countries. the announcement comes on the same day france, belgium, and luxembourg agreed to rescue dexia, a major franco belgian bank. a couple of hours ago, i spoke with cnn s senior international business correspondent, richard quest. he tells me that what is going on in europe is very similar to what happened in america back in 2008. you really don t want the investment bank to fail. why? because a big investment bank failing of this particular time would cause a ripple of crisis of confidence and that s what happened with lehman in 2008. we re going to see more banks over the coming weeks that whether they fail or not, they re going to need more money. what the authorities are going to have to judge is when is it right to rescue and when is it time to let go? finance ministers from the g-20 nations are scheduled to meet later on this week to discuss the growing crisis. and now to economic concerns here in the u.s. this week, the senate will vote on president obama
president obama stumps for his jobs plan in pittsburgh on tuesday. he ll address international brotherhood of electrical workers at their training center. and governor rick perry will also be in pittsburgh next week. he will deliver a policy address on friday, focusing on energy and job creation. and mitt romney will have town halls across new hampshire on monday. you can see him in new hampshire. and we ll get another financial litmus test for those running for the white house next week. saturday is the deadline to announce third quarter fund-raising numbers. and now to other news, a looming showdown over the president s jobs bill. the u.s. senate is expected to vote on the measure earlier this week. the $447 billion package will be paid for by a tax on millionaires, which would raise revenues by $453 billion over ten years. it includes funding for infrastructure projects and job training. a live report on the brewing battle is just seconds away. the voices of protesters
just 90 billion in spending cuts, that s all. and 453 billion in increased revenue. most generated by higher taxes on stuff. republicans say, of course, the cuts are far too small and talking points agrees. here is how the enormous spending effects you. in order to pay off the interest on the 14 trillion-dollar debt, money that could be used to defend america to educate its children, to build highways and other infrastructure is, instead, that money is instead sent to people who have lent us the money. people in china and in the arab states, for example. so the feds are basically taking money away from we the people, a form of taxation and using it to satisfy debt payments. it s a vicious cycle. the democrats demand more money for education and entitlements and other projects. we have to borrow that to support those entitlements because we are sending the money we do have to people who have financed our debt. so they think that s bigger and bigger and bigger. that s crazy. if the u.s.
how are we going to raise 453 billion. that s got to be by taxes. you raise revenues. doesn t mean you raise the tax rates. gusher of revenue out of a growing economy. that often happens. bill: still, the gurebler is in the form of the government taking money away in capital gains taxes. increased salaries. the government has no other way to raise revenue other than to tax. it s not like the government is running a business, that the business is going to get better. they have to get it through that. well, it is like a business or like a family to the extent that as the whole enterprise grows in this case it s the economy it can support more debt and more spending. the problem we are facing now is that the economy is growing only very meagerly and spending has been growing very rapidly. this budget bill does not propose to do anything at all
how are we going to raise 453 billion. that s got to be by taxes. you raise revenues. doesn t mean you raise the tax rates. gusher of revenue out of a growing economy. that often happens. bill: still, the gurebler is in the form of the government taking money away in capital gains taxes. increased salaries. the government has no other way to raise revenue other than to tax. it s not like the government is running a business, that the business is going to get better. they have to get it through that. well, it is like a business or like a family to the extent that as the whole enterprise grows in this case it s the economy it can support more debt and more spending. the problem we are facing now is that the economy is growing only very meagerly and spending has been growing very rapidly. this budget bill does not propose to do anything at all