and this year, they want to raise taxes by 20 billion dollars through the republican budget, doesn t raise taxes. next year they want to raise the taxes by 40 billion dollars, again, the republican budget doesn t raise taxes and then on the deficit this year, the democrat deficit would be 164 billion dollars bigger than the republican deficit. and next year, 308 billion dollars, just to give you a sense of it, by 2015 the republican deficit would be down to 125 billion and the democrat deficit 433 billion. there s a big indication of the difference between the parties when you look at the budgets of the budget blueprints of the republicans in the house and the democrats in senate and republicans want to restrain spending and democrats want to continue to blow up the budget and eventually, over the decade add 1 trillion dollars of new taxes. sean: yeah, so 1 trillionew a trillion dollars, this is like they know no other way, all right? that s point one, but yet, they still will give u
nice to see you. dave: are we on the road to recovery? the unemployment numbers looks pretty nice. it looks, but i don t want to sound like for ris bueller s day off, but the unemployment re sid dual. you take the labor force, subtract the number of people working and get the unemployment. but if a whole bunch of people leave the employment force the unemployment number looks better than it and lots of people left the labor force, so we don t have a big recovery going on now. we have some addition to the work force, that s good. some addition to employed, that s good, but the number of people pool of people looking for work fallen by a huge amount. people they they can t get jobs. and not a big gain in employment. roughly 120,000 is not a big gain for a country of 308 billion. and discouraged the workers. there are a lot of discouraged and part-time workers and any time there
jake tapper reports the obama administration is now preparing for the worst. reporter: next door to the white house, on the third floor conference room at the treasury department, secretary tim geithner and a dozen others have been preparing a secret plan for doomsday. for months they ve been planning a world where congress has instructed the federal government to continue to pay its bills. but as of next tuesday has not given it a way to pay them. what happens then is that we no longer have the ability to borrow money. reporter: tax revenue will continue to flow into the treasury but not nearly enough. $178 billion in august to cover $308 billion worth of bills. so tough choices will have to be made. who gets paid? who does not? abc news has learned a top priority will be paying the interest on the existing debt. that s at least $38 billion this month. so that the u.s. government does not for the first time in its history default. perhaps causing markets to plummet. that leaves
dollar, the japanese yen that been gaining today. pauline? nina, here in asia, japanese markets failed to maintain the gains from tuesday. in fact, it s quit a different story. a profit-taking sent tokyo s main index lower as investors reacted to new radiation warnings, this time in the tap water in tokyo. after the markets close, japan s golf. said that the economic cost from the earthquake and tsunami could total $308 billion. meanwhile, around the rest of the region, let s look at how they fared. shares of cole companies dragged the market down in hong kong. banking and energy stocks gave sydney just a slight boost. there the shanghai composite is up more than 1%. a bombshell for britain the day before the government unveils its austerity budget. coming up after the break, how will new inflation numbers effect britain s ability to meet its deficit-slashing goals?
vote slated today. that issue likely to dominate in the eu summit tomorrow. markets suffering, adding to yesterday s losses albeit not as much. pauline? i m afraid the asian markets did not give you a good lead-in today. here in asia, japan led the losses. profit taking sent tokyo s main index lower as investors reacted to new radiation warnings, this time in tokyo s tap water. we heard an update from my colleague a colleague about that. after the markets closed j pan s government said the cost of the economy of the earthquake and the tsunami could total $308 billion. meanwhile, around the rest of the region, shares of cole companies dragged down the market, the hang seng here in hong kong. and banking and energy stocks gave sydney a slight boost.