address. >> last question, play economist for me if you don't mind for one moment. the administration

we were just talking about it with peter barnes.ays rates so low, it's difficult to find higher yields. the highest yields are found on the riskiest loans. last week sallie mae sold more than a billion dollars rth of securities it was 15 times greater than supply. so where do you think the lenders do when they see that? to create more of that. this is exactly what happened during the housing crisis and an insatiable demand for packaged mortgage debt. ultimately led to booming loans to people who simply could not afford them. subprime loans to people with no income and no jobs. that didn't work out so well in wall street. average debt levels of $27,000. student loan debt totaled $1 trillion and it's only going to get higher. that is because this investment will drive more loans to more and more of the central students. it is more important than ever for students to make sure that they won't only take on debt, but they are able to repay. understanding just how much are likely to earn this and thathe students to students and parents ma

dagen: peter barnes is live at the white house. it looks perfectly fine. r: we are ready for the snowquester, right? anyway, it is, however, snowing north and west of here. it is getting pretty windy. they are talking about highway and year of 35-40 miles an hour later in the day. eventually, eight to 12 inches of snow. government officials just wanted people to stay home today. take a listen. >> the federal government joined with us in making our decision as well. i think, again, i have to err on the side of caution. peter: get this, congress is open for business today. congress decided to stay and work. namely because the house is scrambling to continue a continuing resolution to keep funding the federal government after march to seven with the current resolution expires. this current legislation would keep the place to $85 billion so kuester cuts, would give, however, a little bit more flexiiility on how it would allocate it cuts. the president, we want to report, is continuing to work on the budget. it turns out he will be having dinner tonight with abo

peter barnes with more on this story. hour from now the president will have a closed meeting with corporate ceos to discuss cyber security and they will meet in the white house situation room for emphasis on this issue. the white house says the president soliciting their input on how the government and the private sector can best work together to improve national security. as they continue to charge china in particular with cyber attacks against the u.s., government and private-sector computers. coming as it is pushing congress to approve new cyber security measures among other things the president wants legislation to allow more information sharing between government intelligence agencies and corporate america. tracy: we don't expect the government to say that everybody's private network and look at everything that goes back and forth, that his responsibility that ought to fall in the private sector and hear what we're looking to do is set some standards, encourage people to make investments they need to make and give the

peter barnes joining us live from the white house to break down today's report. peter: that is right, ashley. economists were expecting 160,000 jobs. the players delivering much more than that in the month of february. we thought that rainfall to 7.7% from 7.9% in january. once again, in part because we had some people leave the labor force. i want to show you the labor force participation rate. it is a c like to look at every month now. it is time the lowest level in 30 years. these are just, people leaving the workforce for whatever reason. they are frustrated and have given up. they are gone. this is the february report ahead of all the sequester budget cuts that started on march 1. the white house is worried about the sequester being a headwind of future job creation. take a listen. >> it comes at a time where the recovery is gaining traction. it is not a good time to impose severe budget cuts which do not solve our deficit problem and will hurt our growth prospects in the near-term and long-term. peter: let's also take a quick look at the broader measure of t

peter barnes has the story.not have to wrap hail a taxi or pay high fees for a town park. instead you click an application and share the car with somebody else next up, the plan to take on the taxi industry. ♪ it's monday. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and

. >> peter barnes of fox business, sir. the stock market has been hitting all-time highs, it has recovered all of its losses from the financial crisis, just wants to know if i still have time to get in. but seriously, how do you feel about that, is it good, is it bad, mission accomplished? and are you worried about bubbles? we're still a 7.7% unemployment. >> that is right. we are not targeting asset prices, not measuring success by terms of the stock market. we are measuring success by the mandate which is employyent and price stability, that is what we are trying to achieve. we do monitor the entire financial system not just the parts that we supervise or regulate, including the stock market and other asset markets. i don't want to now be pulled into going through every individual financial market and assessing it, but in the stock market we don't see at this point anything that is out of line with historical patterns. in particular you should remember of course while the dow may be hitting a high, is nominal terms, not r

