treasury secretary tim geithner is here to discuss them.e need to talk about it to help create economic growth the number one priority is job creation, we have made progress in our efforts. the jobs picture is improving and the economy is showing positive signs. we have added 3.7 million jobs in the last three months. there's still far too many people out of work. 12.8 million americans are unemployed. we need to do more to spur economic growth and help businesses create jobs. the president's budget contains critical policies to do just that. starting with the payroll tax cut. extending this tax cut through the end of the your will save families real money an average of $1,000. the families will spend that money at local businesses. pumping it through the economy. and the budget also renews unemployment benefits for workers that lost their jobs through no fault of their own, these workers are sure to spend the benefits which will help to support and create more jobs. according to the congressional budget office, every $1 in unemployment ben

. >> >>> treasury secretary tim geithner is on capitol hill to explain the proposed budget for next year, he will be testifying before the senate finance committee, senators making their way into the room, senator grassly there, the administration is can asking for an increase of nearly 7%. senator hatch will be there. most of it goes to the irs, with additional resources to enforce the tax code, it estimated it can get $5 for every dollar spent, the president's budget calls for a fee of $61 billion on the biggest banks and firms to compensate the government for their actions during the crisis, and a percentage going to help refinance mortgages. this is one of several hearings that we are recovering today, under way already is the armed services committee. and and the deputy director of the office of management and budget is going on, that has just gotten under way, we are covering that and it's live now on cspan.org, this hearing should get under way shortly. >>> here on cspan 3, waiting for timothy geithner to testify for the proposed budget. the washington said that another measure in

coming up next hour, we get the press conference with secretary tim geithner as maria continues on with the second hour of the "closing bell." i'll see you tomorrow. >>> and it is 4:00 on wall street. do you know where your money is? hi, everybody, welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. the market's stuck in neutral today, turning in a tight range of the big important january jobs report which we'll get out first g tomorrow morning. we have a lot more on the markets and expectations of that jobs report coming up. breaking news from the treasury department ahead of tim geithner's speech on the state of financial reform. let's get right to hampton peerson for the details. >> we're waiting for the news conference with tim think geithner, highlighting of the financial reform going forward in 2012. he's prepared to say, we expect to put in place key elements and safeguards for the financial framework for the financial system as well as reforms for the housing finance system. the financial system is getting stronger and safer. risk

tim geithner is telling skeptical republican senators that it's not possible to correct the problems without raising taxes. the debate we had last year is ensuing again this year. the treasury secretary depending the 2013 budget proposal before the senate finance committee and saying the plan is the only option he sees for helping the economy as well as addressing the deficit without hurting the middle class. peter is writing about this from the hill newspaper. we'll have more with him after a few minutes. here's senator jon kyl questioning secretary geithner. >> let me ask you a couple other questions to get to the question of how to do tax reform. you talked about lowering rates and broadening the base and so on. the president had a good statement in the state of the union. everybody does their fair share and plays by the same set of rules. that's the basic premise here. how does the proposal in the budget meet this test when it eliminates the manufacturing deduction for certain taxpayers but then doubles it for certain other taxpayers but not for other manufacturing? >> good quest

eastern, treasury secretary tim geithner will return to capitol hill to testify about the president's 2013 budget. he's before the house budget committee. >> booktv is live saturday from the savannah book festival. coverage starts at 9:30 eastern with tom clavin on the last hours of the vietnam war followed by karl marlantes on what it's like to go to war and scotty smiley at noon. at 1:30 eastern, the changing israeli/palestinian conflict and irshad manji and toure on "who's afraid of blackness" and the rice and fall of the comanches on c-span 2's become tv. >> c-span radio's "washington today." over the next 90 minutes a look at today's top stories including the president's trip to milwaukee to talk about the economy. >> welcome back to "washington today" here on c-span radio. i'm steve scully. we're on the website with a photograph of the president as he toured the master lock plant in milwaukee. wisconsin, of course, with its ten electoral vote, a key battleground state in this 2012 election year but the president traveling there to talk about jobs and the economy. master lock fac

