the nation's g.d.p. expanded at an anemic annual rate of 1.3% in the april through june period, much slower than expected. and as suzanne pratt reports, experts are now concerned about the recovery in the final months of this year. >> reporter: stuck in the mud. a snail's pace. or how about flat-lining? all are perfect metaphors for the state of the economy. it's bad enough that g.d.p. limped to annual rate of 1.3% in the second quarter, but today the government revised its previous first-quarter estimate down to a paltry 0.4%. on top of that, the government said today the great recession was even worse than originally thought. economist milton ezrati calls it a depressing snapshot. >> well, it was disappointing and i'm sure that these numbers are going to renew talk about a double dip and they're going to renew talk about a qe3 from the fed. >> reporter: here on new york's busy 5th avenue, it may be hard to imagine the economy is treading water. not only are the streets buzzing with tourists, but stores

job creation, in infrastructure- - are the reasons that we're growing jobs faster than 46 other states. our state g.d.p. is growing twice as fast as the national g.d.p., our unemployment rate is well below the national average. we are one of only three states in the nation with a positive fiscal outlook. we've taken a very balanced approach. very much like the balanced approach that the president has proposed at the national level. >> schieffer: did you tell me you are going to sign that or are you not going to sign it? >> ...municipal health care. remember that's a feature that i filed initially. that's an initiative that we started. we're still working to get it right. we're still reviewing it. but i will say this-- whether it's in municipal health care, whether it's in health care generally, we'll be working on getting system costs down which is the big fight here. whether it's in education reform or transportation reform or pension reform. we have brought labor to the table. they've been a part of the solution and i think thank them for that. >> schieffer: i must apologize. the sound dropped out. did you tell me you are going to sign it or

popular destination russia is among the top ten this the nation's earnings by foreigners account for a massive capital outflow a third of the g.d.p. comes from the money migrants send back home from russia and it's not only way but migration which is growing more and more people have to leave their homes to scape violence the united nations refugee agency reports that the last year more than forty three million people became refugees the highest number in fifteen years this year again says floods of refugees forced out of their homes by revolutions in northern africa waves of illegal immigrants coming to europe have been described as a human tsunami. we have just watched a report on the currency. gratian situation and the recent reaction in europe faced with an inflow of refugees from north africa as a result of the arab revolutions shows that the european public is growing ever less tolerant of immigrants. do you think this could be a backlash to some erratic immigration policies pursued by european governments in the past and if so what were the mistakes that. well actually i do think that there have been some mistakes. i'll do

the economy is recovering g.d.p. is growing but next month the us to raise the multi-trillion national debt ceiling of worst refused to pay back their heads and declare a technical default russia holds a hundred and twenty five billion dollars of american debt and risks losing business on an economic problems euro zone could also be that the russian economy. i'm going to look i thank you very much for coming in hello welcome thank you i well first question. is a statement by the u.s. federal reserve chairman ben bernanke he. addressed the congress saying if you fail to raise the u.s. debt ceiling by august the second the economic fallout could be. catastrophic end quote according to your previous statements you don't believe that the u.s. may default on its debt what's your confidence based on. in the speech if. you see this is a bit of policymaking in your way of legal legal framework to over second that should be somehow solved. and no both sides certainly republican and democrats are doing their best interest somehow when this game is simply clear but i myself go think that's practically they will not be positioned

won't come cheap the editor in chief of belgium's leading business magazine says throwing money at troubled nations will not help save. italy represents the seventeen percent of g.d.p. of the euro in g.d.p. which means that italy. is almost three times as big as the smaller countries greece go together so this is really something quite frightening and if indeed italy really goes into big trouble on the financial markets this is certainly a totally new phase of this euro crisis you mention throwing money at the problem with greece portugal ireland and certainly not also italy that is not enough or that can't solve the problem on its own enormous amounts of what i call political capital as been invested in this euro project so giving it up is a very tough decision and a decision that will be made. overnight so a lot of energy and a lot of additional money will certainly be spent for we arrive at such a situation and according to me there is no such decision on the horizon if italy comes into these ballgame with the amounts that are involved with this country that might change things quite rapidly. a reminder now of the developments of this early tuesday morning the n