. >> we have breaking news from peter barnes in washington. peter. >> we have news that the fed will announce releasing its policy statements when we have the fomc meetings at 2:00 eastern sharp going forward. now this is a change from the timing of the fed has used in the past for releasing its fomc statements after its meetings eight times a year on interest rates and quantitative easing and what have you. in the past on non-press conference days we've gotten these release as bit early and gotten a chance to read them. usually we phoned in the announcement, you know, 2:15, 2:30 eastern time. and on press conference days we've done it around 12:15 eastern time or so. now the fed is saying it will have a firm rerelease time of fomc policy statements, 2:00 p.m. eastern. we do this in the treasury press room. we have a bell we ring. it is largely informal, not exact to a specific time. now the fed wants to do it at a specific time, 2:00 p.m. eastern for all fomc meeting statements going forward. back to you. david: they're just jealous what is ha

peter barnes, thank you so much, peter.s not enough pain at pump. >>> we have breaking news for you the "wall street journal" reporting ge talked with dell about buying its finance unit. this is according to journal sources. the report also says ge is in direct talks with dell. they were separate from the blackstone discussions and ge talks with dell unfortunately failed to lead to a deal but they did talk about spinning off dell's finance division. they didn't want that. ashley: all sorts of back room stuff going on with dell. tracy: you ned a flow chart with this thing. ashley: you really do. tracy: this story though, pretty straightforward. how about this for a week. what a week for hedge fund giant steve cohen. starts with $200 million shopping spree. ends with one of his deputies in handcuffs. we'll have details ahead. nicole: ashley: it is certainly the talker of the day. michael steinberg's arrest is just the latest in federal investigation in the hedge fund. we have been all over this story today. gerri willis is he

peter barnes has more on this story. peter: the epa has just released this proposal.t is a plant officials say will lead to cleaner air and better health, but also higher gas prices. the proposal will be available for public comment and the epa will hold some hearing on this together further evidence and input from the public. congress is planning to review this as well. ed whitfield suggested he will be holding hearings on it. he said it is out of touch for raising prices at the pump as families continue to struggle with high gas prices. it would reduce sulfur in gasoline by more than 60%. it would reduce nitrous oxide by 80%. it would go into effect in 2017. dagen: thank you so much for that. peter barnes in washington who knows more about gasoline prices than anyone in this country? tom kloza. he is joining us now on the phone. what do you make about this move? how much do you think it would drive up prices? >> i think both sides are right. refineries have been pretty prosperous. under normal circumstances, just a few cents. it is one of more moving parts that can

lew hitting the ground run in his new role touring a siemens manufacturing facility today and peter barneshe joins us from georgia with a preview. peter? >> reporter: that's right, dennis, the treasury secretary making his first road trip out of washington to the siemens plant outside of atlanta, georgia, to try to heighten and bring attention to some of the administration's major priorities. this is a plant that builds what are called traction drives for large electric motors, the kind that are used in, for example, amtrak trains and in hybrid buses. infrastructure spending is one of the president's top priorities and more investing in manufacturing, helping out the middle class is one of the messages here today with job training and highly-skilled, high paid jobs. this is a company, siemens, that is, in fact, doing a lot of job training here, paying higher wages and continuing to invest in the united states with 60,000 employees, and more than 10 plants. take a listen. >> we've invested about $25 billion over the last, ten or 12 years here in the u.s., created, thousands of jobs in the l

peter barnes will have the announcement in d.c., joining us first with a preview. peter: that is right, the fed chairman and the members expected to keep the metal to po the metal. keeping interest rates right now the fed is buying 8 85 win dolls worth of bonds each month to help keep interest rates low and pushing even lower each month in mortgage-backed securities. as you may recall in the january minutes, the members decided they would do a serious deep review of how the program is working. how they are helping or not, and what type of risks the program could present to the economy as they eventually decide to wind down. other concerns, some improvement in economic numbers for the retail sales and housing and job creation, but the headwind with tax increases january 1, the sequester spending cuts kicking in and now all these issues coming out of europe, all things we expect the chairman ben bernanke to talk about in the press conference in 90 minutes from now. lori: peter, thank you. melissa: just under an hour until the fed decision, what our futures traders bet

we're going to start with peter barnes in washington right now. as we try to dig through this story, peter barnes, obviously we'll see a big reaction to this. >> that's right, melissa. according to a tweet from the reuters news agency it is quoting the vice president of venezuela, vice president maduro, saying that hugo chavez is dead after a long battle with cancer. the associated press is also separately reporting this also quoting vice president maduro. we know that hugo chavez has been going to cuba frequently for treatments for his cancer and obviously he is now lost th battle. he has been a thorn in the side of the united states for several years here. as you know, on the diplomatic front, cozying up to iran and some other, some of our other countries not friendly to ours, and not exactly, not exactly promoting u.s. interests. but according to reuters and the associated press, he is dead. melissa: yeah. and they had done everything to sort of reassure rest of the world he was on the mend. he has had four cancer surgeries outside of the count