at the treasury department this morning because he's going to have an exclusive interview with tim geithnerow, for a geeky nerd like you, steve, i mean, to go fisher, bullard, geithner, this is -- i mean, you must be beside yourself, but welcome in. >> thanks. >> it's quite a two-day stretch for you. all right, president bullard, we just had -- i'm really glad we had him on. did you see the interview that we had? were you in the green room? did you hear any of that? >> i did hear some of that. >> i can't wait to hear your response. have we overshot on our expectations for how solid this recovery is and do you feel the coincident indicators are indicating that it's much less vibrant than we think? >> i thought he was like the weather today, a little bit gloomy, so, no, i think -- i think the economy's looking brighter in 2012 here. i think we can get 3% growth. i think we can get unemployment down 7.8% by the end of the year. >> what the heck was he talking about? what was he looking at? >> he is looking at coincident indicators and they are great things to talk about and on the show -- >> a

>> i love the interview because it shows me why i'm not a big tim geithner fan.people dead there in the last three or four years. be careful, treasury secretary. here's my beef. i think the treasury secretary, like many politicos, is mixing up metaphors here. i think foreign policy is a much bigger issue with regard to what iran is doing with regard to the oil market. if iran doesn't sell to the left side, they have to sell to the right side. they have to sell it because their disaster plans -- their dastardly plans have to be funded. they need the money. and the other point is, with regard to reforming on the corporate tax side, what a bunch of hogwash! the problem is, they can't pick and choose who gets the credit or who gets a lower effective tax rate. reform means we have to go back to a level playing field where the world can feel everybody's getting treated equal. and that isn't it. i know they're going to target people like energy and it's not a really good time to do that. >> reporter: rick, don't make the perfect the enemy of the okay. >> i don't know wh

with treasury secretary tim geithner and on the defense department's 2013 budget. it called for 54, a 1% do crease from last year. that gets under way at 9:30 eastern. >>> there's been honest contention, spirit and disagreements, and i believe considerable hot arguments. but don't let anybody be misled by that. you have given here in this hall a moving and dramatic proof of how americans who honestly differ, close ranks and move forward for the candidates shoulder to shoulder. >> we look back at 14 men who ran for office and lost. who had a lasting impact on american politics. >> what about you? are you now out of debt? do you have a comfortable lack b? do you really thinks can be better? they go to c-span.org/con terders. >>> the u.s. conference of mayors held their 80th winter meeting in january. coming up, we'll show you some of the highlights. pepping to house demonation. they also discussed the agenda for 2012. >>> first of all, let me share with all of that you mayor nutter and smith were with us at the press conference earlier that some of you attended. they

tim geithner went before the finance committee and ways and means committee and he was asked about thisort of none at the question for in the budget. there has been nothing on entitlements and what he said we think it's preferable to raise taxes on top 2% rather to make cuts in medicare and other programs. what they are doing, they are forcing the republicans to be the party that talks about reforming medicare by making cuts or making some people pay for it themselves. democrats are going to run out and demagogue the issue and medicare cuts and refusing, and party wants to raise taxes. >> paul: is this going to work politically? >> i don't think so. buffet rule is center part of the their argument. the buffet rule doesn't affect warren buffett and there won't be a lot of other people that won't be affected. >> paul: when we come back, as rick santorum continues to climb in the polls. mitt romney goes on the attack. painting his opponent as a washington insider. is he? we'll take a closer look at santorum's senate record, next. if you're one of those folks who gets heartburn and then tre

the tar, bringing in a team of rivals as obama talked about, all you had was larry summers and tim geithner. both of them have their control over the policies that led to the crisis. in my mind, that opened the door to the tea party. it opened the door to right-wing populism. people saw in this white house favoritism towards goldman sachs and the banks. the problem was the left populism has not emerged until now. for too long, many felt with the bomb in the white house that things would be sorted out. that is where movements become important. every administration in modern times has had to deal with insurgency's or movements on its left and right. reagan in many ways was a movement president. i say that with contempt for what he did in damage to this country. you need to see the pendulum has now swung. the tea party in many ways has lost a lot of this mojo because of overreach. it is out of sync with the values of so many people. we could have seen that in the summer of 2009. one of tea party people stood up and said "government, take your hands off my medicare." you see how internalized th

