a trillion dollars over ten years. do you disagree with that? i absolutely disagree with their score but i m heartened to see that the joint tax committee after not doing dynamic scoring forever and suffer doing it and they agree there s significant growth effects from this bill. they just think they re smaller than the peer-reviewed literature things. they put out about a nine-page memo with no references of a score that came out of a black box so we can t check their equations but we know a few things about the models they use and a few things i find troubling if you re thinking about the growth estimate of the bill. one of them, as you and i have talked about, one of the big positive effects is that it s going to end this crazy incentive for firms to move their activity overseas and locate in ireland as opposed to the u.s. right. one of the main models they use, they don t have an international sector so that margin isn t even available. so do you think they re off by a tril
quarter for the first time in three years. the commerce department revised down its growth estimate to show gross domestic product shrinks at a 1% annual rate. analysts report it buckled under the weight of a severe winter. but there are signs that activity has since rebounded. that on top of the news the unemployment rate had come down. all these numbers are so confusing. and obviously it s a big deal when you have the economy actually contracting. hasn t happened in quite some time. you never know what s going to happen next with the numbers. whether it s unemployment numbers or the gdp. sometimes you don t even know how to read those numbers. you hear that more people are dropping out of the workforce but still the unemployment rate is coming down. i agree, joe. it s hard to work out where the economy is actually headed. ford we know is recalling 1 million cars because of safety issues. the latest recall involves a
london. here are the headlines. this just coming in. operations at the shipwrecked costa concordia is been temporarily halted because the ship is shifting. the captain is under house arrest as he awaits possible charges of manslaughter and abandoning ship. meanwhile, divers are working to remove a second data recorder from the abandoned ship. they recovered more bodies, bringing the death toll to 11. the arab league is set to end its mission this week, but anti-government protests show no sign of epding any time soon in syria. the government has rejected suggestions that arab league peacekeepers should be deployed to syria. in myanmar, some signs of political change. pro democracy leader aung san suu kyi is registered in parliament. she s running in a country that s still largely controlled by its military. those are the headlines from cnn, the world s news leader. i m zain verjee, and world business today starts now beginning with the coverage of a blackout to protest an
i m brian sullivan with your cnbc market wrap. modest losses as the third quarter gdp is revised down and there is a new enhanced lending program in europe. the dow jones industrial average dropped 53 points, s&p off 4 and the nasdaq giving up just 1 point. the commerce department says the economy grew a little slower than we had originally believed in the third quarter. they revised their gdp annualized growth estimate down to 2% from 2.5%. meantime, the imf beefing up its lending with asix-month liquidity line for countries in who s that? in stocks, at&t finished higher after an unsuccessful but well organize d attempt to hack into its accounts. news breaking moments ago. the federal reserve announcing a new round of stress tests for 19
it. police in norway will interview anders breivik today. he s in solitary confinement in a prison near oslo. meanwhile police have called off the search for more victims of the shooting rampage on utoya island. 68 people were killed. a formal inquiry into britain s phone-hacking scandals began in london. a woman who worked with the now depuck news of the world tabloid after her daughter s murder now says her phone was hacked. sara payne had defended the tabloid, even writing the last edition, and calling it a force for good. there s been some break for the rain-soaked korean peninsula, and the clean-up is under way. huge tract ts of farmland are flooded in northee kra and about half a meet over rain poured down on the south korean capital in just 48 hours. at least 51 people died in floods and mud slides. those are the headlines. i m zain verjee, and world business today starts now. captions by vitac www.vitac.com a very good morning to you. from cnn london, i