0 respective plans and then we'll have it out. good morning, everybody. great shot of washington, d.c. hope you had a great weekend. martha: i did. good morning bill hemmer, good morning everybody at home. i'm martha maccallum. what have we got here? president's budget proposal, his will not be released until early april. the dueling congressional plans are the only on shun out there. paul ryan thinks, understandably because it is his plan, thinks it is the best one. >> the goal the republican majority is to get us on a path to balanced budget to put the debt crisis out and borrow time with the bond markets. yes, i believe the president won't pass our budget into law but let's get a down payment and get a good start on the problem. that to me a constructive bipartisan engagement can accomplish. bill: with that as a baseline kelly wright live at the white house this morning a lot of talk about a grand bargain, is that that is due on april the 1st. for a little bit of background and context here, it has been four years, 1419 days to be exact since the last time that the senate passed a budget resolution. that is not a budget. just sort of a plan to come up with a budget. you have to go even than that tn actual budget. bill: meantime, speaker boehner is out again saying the goal is to balance the budget over ten years. he says that is the major issue. he was asked whether or not he can work with the account on that? >> so, do you trust president obama? >> absolutely. >> absolutely. >> absolutely. there is no issue there. the president and i made very clear have a very good relationship. we're open with each other. we're honest with each other but we're trying to big some big differences. bill: speaker boehner went on to say while he agrees with the president we don't have an immediate debt crisis he disagrees with the idea that we don't need to do anything at this point. couple minutes away, we'll talk to jonah goldberg to pick up the same topic about the debt crisis. martha: speaking of all of our financial troubles in this world, wall street is getting ready for a wild ride this morning. financial turmoil on a small island in the mediterranean is what is fueling some very big fears this morning and for very good reason. you've got a run on the banks right now in cypress. and it is because of a controversial bailout plan. but here's why all of this comes home to roost. stuart varney joins us now, host of "varney & company" on the fox business network. stuart, good morning. why should we care about this? >> who is next? which other governments which have run up enormous debt will also go towards seizing private bank accounts? who else is next? maybe spain? maybe italy? how about america? is it out of the question totally? that's the bottom line here. who's next. here's the background story. cypress is deeply in debt. they're totally insolvent. they need another $13 billion just to bail them out of their lousy situation. the europeans will give them the money on condition that they tax all private bank accounts. take some money out of everybody's bank account and contribute it toward the repayment of their massive debt there is a new principle involved here. for the first time, a european country is seizing private bank accounts, or part thereof. we never breached that principle before but now they have done it. so it raises the question who is next? spain, deeply in debt? italy, deeply in debt? how about america down the road perhaps, deeply in debt? who's next? martha: one of the things i find fascinating about this, stuart, what they wanted to do was to tax these russian oligarches, the big bucks russian folks in cypress, so is it was a tax the rich mentality. let's take a little extra burden. you know what, everybody ended up getting hit in the end, right? >> that is precisely right. they tried to sell the tax on bank deposits as a way of taxing many rich russians who have a lot money parked in cypress but because, they really have to tax everybody to raise the $5.8 billion euros that they need. but you raise an interesting question, martha. it is a point of principle. if you keep spending a lot of money and you say the rich will pay, well the truth is they can't pay. they can't repay this debt. what you end up with is, too much debt, and your government is in a position, how are we going to pay for this? one government at least is saying we're going to take it out of people's private bank accounts. martha: just to look at the u.s. situation quickly, this idea, we talked about it so many times here with you, stuart. you could tax the rich, tax the rich every single penny they make and you still wouldn't have enough to cover these debts. then it gets tossed to every man and yeah, we have to take a little bit out of your account too. >> quick statistic. you could take every penny earned by everybody who makes more than $250,000 a year, just confiscate it all, tax rate of 100%, you would only bring in a trillion dollars. you would still be left with a deficit and you would wreck the economy. martha: interesting lesson. stuart, thanks very much. we'll be watching it throughout the day as i know you will. let's look at bigger picture of europe's debt crisis. five countries needed bailouts from the european central bank and imf. greece, spain, ireland, portugal as stuart mentioned. germany the fifth biggest. great britain at number eight. france with the 9th largest. italy at number ten. they all shrunk in the last quarter of last year. europe is basically contracting. the eurozone is losing huge numbers of jobs. a record 19 million people are unemployed. it is a tough picture and one we need to watch closely here at home. bill: sure do. no telling when that thing will get straightened out. more rough water for carnival cruise lines. another disabled ship of vacationers, limping back to port. legend arriving yesterday. a leading senator calling for a passenger bill of rights. what would be in that bill? peter doocy live in washington. what would this bill of rights do, peter? >> reporter: bill, it would guaranty refund for passengers who get stuck on a ship stranded at sea where there is no place to go to the bathroom or see a doctor or enjoy modern luxuries like lights and air-conditioning. senator chuck schumer from new york is leading the charge for the new cruise ship bill of rights. he said yesterday cruise passengers shouldn't be forced to live in third world conditions when they go on vacation. >> these ships are regulated by foreign countries who have virtually no regulation at all. they dock in our ports. they're often, they advertise all over america. the majority of their passengers are americans but they fly foreign flags. one of the reasons they fly foreign flags is because there is virtually no regulation. >> reporter: without proper american regulation, senator schumer says cruise ships have many about the wild west of the traveling industry. bill: what are the passengers saying about this? are they calling for it? >> reporter: really depends which cruisers you talk to. some of the passengers from the carnival triumph which broke down last month and had to be towed into mobile, alabama, have filed federal lawsuits. most of the passengers we heard from exiting the more recently disabled carnival legend and carnival dream basically just shrugged at their ship's problems. >> we had a slight disruption in elevator service. we had a slit disruption in the flushing of toilets which wasn't a problem. it was a very short time period. they took excellent care of us. and made sure we all had flights home. >> gave us a credit and 50% to travel with them again and we will. >> vacation, got to take it like it is. people get too serious and upset. >> reporter: if senator schumer gets his way the cruise ship bill of rights would be similar to the airline passenger bill of rights. he wants companies to adopt the new policies bill, on their own. bill: peter, thank you, peter doocy in washington on that. spared you the video on that. get the idea what they're going you. martha: easy going travelers. bill: especially the last guy. martha: i don't know if i would be that happy. we're just getting rolling this morning and we want it talk about the benghazi investigation because it is turning red hot right now. you have a top republican senator who dropped a bombshell accusation against the obama administration. what he is claiming is now happening to the survivors. that's just ahead. bill: emotional testimony from the wife an american pastor jailed in iran. are her pleas for help falling on deaf ears? she will join us live next for the latest on that. martha: battle of the budgets, two very different ideas here. why house budget committee chairman paul ryan says his plan he believes is the right one. >> i would argue it is the president who has been missing in action on this front. he knows we have a debt crisis coming. all independent experts show us this. and so he hasn't even given us a budget yet.