secretary tim geithner will have to discuss the plane which was broadly outlined in the state of the union address. the plan requires congressional action unlikely in an election year. a program note, of course, cnbc's steve liesman has an exclusive interview with timly geithner on friday during "squawk box," so make sure you tune in for that. dell sales have gone down. they're projecting first quarter revenues will decline slightly. dell fell 5% in the after hours. taking a look at dell shares in frankfurt right now, they're down 2.2%. john wheldon is also out. he plans to step down after a decade at the helm. he's being replaced by vice chairman gorski. it comes after a series of recalls in the past two years including motrin and children's tylenol. last year j & j took a $3 billion recall and last week it pulled a box of infant tylenol as well. let let's take a look at johnson & johnson. >>> and citigroup faces a multi-billion-dollar writedown. "the wall street journal" reports that morgan can start buying citi out of the venture this spring. price could be a big sticking point in

span 3 will have live coverage of the senate finance committee meeting with secretary treasury tim geithner. then leon panetta and general martin dempsey will testify on the defense department's 2013 budget. it calls for $525.4 billion in discretionary spending. that gets under way at 9:30 eastern. >>> the annual conservative political action conference concluded over the weekend in washington. we will show you some of the highlights from the final day, including remarks from 2008 republican nominee sarah palin and americans for tax reform president grover norquist. first up, the tea party and occupy wall street. we have amy kramer and kevin jackson. >> i'm going to start talking about our panelists. the first is a good friend of mine. i spent long hours in the back of buses. she is one of the original founders of the atlanta tea party. [ applause ] >> thank you, dustin. >> join the tea party express pac as director of grass roots and coalitions. now she is one of the most recognizable faces of the tea party movement. she does an unbelievable job. amy kramer. >> thank you. [ applause ] >> o

so i ask, why are all these democrats -- and you saw, treasury man tim geithner, all the way down theg for the strategic petroleum reserve. i think all they want is to manipulate election-year oil prices. spend the taxpayers' money. unless there's a war, we should let energy market forces work. that's my take. but let's talk. we have dan weiss, senior fellow at the center for american progress, who says yes. jim lucier, managing director with capital alpha partners, says no. jim lucier, first of all, there's no war yet. the spro is supposed to be a strategic operation. and i don't see why we need that just because oil prices have bounced up except for election year reasons. what are you hearing? what's the argument against spro? >> larry, this is the dumbest idea ever. first it doesn't work. the last time we did this i'm prices dropped from 96 to 90 and then went straight back up to $100. total waste of taxpayer money there. number two, as jim woolsey pointed out, we've got iran about to start a shooting war any day now. it's completely crazy. utter irresponsible to pop the spro right

talk about tim geithner. it became very close. evidence. how much is tim geithner responsible for having sold out to the banks in the view of a lot of people on the left. >> the personal relationship is very interesting. if you talk the white house folks, they'll tell you in the darkest days for tim dpooiter in, when he was getting hammered on his taxes. he was seen as in over his head. he had a terrible speech on february 10th of 2009. the markets with plummeting. one of the biggest reasons is this, thyme geithner goes in a room with a president. tim geithner doesn't say anything unless the president asks for his opinion. thin he gives a very thought through response. he's a classic, no drama kind of guy. very effective. doesn't need a lot of hand holding. that from the very beginning. geithner and obama had this sensibility in common. on financial reform yonk tim geithner is corrupt. i think he's done heroic things for country. particularly in the fall of 2008 when the whole system came apart. i had a very interesting conversati

testimony on the president's 2013 budget request continues this afternoon as treasury secretary tim geithner returns to capitol hill to explain it. he's going before the house budget committee. live coverage begins at about 2:00 p.m. eastern. in 1966, jewel yn bond was prevented from taking his elected seat in the georgia state house after state representatives voted 184-12 not to seat him due to a stance against the vietnam war. his appeal went to the u.s. supreme court. >> i went to the court to hear the argument and i was sitting in the court just behind the bar with the lawyers in front of me. i was sitting next to my lawyers' partner. and the attorney general of georgia was making an argument that georgia had a