>> shepard: peter barnes, thank you. as i mentioned, venezuela's vice president who used to be a bus driver announced the country is expelling two american diplomats after accusing them of spying and plotting to overthrow their government. james rosen is live on the line from cutter where he is traveling with ourselves john kerry. reaction from the secretary of state? >> just minutes before chavez's death was announced, shep, the state department responded to those diplomatic expulsions by says, quote: this fallacious assertion of inappropriate u.s. action leads us to conclude unfortunately the current venezuelan government is not interested in an improved relationship. analysts interpreted the expulsions as an effort by vice president madero have a solidify he can be as tough on the americans as chavez was. shep. >> shepard: james, thanks. more on the death ofchavez. you got a chance to talk to kerry today how the u.s. is helping opposition forces in syria. to what level? what did you learn? >> until our sit down in the

david: gerard cassidy, peter barnes, thanks very much. >> thanks, guys.g drought pushed grain prices up but it has been a snowy winter, so where will prices head now that there is a little bit of moisture in the soil? jeff flock has the story from inside the farm coming right up. >> david, we're digging into whether or not this moisture is enough to stem the drought. crunching the numbers, and, the frozen permafrost when we return. ♪ >> meet bill and melissa. like many, they built their financl house on stocks, bonds, and insurance... and then saw it blow awawith the first winds of economic change. when mary lost her husband, she invested in real estate. but when the housing bubble burst... so did her financial future. robert and rachel discovered the security, safety, and stability of american bullion, the name you can trust for 401(k) rollovers and i.r.a. transfers. unlike other gold companies, american bullion handles all the paperwork for you, hassle-free and 100% tax-free. call 1-800-gold-ira now and speak with one of our gold experts to see how simp

ashley: peter barnes in washington. thanks so much, peter. >> you bet.now that those spending cuts are going into effect what will it mean for washington's next battle over keeping the government running? mark your calendars, march 27th. gerry seib, "wall street journal" bureau chief. gerry, there is some talk out there this might be an easier battle than last time. >> it starts to look that way. i don't think either side, either party has much interest in flirting with shutting down the government on march 27th because a bill can't be passed to fund the government for the remainder of the fiscal year. i think the likely scenario, this will start unfolding this week already in the house is a bill, so-called continuing resolution that funds the government for the remainder of the fiscal year to september, simply continues funding at sequester levels. with the bill they will play around with the numbers to create more flexibility for the say, the defense department how it can implement the post-sequester levels of spending. i think the broader battle will

dennis: peter barnes live at the white house following the meeting. ween the president and congressional leaders, the approaching crisis notwithstanding. peter: clearly the white house strategy, the sequester cuts unfold, and they will unfold over time but the white house is counting on real cuts and furloughs and the impact of this eventually starting to get down to voters directly and so that they turn around and put pressure on republicans to come back to the table and try to cut a deal. republicans on the other hand are content to live with the spending cuts, most of them feel if this is the only way to get them and to that at least this first year and over ten years over $1 trillion, stay the course, they think the politics for them for them are good on this. dennis: with hear from rich edson on capitol hill with reaction. seems like both parties pursuing gridlock as a strategy, playing chicken. rich: it is. you heard john boehner at the white house, when the president spoke he said no new revenue, president obama kept repeating his same position

dagen: peter barnes is in washington, d.c. with more. ig banks will be under the microscope all week. the senate committee holds a hearing friday on jpmorgan chase this six billion-dollar london whale being lost. to fisher and other critics, too big to fail would mean government banks would still get bailouts if they got into trouble and that implied government backing means they can chase profits to riskier times and advantages. they want congress to break up the big bang which are pushing back. >> it will produce more competition, i think, for the consumer. it will produce more benefits and competition for the real economy companies that use these services. peter: a handful of lawmakers are proposing legislation to put more limit on big banks. it faces an uphill fight. connell: if all of your eggs are -- many institutions do all they have are mortgages failed with the mortgage crisis hit. a bank that is diversified is more likely and able to sustain shocks to the system, regardless where they came from. peter: glad we got that soundbite