the economy is recovering g.d.p. is growing but next month the u.s. will either raise the multi-trillion national debt ceiling or worse be used to pay back that and declare a technical default russia holds a hundred and twenty five billion dollars of american debt and risks losing this money economic problems in the euro zone would also need to beef up the russian economy. leave. hello mr you can thank you very much for coming hello welcome thank you. the first question. is a statement by the u.s. federal reserve chairman. who addressed the congress saying quote if you fail to raise the u.s. debt ceiling by august the second the economic fallout could be. catastrophic end quote according to your previous statements you don't believe that the u.s. may default is that what your confidence based or. in the speech. and the wall you see this is quite a bit of policy making anyway of course a legal legal framework up to august second that should be somehow solved. and no one side suddenly republicans democrats are doing their best to somehow this game it's absolutely clear but i myself go think that's

g.d.p. and send a balanced budget amendment for states for ratification. at $14 trillion and counting, our national debt currently is quickly approaching 100% of g.d.p. the fedal government is borrowing 40 cents of every dollar it spends. america cannot continue on this unsustainable fiscal path. the full faith and credit of the united states gernment depends on congress acting. i urge a yes vote and yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. the gentleman from maryland is recognized. mr. van hollen: thank you, mr. speaker. i yield a minute to the gentleman from texas, mr. green. the speaker pro tempore: the gentleman from texas is recognized for one minute. mr. green: thank you, mr. speaker. i ask unanimous consent to revise and extend my remarks. the speaker pro tempore: without objection. mr. green: i rise in opposition to the drastic cuts of social security and medicare and other crucial federal programs that this cut, cap, and balance act were forced on th american people. the cut, cap, and balance act takes our nation closer to default, holding the debt ceiling hostage until congress passes the con

the economy is recovering and the g.d.p. is growing but next month the u.s. will either raise the multi-trillion national debt ceiling or worse be used to pay baghdad and declare a technical default russia holds one hundred twenty five billion dollars of american debt and risks losing be spawning.

the economy is recovering and the g.d.p. is growing but next month the u.s. will either raise the multi-trillion national debt ceiling or worse be used to pay back deaths and declare a technical default russia holds one hundred twenty five billion dollars of american debt and risks losing business money economic problems in the euro zone would also need to be that the russian economy. meet. thank you very much for coming.

the debt limit to $16.3 trillion. that's a two trillion dollars increase, or 14% increase. in 2010, our national g.d.p. was $14.6 trillion, raising the debt to $16.3 trillion mean our debt ceiling will surpass our country's g.d.p. and yet for the 81st time since 1940, we are being asked again to raise the debt ceiling. if -- in 2002, our debt stood at $10.6 trillion. now not even 10 years later, we are asked to raise it to $16.2 trillion. that's a 250% increase for an average of 16.7% increase per year. obviously, continuing on this past, next year, it is likely we will be asked in this chamber to raise the debt ceiling to $19 trillion. that's staggering. in keeping with this 70-year tradition, we are certain to force our nation's spiraling and out-of-control debt on to the backs of our country's children and grandchildren. raising the debt ceiling today without reform will merely lead to a new call, a new call to raise the debt again tomorrow. is the united states disciplined enough to solve this debt problem through austerity and productivity? i think it is. yet i believe we can, but only if we break

about some very used to sticks very fundamental things so called nation just a couple the russian debt is developed percentage of g.d.p. pass comparative hundred percent almost hundred percent in the united states and that's very important because we all know that countless was high debt such as greece and some other european countries are given major major problems because basically they spend more than they've accumulated and that creates tremendous amount of tension and i think we will see lots of this in the next coming months so that's very very good another statistic russian middle class tripled in the last five years if you look at households was incomes of over ten thousand a year there was eleven percent of those hospitals and for solvent and five and so with thirty percent now so very few people know in this sort of think about the russian leader purse tripled in the last five years and finally. in the russian reserves the third largest foreigners are sons of the world so again in a very volatile economy with lots of changes to happen a lot of things that happen in heaven that question of money it's actually

president, here's the reality that we confront today as a nation. spending as a share of g.d.p. s. but revenue as a share of g.d.p. is the lowest it has been in 60 years. both these are facts. both these are true. and our friends on the other side are saying, you cannot touch the revenue side of the equation. even if it is closing tax havens, going after tax scams that proliferate the tax code today, they say, oh, no, you can't touch that. you can't make aepblg changes on the -- any changes on the revenue side of the equation even though the revenue is the lowest it has been in 60 years as a share of our national income. they say it would take a two-thirds vote and they would put it in the constitution of the united states that they would require a two-thirds vote to close any tax haven, any tax shelter, any abusive tax scam. take a two-thirds vote. mr. president, that's not what i learned about when i was growing up about the constitution of the united states. it didn't say anything about protecting those who engage in tax scams and tax havens and abusive tax shelters. but that'