treasury secretary tim geithner will be on at 8:30 a.m. eastern time. still to come, oil on the boil. will we see oil at $200 a barrel by the end of the year? we'll ask our panel of experts after the break. but why energy? we've got over 100 years worth. is it safe to get it? but what, so we should go broke with imports? look, i'm just saying. well, energy creates jobs. [announcer:] at conocophillips, we're helping power america's economy with cleaner, affordable natural gas. more jobs, less emissions. a good answer for everyone. we gotta be careful. it's cleaner. it's affordable. look, if it's safe, i'm there. [announcer:] conocophillips. >>> at this hour if the u.s. markets were to open, we would see the s&p 500 up just 5 1/2 points, the dow 43 points into the green coming off a little bit from the morning highs in the futures market and the nasdaq would be up just about 12 points. let's head over to beccy meehan. >> the equity markets around europe, this is the picture. we are off the highs of the session but still dominated by gains on the stock mar

coming up next, treasury secretary tim geithner testifies about the president's budget proposal. earlier today secretary geithner made news when he said that the current tax system is bad for business and job creation. and he supports president obama's proposal announced today to cut the current business tax from 35 to 28%. see more about that story in "politico" today. now they hear from the house treasury secretary. this was from earlier this month. this is about two hours and 40 minutes. >>> the hearing will come to order. welcome, everyone, to this important hearing. i want to thank secretary geithner for joining us. this is your second hearing today and fourth this week. so you're half way there. so you are a glutton, i tell that you. we know that defending this budget is no easy task. so we really do appreciate your time. >> not as hard as your job. your budget. >> it's going to be a fun day. >> you have my sympathy, you do. >> you're about to get mine but in a different way. it's known that one of your favorite sayings is plan beats no plan. it's a phrase you use often dur

treasury secretary tim geithner testifying at a house budget committee.coming from president obama. >> that's leadership. so wait for other people to do something, then we'll react? >> you know, you guys just spent about six months threatening to default on obligations you gave us. >> mr. secretary -- >> now if you call that leadership, that's fine with me. >> so where is your tax reform plan? that's why we're here today is to learn where this administration -- >> if you want to bluj gone me to admitting me to admit we're not giving you one. i confess. we're not giving it to you. >> i confess. it's not in the budget. guess what, that wasn't the only battle. would he have' got more. wait, there's more. wait for it. two female senators walked out of a house oversight hearing on the contraception controversy and how it plays into the freedom of religion. they were angry because the first panel was all male. five men. democratic congressman jerry conolly was at the hearing. we spoke to him on "starting point." >> i just want to point out about religious freed

and live now to capitol hill for treasury secretary tim geithner. he is testifying before the house budget committee on president obama's budget proposal released earlier this week. house republicans on the committee have complained that the white house is using misleading numbers in reductio. >>> the hearing will come to order. welcome, everyone, to this important hearing. i want to thank secretary geithner for joining us. this is your second hearing today and fourth this week. so you're half way there. so you are a glutton, i tell that you. we know that defending this budget is no easy task. so we really do appreciate your time. >> not as hard as your job. your budget. >> it's going to be a fun day. >> you have my sympathy, you do. >> you're about to get mine but in a different way. it's known that one of your favorite sagz, whiyings is plan no plan. it's a phrase you use often during the financial crisis to describe the need for policymakers to plan for every contingency in order sto stay ahead of events. you're in the middle of a firestorm, the

spcht 3 will have live coverage of a senate finance committee hearing with treasury secretary tim geithner. and over on c-span, defense secretary leon panetta and joint chiefs of staff chairman general martin dempsey will testify before the senate armed services committee on the defense department's budget. it calls for $525 billion in discretionary spending, which is a 1% decrease from last year. that gets under way at 9:30 eastern. former mississippi governor haley barbour spoke monday at a weeklong conference hosted by general electric on u.s. manufacturing and competitiveness. during his 30-minute remarks, governor barbour discussed the need for an educated workforce and mississippi's effort to attract more manufacturing jobs in the wakes of hurricanes katrina and rita seven years ago. >> ladies and gentlemen, please welcome chairman and ceo of ge, jeff immelt. >> thank you. thank you very much. it's my distinct pleasure to introduce today's luncheon speaker and that's governor haley barbour. all of you know haley was a two-term governor of mississippi. as i mentioned earlier this morn