dagen: peter barnes for us.lking about the cyber discussions in a big role in secretary lew's visit to china. we've been talking about it as well on this program, "markets now." we had this sobering statistic. watch this. >> china is carrying out 10 times the scale of economic espionage as the whole rest of the world put together. when china steals business secrets and technology, it matters more than if a country like, say, japan or france does. connell: i want to talk about investing in china, about the relationship between u.s. and china but this issue of cyber security, the cyber war, how has that changed the security here, especially recently do you think? >> it's basically the same old story where china and the united states are friends and we still can't really figure out exactly the relationship. i think the cyber security threat has been there. 2009 actually chinese hacked into our system and the fighter strike program. the u.s. has basically changed strategy. connell: since that story came out about th

peter barnes is with us with the late e. at least they did something, peter?ey have hopped out of the town for the easter recess. the house, passing that continuing budget resolution to keep the government funded through the end of the fiscal year in september, avoiding a government shutdown. that one headed to the president's desk for signature. the house also approved on party-line vote paul ryan's republican budget that cuts $4.6 trillion in part by repealing obamacare. republicans calling out the president today for delaying his budget until next month. it's budget march mad mess in washington. >> we still have no budget from the president in violation of the law of the he gets his ncaa bracket in on time but still no budget. this is the fourth time in five years of the he set a new record this year. two months with no plan. >> but the ryan budget is dead on arrival in the senate. >> it's not the right mix. yes, we need to balance our budget but we also need a budget that is balanced. and the last thing we want to do is balance the budget on the backs of w

thank you very much, peter barnes.ugar manufacturers unless of course you invest in this commodity. we are live at the cme next, the latest news on sugar. dennis: making real money on digital music. the president of rhapsody is next. cheryl: and is there a mr. twinkie? is that anything now? dennis: and as we do every day at this time, a look at oil. [ kitt ] you know what's impressive? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, whait's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ dennis: 15 past the hour. there is more. cheryl: team coverage. jeff flock at the cme with us. sugar could leave a sour taste in our mouth. sandra watching crude oil. at first, nicole at the floor of the new york stock exchange. nicole: let's kick it off. dow jones industrials down five points after five straight record consecutive clos

david: peter barnes inside the beltway. thank you, peter. >> you bet.: people, certain people waited a long time for this online gambling thing to become reality. david: you guys have. liz: come to new jersey. it is becoming the third state to allow online gambling this week. is it time to place bets on casino stocks that can benefit from it? a top analyst has three names you should play. the growing business of online gambling. david: higher education at a lower cost. with the cost of college jumping 84% in ten years we'll talk to the cofound irof porcera. this is online platform offering at least for now free college classes from top tier schools. could this be the future of education? want to hear about this, coming up. i'm a conservative investor. but that doesn't mean i don't want to make money. i love making money. i try to be smart with my investments. i also try to keep my costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackroc

sandra: peter barnes is live in washington for us. peter?nd sandra, the house has done the work and recessed for its easter break. it passed a continuing budget refz solution to keep the government funded through end of fiscal year, in september, avoiding government shut down, which is what all parties want here. that one is headed to the president's desk for his signature. the house also approved as you mentioned on party-line vote paul ryan's republican budget which cuts 4.6 trillion dollars over the next decade to balance the budget in part by repealing obamacare but it is dead on arrival in the democratically controlled senate. >> i would not call the house republican bill balanced. their balance says that the wealthiest americans, the biggest orporations, don't contribute to this problem at all. everything is done on the backs of our middle class families. so, mr. , president, yes, balance is an important word. it is an important word to every family, every community, every american. >> but, that did not stop paul ryan. >> the stanford

