that's good news. >> he's talking about the local unemployment rate, not the national unemployment rate. last night the president described america's fiscal distress and many other challenges an as a modern day sputnik moment. in 1962 a 20-pound chunk of the sputnik 4 landed in man to work. none of the words applies to the serious business at hand nor certainly to my good colleague ed henry who joins me live from the white house with more on the president's visit, his vision for the next couple years. ed, let's talk a little bit about last night's speech, that's history. that's a speech for broad themes, the president -- depends where you fall on that. he did that. now he moves into this budget phase. he has indicated that there are going to be investments and there are going to be cuts. >> right. that's what this is going to come down.