one of the bailout architects for the united states banks and he along with treasury secretary tim geithner and the administration here have made it very clear that they want bailouts to continue because bailouts mean that banks get paid the bondholders get paid that money markets in the united states or are kept whole that there's no crazy losses going on in the financial community and that's what they know that's where they come from and that's what they support the idea of forgiving debt the idea of even allowing a population to heal itself rather than have from it extracted its future its economic future in order to pay bailouts isn't on the table because that's not in their philosophy because they don't feel the pain they're probably not watching the people in the streets and if they are they're thinking hey you know these people ran up their own death they were like people wanted pensions and they had to be paid in greece was all out of bounds and so now we need to rein it in and that's basically what ben bernanke he was saying in different words in a speech this morning that's what t

taxpayers union and will ron political reporter with the daily caller welcome both of you back tim geithner unveiled president obama's corporate tax policy today grand you do corporations the united states effectively pay the fewest taxes among the thirty four o.e.c.d. nations and when you add in bad taxes which are paid in most other nations we're way long our corporations are way way lower and so we've got the top marginal tax rate thirty five percent but the amount of actual tax dollars paid is lowest in the eyes and a code out of the country sorta like the situation in. sixty when when john kennedy came along and said you know million millionaires and billionaires like me don't pay taxes even though the top tax rates ninety one percent so let's close some of these loopholes and drop the rate that's what obama's saying it's close loopholes drop the rate of twenty eight percent twenty five percent specially for domestic manufacturers. g.'s tax return last year nine hundred feet high when you break down ninety five more than twenty thousand pages yes they paid no taxes no taxes given that

treasury secretary tim geithner testify about the proposed at senate and thomas didn't.awmakers will look proposal by gop leaders to extend the payroll tax cut year.h the end of the the $100 billion cost would be the nation's debt of than $15 trillion. democrats are concerned that the will jeopardize efforts for the new unemployment s for the long-term jobless. the chinese vice president scheduled to meet with top u.s. leaders today including the president. a hot day joint base andrews and is expected to take over as his country's leader. increasingly are and viewed as military rivals. more good news for apple. and women on twitter seem to think that valentine's day is a deal than men. paula faris has more. >> the apple juggernaut keeps growing. one out of every $5 we spend on electronics this past holiday season went to apple. it passed $500 per share yesterday. more than google, sachs, gm, ford, starbucks, and boeing combined. there's a new grand slam tennis ii that's getting great marks it has analog controls. you have a lot of control over a variety of different shot

. >>> tim geithner will spell out details of a new plan from the obama administration to cut the corporate tax rate. president barack obama wants to cut it from 38% to 28% in exchange for ending dozens of loopholes. would would take more and the congress will need congressional action. >>> a new fine against pg&e about record keeping has been restored. they missed handing over key documents and the penalty fine has been on hold since they thought it would hamper regulators' power. the fine amounts are just a lap on the wrist still they are finding more. >>> the municipal tragedy is not far out of balance as they thought. the deficit will be less than $20 million which givens in july. this is a little more than half but it may still loose a gap. expanding parking metering hours are a real possibility to try to close that deficit. >> we have a power outage in san francisco and two firefighters, right? >> yes, the power outage apparently failed and the fire department put the fire out brickly -- berkeley and 2300 customers say the power should be restored which is 20 minutes from now accordin

c-span 3 will have live coverage of a senate finance committee hearing with treasury secretary tim geithnerand over on c-span, defense secretary leon panetta and joint chiefs of staff chairman general martin dempsey will testify before the senate armed services committee on the defense department's 2013 budget. it calls for $525.4 billion in discretionary spending. a 1% decrease from last year. and that gets under way at 9:30 eastern. >>> now online at the c-span video library, speeches from last weekend's conservative action conference. >> we must outsmart the liberals. we must outsmart the stupid people that are trying to ruin america. >> it's about one country united under god. we aren't red americans, we're not blue americans, we're red, white, and blue. and president obama, we are through with you. >> around the last table, they can get along and come at our throat as long as we're foolish enough to raise taxes and throw money in the center of the table. and then they can get along in the scene like the movie after the bank robbery, one for you, one for you. and they're all happy. >> s