peter barnes is in washington, d.c. with more. peter? >> that's right, melissa.ill be under the microscope all week in washington on too big to fail. the fed will announce bank capital plans on thursday for the 18 largest banks that just went through those stress tests. a house committee will hold a hearing thursday on too big to fail. a senate committee holds a hearing friday on jpmorgan chase's $6 billion trading loss with the london whale and big bank critic, richard fisher, president of the dallas fed will hammer big banks again in another speech on friday. to critics like fisher, too big to fail that the big banks will get government bailouts if they get in trouble and all that gives them competitive advantages. dodd-frank financial reform was supposed to fix all this. critics say it did not go far enough. they want congress to step in to break up the big banks which are pushing back. >> force the banks to spin off the trading operations, simplify their operations. split up the conventional banking and this crazy wall street risk-taking. that is what we saw

peter barnes at the white house with more. peter: you took my line. snow-quester. i'm kidding. [laughter] it is a snow-quester. melissa: it is a snow-quester. peter: right now it is kind of a wintry mix. i will just call it yucky. more than a foot of snow in the valley all headed this way, looking at the least eight to 10 inches in the district, the wind kicking up. they are starting to kick up 35 to 40 miles per hour. as a result of all of this, districdistrict government and e federal government just sent all the employees, don't bother coming in. take a listen. >> let me underscore that people should stay home, that is the reason for closing down schools, closing down the government and of course the federal government and that is to get people to stay right where they are. peter: but congress decided not to stay home today, it is actually working, house of representatives racing to try to get a continuing resolution for the budget that will continue to fund the government after march 27 when the current cr expires. try to wrap it up with a vote by 1:30 and want to get the h

peter barnes got a sneak peek. peter: he wants to talk today about currency.ll have to wait for the q&a for any comments on cyprus and the banking system there. in his remarks, bernanke dismisses critics. he does not mention japan by name, but the yen has tanked since japan announced more stimulus. due to these policies, currency wars, he says that no, the benefits are not created. they, instead from the support for domestic demand. moreover because of stronger growth in each economy. it has the beneficial spillovers to trading partners. there will be a test later. thank you. ashley: there are always two sides of the story. central banks have been doing it all around the world. tracy: i know. peter barnes will bring you the q&a session of bernanke's comments when they have been live. ashley: let's check these markets. nicole petallides at the nyse. you are also looking at some big tech names. nicole: i am keeping an eye on blackberry and yahoo!. down almost 3%. goldman sachs downgraded. it is not really up to par and not really doing that well. they are not se

peter barnes reporting from the white house. peter: we have not figured it out yet. janet napolitano saying this morning that there were "very long lines forming at some of the nation's airports." she was not specific, but she mentioned o'hare, los angeles and atlanta. no delays at new york airports, but they could be coming shortly. she said this is because of the sequester. the problem is, we have been asking around and in a notably have heard of no delays at these major airports. as you mentioned, although furloughs that are supposed to come under the sequester, she said, are not going out until today. here is what she said about all of this. take a listen. >> now that we have institutionalized a hiring freeze, we will begin sending out furlough notices. we are already seeing the effects that some of the ports of entry. some of the big airports. some of them had very long lines this weekend. we have reached out to tsa to try to get some answers. so far, no response. as soon as we get a response, we will get back to you. connell: thank you, peter barnes. this idea,

the fox business network peter barnes is live in our new york newsroom.t is the imf wanting and why? >> well, shep, the imf is suggesting 1.40 a gallon increase in u.s. tax gas tax could say help with climate change and help with budget deficit. this would triple gas taxes in the u.s. and send the price of a gallon of gas north of 5 bucks. imf officials david lipton said, quote: the time has come for subsidy and reform and carbon taxation but another imf official says the numbers for the u.s. as well as some other nations are just for their information just recommendations and advise any country that wants to move ahead, shepard. >> shepard: this is the only thing of the day that i'm positive will not happen. >> this idea is in park here in washington. the republican chairman of the house energy and commerce committee fred upton said good grief! higher gas tax also hit those who can least afford it the most and would be disastrous for the u.s. economy though the imf says taxes could be phased in to limit the impact but congress has not been able to agree

peter barnes in washington. thank you.s are apparently feeling a bit better about the country's finances as our leaders in washington battle over budget plans. that's according to a brand new fox news poll. 65% of registered voters say they are nervous about the economy. that's down from 70% in september of 2010. 28% say they are confident. that's up from 24%. nearly half of registered voters say those automatic spending cuts the white house and congress failed to prevent are a good thing. 37% say they don't like them. now it looks like lawmakers will manage to prevent a government shutdown next week. mike emanuel is on capitol hill tonight. the senate passed a bill to keep the lights on for, what, a few more months? >> shep, that's correct. they voted 73 to 26 to keep the government up and running for march 27th through the end of september. certainly not the end of the fiscal fight here in washington. avoid the government shutdown a week from today. ahead of the final vote, the senate majority leader offered this final p