national income and higher per capita g.d.p. and more secure, then you want to have immigration of all sorts, too. that's the funny part and that's the final point. we know that cultural, but particularly economic development isn't so much about keeping the wrong people out of a country. it turns out that it is as much or maybe dominantly about letting the right people in to a country. and the right people, as it happens, is a very broad swath of people. it is not just outstanding researchers, it is this broad spectrum because there is no gene for the human spirit, but there is a little signal. one of the signals is someone who gives up so much to take such a huge risk and to come here despite our recent signals of not particularly welcoming them is someone who has something that we probably want. and if you give me three years, we'll have that quantified a little bit better. thank you. [applause]>>t. that was excellent. we do have headsets and translation services available. if you require translation assistance, please see sally in the front of the room. we will start the panel discussion now. we are very

the nation never asked for, will put us on the course for a greek-like catastrophe. without action, annual interest payments on the national debt alone will exceed 40% of g.d.p. by 2080. so with that in mind, the president is working behind closed doors with his alace in congress -- with his allies in congress to figure out ways to raise revenue. as we all know, revenue is a washington euphemism for taxes. instead of further exasperating our economy by raising taxes and putting us in a position that it will affect our recovery and our nation's future. mr. president, the solution must be on the problem: washington does not have a revenue problem. we have a spending problem. any proposal that does not start in that truth should be taken off the table. if the white house proposal does not include specific cuts and a spending cap mechanism to prevent us from having to raise it again, then i can assure you they cannot get my vote. anything sthoofort sir responsible. i know i am newt loan in these demands. many of thigh colleagues feel just as stroppingly and will not back down either. the president and the senate democratic majority needs to understand we are commi

g.d.p. and send a balanced budget amendment for states for ratification. at $14 trillion and counting, our national debt currently is quickly approaching 100% of g.d.p. the federal government is borrowing 40 cents of every dollar it spends. america cannot continue on this unsustainable fiscal path. the full faith and credit of the united states government depends on congress acting. i urge a yes vote and yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. the gentleman from maryland is recognized. mr. van hollen: thank you, mr. speaker. i yield a minute to the gentleman from texas, mr. green. the speaker pro tempore: the gentleman from texas is recognized for one minute. mr. green: thank you, mr. speaker. i ask unanimous consent to revise and extend my remarks. the speaker pro tempore: without objection. mr. green: i rise in opposition to the drastic cuts of social security and medicare and other crucial federal programs that this cut, cap, and balance act were forced on the american people. the cut, cap, and balance act takes our nation closer to default, holding the debt ceiling hostage until congress passes th

g.d.p. and yet we spend our way out of that i mean right eisenhower in large part the national highway system hospitals schools you know just went on a building binge and it created jobs which created a tax base what's different about today that we're not doing. but what we're doing is we're actually inaction contractionary policies in the middle of a very severe economic downturn i mean getting back to this fundamental issue of people not having enough money in their pockets to spend all of this discussion that we're having right now about deficit reduction as only one primary effect and that is to take dollars out of people's pockets as i've pointed out in the piece right now because of the depths of the economic crisis about twenty percent of the of the dollars in in americans while this last year came from one government program or another and you know we're talking about removing that money from consumers right when they need to be spending it most very well so joshua thanks so much for being with us tonight. thanks for having me john. so if this gang of six deal is really just a lump of

g.d.p. and send a balanced budget amendment for states for ratification. at $14 trillion and counting, our national debt currently is quickly approaching 100% of g.d.p. the federal government is borrowing 40 cents of every dollar it spends. america cannot continue on this unsustainable fiscal path. the full faith and credit of the united states government depends on congress acting. i urge a yes vote and yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. the gentleman from maryland is recognized. mr. van hollen: thank you, mr. speaker. i yield a minute to the gentleman from texas, mr. green. the speaker pro tempore: the gentleman from texas is recognized for one minute. mr. green: thank you, mr. speaker. i ask unanimous consent to revise and extend my remarks. the speaker pro tempore: without objection. mr. green: i rise in opposition to the drastic cuts of social security and medicare and other crucial federal programs that this cut, cap, and balance act were forced on the american people. the cut, cap, and balance act takes our nation closer to default, holding the debt ceiling hostage until congress passes th