tim geithner will spell out the details of a new plan to call the corporate tax rate. they want to cut it from 35 to 28% in exchange for ending dozens of loopholes. the new tax work would offer a bigger deeper cut and this proposal needs congressional approval. >>> muni officials say their budget gaps will be less than $20 million for the fiscal year that starts in july. they had expected it to top 33 million but it's still a large deficit so the agency can still raise muni fares, cut service and expand parking meter hours to help close that gap. >>> the commute is awake, sal is awake and he will help you get to where you need to go all over the place. >> yesterday we had that horrible commute, i did a report about it later and that was the metering lights were not working properly. at least the metering lights are on and can let cars on the bridge. we had too much of a big back up. let's go out and take a look at interstate 880 north and southbound and that traffic is moving nicely in both directions and the morning commute is moving well 80 westbound between panel an

this morning on capitol hill, treasury-secretary tim geithner appeared before the senate finance committee and had the task of defending this plan. let's take a look. >> the president's plan would lower the deficit from just under 9% of g.d.p. in 2011 to around 3% of g.d.p. in 2018. a deficit at that level will stabilize the overall level of debt to g.d.p. in the second half of the decade putting us back on the path of fiscal sustainability. >> they are not buying it. >> under the pronouncements we're hearing from the white house, this budget reduces our deficit by $4 trillion. that is absolutely untrue. it doesn't reduce the deficit at all virtually. give me a break. it increases spending $1.5 trillion and increases taxes $2 trillion almost. >> this is an ambush budget. he is ambushing the american people by promising to cut the deficit by $4 trillion when in fact over the next ten years, he adds to the debt by $11 trillion >> joining me is stuart varney from the fox business network and co-host of the five, dana perino. our country stands on the cliff. we're on the verge of debt crisis.

. >> treasury secretary tim geithner. >> if congress fails to act, 160 million americans will immediately pay more in peril taxes and 5 million people looking for work will lose or be denied unemployment insurance and benefits. >> there will be only two days next week to act before the extension of the tax cut and unemployment and its expire. -- employ unemployment benefits expire. technet shared with the, but now they say they want to -- >> and they have shared our whitney with the public, but now the family says they want to grieve in private. a controversial ban for football players at towson university, notes weeding -- no >> yesterday there is talk of a large-scale parallel for whitney houston, but the plans have changed. there will be a much smaller fare well for the legendary singer. >> kazemi in newark, new jersey church where we east and sang as a child -- the same in newark, new jersey church will be where the private, invitation only event will be held. her family has announced no plans for public service. >> they have shared her for 30 years with the stick it -- with the city,

. >> reporter: treasury secretary tim geithner carried to congress tuesday the administration's pusho extend both. >> if congress fails to act, 160 million americans will immediately pay more in payroll taxes and 5 million people looking for work will lose or be denied unemployment insurance benefits. >> reporter: congress is in recess all next week, leaving only two days the following week to act before extension of the tax cut and the unemployment benefits expire. chris clackum, nbc news. >>> stocks dipped today to near-session lows in the final hours of trading, but closed mixed. at last check the dow was up about 4 points, nasdaq down about a half and a snd p down 1 point. investors appear concerned over a weaker than expected retail sales export and the greek debt situation. >> it's not feeling at all like february. can this weather last? >> that's the question. >> veronica is here from the storm center. how about it? >>> well, another nice one today for us. in fact, only 4 of the last 14 afternoons this month of february have been below average. so not too bad for today. we've

you can't -- you can't project a message, the tim geithner --. >> elder george bush in 1992 tried to do that. >> you can't be that on the one hand, you can't been too rosy or dour, how do you thread the needle? >> reagan is the obvious example. fdr was better, 1936, roosevelt was running for reelection, unemployment was almost 17%. 25% four years earlier, so roosevelt did say are you better off, that is where reagan got the line. what roosevelt said was the unemployment is too high, things are getting better because of our policies. the key thing he said was why would we ever give things back to the people who created the mess was thrust in our lap in 1932? meaning the republicans. same thing that reagan said in 84, the end of that morning in america commercial, announcer says where would we go back where we were four years ago? walter mondale would return you to the policies of jimmy carter. my guess is we will see a lot of the same things said by barack obama this year. >> so fascinating we were doing a world count of the amount of times president bush the former george w. bush has