ashley: peter barnes and the white house. peter, thank you. tracy: so we move onto the next one.ss to start fighting their next battle or else the government will they claim run out of money and shut down. less than a month away. rich edson life in washington with the latest. like deja vu all over again. >> yeah, just a few weeks away, tracy. march 27th, that is when government spending authority expires. no budget deal by then. then there is a government shutdown though early indications and statements from the white house this morning are encouraging. house speaker john boehner says the house will pass a bill next week to fund the federal government for the rest of the fiscal year. republican aides say they plan on setting levels that include the automatic spending cuts, known as the sequester. though in a way that blunts the impact, especially when it comes to defense. president obama signals he will support ssch a proposal. >> the sequester are additional cuts on top of that, and by law, until congress takes the sequester away we would have to abide by those additional cuts b

dennis: thank you, peter barnes. and coming up later this hour, we have lou dobbs joining us with his take on president obama's meetings for the budget. and we will talk time warner. no timeout at time warner after years of indecision spinning off the magazine business at the heart of the media titan in epic takeover battle two long decades ago. things like "people," "times," "sports illustrated." it is a bitter day for what was once the world's largest media company. time warner struggled for decades to right itself in the acquisition of america online at the height of the dotcom bubble, it sold off warner music, cable systems, that stock 200% since then it got rid of a well, the lesalittle less successful, nowo big questions. profits less than half of what they were pre-meltdown. some say it may even become an attractive takeover target for amazon, apple or even netflix because nowadays pure content. lori: "time" magazine. they are american icons. dennis: very sad. lori: a new man behind the wheel at navistar as it

peter barnes in washington with details. hey, peter. >> tracy, that's right.ty is at the top of the agenda the new treasury secretary around the new president of china. just last month the private security firm mandy apt, tied the chinese military to cyber attacks on more than 140 u.s. companies. analysts describe the meetings in beijing as a get acquainted session that will set the table for future negotiations on this and other issues. a treasury official saying quote, it was a warm and wide-ranging discussion but secretary lou was candid and direct in his comments! experts say china risks a backlash if it doesn't stop hacking.% >> it is the american business community is killed by cyber espionage from china. they're the ones that are supposed to be the voices of reason. you take the business community support away from the bilateral relationship you have a lot more possibility for problems. >> china has denied it is behind the cyber attacks and insists it is a victim too. the u.s. and china will hold a round of strategic talks in june. back to you guys. tra

our peter barnes live in washington, d.c. with more. peter? >> hey, dennis, that's right.carbon tax to curve climate change and take care of budget deficits and traffic congestion. now, this suggestion is coming in a new imf report on a global energy subsidies and battling climate change. the fix in the u.s. would triple the prices of taxes on gasoline right now, and send -- the price per gallon to north five bucks a gallon. in a speech yesterday, the imf's second in command, david, said, quote, the time has come for subsidy reform and carbon taxation. critics blast the report suggesting a sharp increase in gasoline taxes would hurt the economy, and it would also hurt lower income families that have to buy gas to get around. consumers have mixed reviews. >> it should probably be taxed and then people would find other solutions to getting around. here in dc, we're lucky because we have public transportation, but that's something that the whole country needs more of. >> people are already cut back on how much they are driving. i'm not sure what business it is of the imf to s

the fox business network's peter barbs -- barnes is with us tonight. why on fire, peter?rtly because there are not many good options for finding a decent return on your investments these days. money market funds are yielding close to zero. treasury bonds are earning 3% or less. so, more investors are by buying stocks. >> we have different periods of credit availability. i mean, there is all kinds of liquidity in the world and the markets right now. look at money marks. look at 40401 ks on the sidelines come in. interest rates have not been this low. therefore, people are going to go out of bonds. go into stocks. buy dividends because they need the return. even mention funds are doing it. >> today the s&p 500 closed to within 2 points of its october 2007 all-time high, shepard. >> shepard: looks terrific. risks in all of, this obviously. >> plenty of risks, europe's financial problems. especial lit banking problems in cyprus could get worse and spread. slower growth in our own economy is a threat. the federal reserve bank of new york said yesterday that the higher payroll

peter barnes has that story. just now in a speech at lunchtime saying that higher taxes and spending cuts here in washington are causing fiscal drag and could cut economic. the increase in payroll tax rates, the rise in high income tax rates, the increase in taxes associated with the affordable care act, obamacare and now the sequester will result in a fiscal drag of about one and three quarters percentage points of gdp in 2013. i view this as an unfortunate outcome. he is predicting a big hit in economic growth in 2014. dennis. dennis: thank you very much, peter barnes. cheryl: this from the treasury on the cyprus situation. growth and financial stability in the euro zone are of importance to the u.s. it is radical to lay the foundation for a return to financial stability and growth cyprus. we will continue monitoring this closely as details are finalized and the agreement is implemented. nicole petallides is back from the floor of the new york stock exchange. nicole: my first thought is, of course, you want to b

peter barnes to figure it out for us. peter: we have tried to fact check this, the administration has been exaggerating the potential impact of sequester cuts on the different parts of government, the secretary saying they were very long lines at some of the big airports around the nation. los angeles, maybe atlanta, she says. but because of sequestration, but this is before the furlough notices have been sent out. take a listen. >> now that we have is additional iced a hiring freeze, we cannot backfill vacancies, so we will begin today sending out furlough notices. we are already seeing the effects of some of the ports of entry, the big airports for example some of them have very long lines this weekend. peter: so the airline industry association, trade association says they do not know of any current unusual delays at the nation's airports. several airports themselves be contacted also said no unusual delays. tsa declined to comment if there are any delays at tsa checkpoint however customs and border protection which han

senior washington correspondent peter barnes has the details on all of this. , sometime in the next few days the president will sign the continuing budget resolution that will keep the government funded through the end of the fiscal year. it will lock in those sequester spending cuts despite all of the president's criticism of those cuts. it is about $85 billion this year. about half falling on the pentagon. the president has complained that the cuts will hurt economic growth, cost 750,000 jobs according to the congressional budget office he says but the president doesn't mention the fiscal drag on the economy produced by the tax increases that he has advocated and won in negotiations with congress this year and last. and when you combine the effects of the spending cuts and the higher taxes, higher taxes, higher payroll taxes higher taxes on upper income earners and taxes imposed by obamacare the new york federal reserve now says that gdp will be 1.75% lower this year than it otherwise would have been. so some of the president's critics it is a double-standard

suffice it to say, peter barnes made it into work, as did lots of other people who work for private businessre is why. in addition to the snow day, there was spending at the transportation security administration. in its wisdom, the federal government spent $50 million on new uniforms for agents, some of which will undoubtedly be produced in mexico adding insult to injury and then there is this. one of the people with the fancy penmanship, a calligrapher gets paid almost $97,000 per year. this person has two deputies who make nearly as much. mr. president, in these tough times of austerity, have you not heard of an invitation system that uses the web? it is considered very 21st century. i am sure the heads of state, well, they wouldn't mind at all. so how can we motivate the president to get serious about cutting spending? what we have to do? well, the republican congressman louie gohmert has an idea that could work. he filed an amendment that would bar the president from traveling to a golf course on the public dime. and the president can't get anywhere without public expense due to public

here to help me money fact check is our own peter barnes. new york city. i don't know. see lines and lines and lines behind you. what is it like there. >> reporter: a look off in the distance. right now i don't think there is anyone in line security. that said the administration did not mention leg or the airport when it came to problems with government sequestration. this morning, as we just heard, jen and the pot on a single that no hair, lax. there were not aware of any long lines or delays. they said that they believe things were running as normal. that said, very quickly, let me say it's just a short time ago the customs and port pretension agency issued a news release stated that over the weekend there were no delays the ports of entry this time imaging jfk airport in new york and miami. in some instances people had to wait more than three hours. they said there were problems, but the version of those problems has changed somewhat. here at laguardia. melissa: president obama under fire for comments he made on friday. just listen and not ask you to react. >> all of