. >>> time -- tim geithner announced a corporate tax rate cut that comes to same day that mitt romney released his plans with tax cuts. gene spurling is joining us, a lot of construction behind you, gene. let's talk about the tax plan. first of all, you are talking about lowering the corporate rates, smoothing out deductions and making it a flatter fairer tax plan, give me your best argument why we should do this and why you think there's any chance in you know what that congress will go along in an election year? >> i think what you see ises that place where there's some agreement. and people should not give up on us getting things done that are good for jobs and growth. this is part of the president's plan, to eliminate deductions and loopholes so we can have a lower rate and a lower rate for manufacturing and ensure that there's a basic minimum tax on foreign earnings so that we have a system where people understand that everyone's paying their share, but we are using those revenues to have lower rates and most importantly more incentives to create jobs here in the united states wh

today tim geithner testified before the senate fans committee defending team obama's election year call for higher taxes on wealthy taxpayers. here he is on corporate tax reform. >> we're going to propose a broad reform that will lower rates, broaden the base and wipe out a very substantial fraction, dozens and dozens and dozens of special tax prercferences for businesses. >> while creating a lot of new ones? >> no. >> the obama budget has a $350 billion tax hike on american companies. that is crazy. and inside that according to the budget is a $150 billion tax hike on u.s. profits overseas, exactly wrong. there is talk about a goebbels minimum tax, which is perhaps where that $150 billion tax hike comes from. that is also wrong. essentially these measures are penalizing american companies operating overseas. it create as double tax on their profits. i don't like any part of that. business is going to hate that. now, let's debate it. we have cnbc contributor, our great friend jared bernstein. we also have steve forbes, chairman and editor in chief of forbes media. gentlemen, thank you.

bill: treasury secretary tim geithner in the hot seat taking questions on the president's budget from the white house. that is paul ryan. he will tell us more about the tense exchange on capitol hill. here is sample. >> our government is making promises to americans it has no way of accounting. we're stablizing but not fixing in the long run. we'll keep lying to people and keep all the empty promise going. in order to avert the debt crisis, you're the treasury secretary of all people -- feel the power my young friend. mmm! [ male announcer ] for excellent fruit and veggie nutrition... v8 v-fusion, also refreshing plus tea. could've had a v8. -three. -one. two. three. one. -two. -three. -one. -two. -three. [ male announcer ] with the bankamericard cash rewards credit card, earn 1% cash back everywhere, every time. 2% back on groceries. and 3% back on gas. automatically. no hoops to jump through. -it's as easy as...one. -two. -three. [ male announcer ] 1, 2, 3 percent cash back for the things you buy most. the bankamericard cash rewards card. apply online or at a bank of america near yo

>> bill, i asked that exact question of treasury secretary tim geithner earlier today. he didn't want to put a specific number on it. he said it depends how this thing ultimately shakes out. behind the scenes, senior administration officials tell us that an estimate of about $250 billion over ten years is probably a good number to look at. so this is raising overall tax revenue that would come into the u.s. treasury, even though they're talking about lowering that corporate rate from as high as 35% down to 28%, or 25% for manufacturing. >> now, the president really was singling out manufacturing when he presented this plan to the public here. so what benefits would he give that sector under this plan? >> well, that's the key one, the 25% rate that would be lower than what everybody else in corporate america is paying under the president's plan. they also have some r & d credits manufacturing to bring some of the manufacturing capacity back into the united states. they want to have a minimum tax for overseas revenue that would guarantee that companies have some kind of f

jim angle breaks down what is in this proposal, which was announce today by treasury secretary tim geithneris own new plan as well. we look at what he is saying. republican presidential candidates are in arizona tonight preparing for their first debate in nearly a month. alicia acuna reports from mesa, on the state of the race right now. two western journalists were killed today in syria. pressure is building in washington for some sort of u.s. response to the carnage there. wendell goler tells us what is being considered. and connor powell reports from afghanistan on deadly protests there over the burn of muslim holy books but u.s. troops. in the grapevine, a member of the house has his issues with his family house. "special report" from washington starts at 6:00 eastern. now have send it back to new york and "the five." ♪ ♪ >> dana: okay. so, the government is going to force you to eat your vegetables and you are going to like it. this is the new rule that is coming up from the department of agriculture, they are looking at rules for school vending machines. that are going to dictate what