fox business's peter barnes outside the supreme court with this one. believable story. tell us what is going on. >> line standing is a cottage industry in washington, d.c. with several companies offer line-standing services. lobbyists, attorneys, executive, celebrities will pay the firms $35 to $50 an hour for someone to get in line for them for important supreme court proceedings and argents as well as congressional hearings. the line standers are here for hours. sometimes for ds, camping out in lawn chairs and sleeping bags as some did here which is how this can get also expensive. one rert of one company getting $6,000 for line-standing for one person. actor, director, rob reiner, paid a ne-stander to get into the arguments today, high-profile lawyer, gloria allred did that today too. these companies were started years ago by entrepreneurs who figured out there might be a market for busy people who consider their own time more valuable. >> this, they probably charge about $50 an hour and, they usually have like a guy who manages everything. and he ge

fox business network's peter barnes is live from washington. r, i've got a couple of kids in college. what is the best return on my investment? >> reporter: well, jon, this new study in colorado suggests that the best investment for your kids and other college kids may not be a traditional four-year degree burks a two-year degree in a technical or specialized field. this report out today called higher education pays found that in colorado an associate's degree in applied sciences paid more in the first year than most other types of degrees, that is because the report says it equips students with skills that are in demand. in colorado a high school graduate earn about $18,000 in the first year, a more general two-year degree gets you about 31,000. a four-year bachelor's degree earn about 39,000, but a two-year associates of applied science degree earns nearly $46,000 in year one. good to know especially when you have to bar borrow a lot to pay for school. >> for most college students the information that they have about college is largely in a bl

peter barnes with the fox business network is here to explain that one. >> reporter: hey, jon that's right. the ims is suggesting a dollar 40 a gallon and higher gasoline taxes would reduce carbon emissions and help fix other problems like the budget deficit and traffic congestion in the u.s. it mentions a tax increase in a new global study on energy subsidies and battling climate change. the fix in the u.s. would triple gas taxes and send the price of a gallon of gas to north of $5. in a speech yesterday the imf's second in command david lip ton said, quote, the time has come for subsidy reform and carbon taxation. critics are blasting the report saying a tax increase of that magnitude would hurt economic growth and unfairly hurt lower income people who have to buy gas. consumers have mixed reviews. >> i think that it should probably be taxed and then people would find other solutions to getting around. here in d.c. we are lucky, we have public transportation. that is something the whole country needs more of. >> people have already cutback on how much t

in the next hour, a fox business , peter barnes will ask the man himself in an interview with treasuryer the bell. after the break i am going to show you one stock that investors like the way it looks today. that is your hand. we will be right back. ♪ thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. . ... [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and with some planning and effort, hofully bob can retire at a more appropriate age. it's not rocket science. it's just common sense. from td ameritrade. >> okay. maybe you figured this web out. m

peter barnes in washington with the details. a computer. >> reporter: a, tracy.g legislation today to limit the size of the mortgage that could qualify for the interest deduction. the bill comes from congressman keith ellison, democrat of minnesota. right now he can deduct the interest of mortgages of up to a million. his legislation would cut the principle to 500,000. now, you could not deduct the interest on the amount above that. the popular mortgage interest deduction is in the cross hairs as washington wrestles with tax reform and the budget. right now if the tax break worth about $100 billion per year to taxpayers. proposals from the obama administration and some in congress would reduce that by capping itemized deductions, particularly for wealthier families by reducing the size of all mortgage eligible for the deduction or eliminating the deduction for mortgages on second homes. as the housing market begins its fragile recovery, trade groups are fighting back. >> an enormous impact on higher-cost areas, new york, massachusetts, new jersey, california, ill

peter barnes of the fox business network live at the supreme court. i guess that's some good business sense, peter? >> that's right, jon. this is a established business here in washington. totally legal. it is called line standing. there are several companies that offer line standing services. now, busy lobbyists, attorneys, executives, celebrities will pay firms about 35 to $50 an hour to get someone else to stand in line for them, to get a place in line for them at important supreme court arguments like this one here today as well as important congressional hearings. the line-standers are out here for hours. sometimes for days. they camp out in lawn chairs and in sleeping bag, as some did here which is how it can get so expensive for the clients. actor-director rob reiner paid a line-stander to get a spot in line for this argument. high-profile lawyer gloria allred was also paying a line-stander. the companies were started several years ago by entrepreneurs who figured out there might be a market for these services with busy people who consider their