to spare. the members are going to vote on the final plan next week to keep the government running for the rest of the year. john harwood is cnbc s chief capital correspondent. did you get some coffee in the last hour or so? i did, alex. it was i desperately needed it too. i have mine right next to me. trust me. considering the late hour last night. you know, you may have caught in the last half hour when i spoke with democrat steve israel whol said democrats got what they want, and insofar as they didn t have to give u7 the planned parenthood and the epa funding. did democrats win? absolutely not. they didn t win. democrats did not want to cut the 2011 budget anywhere close to what they ended up doing, but they didn t have much choice because republicans and these new freshmen who came to town and speaker john boehner had the ability because by withholding their votes to prevent any government funding and shut down the government. nobody wanted that to happen. the president
now. all right. tom root and andi lloyd, we are thinking of you as well as your son. thank you for speaking with us. thank you. appreciate the time. a big week ahead for president obama. he ll deliver a major speech tomorrow on the u.s. role in libya. he s also sending his top diplomatic and defense advisers to capitol hill in an effort to smooth over criticism that the white house has not kept congress up to speed. john harwood is cnbc s chief washington correspondent. as always, good morning to you. thanks for being here. i m sure as a parent of a college student, feeling for those two people you just interviewed, very glad their son is found. and hope he gets returned home soon. we ll follow that. meantime, the president tomorrow night addresses the nation at 7:30 p.m. eastern. is it fair to say that the president needs to clearly outline the end game in libya in order for this speech to satisfy some of his critics in congress and across the country? reporter: no quest
over the coming year. that s nearly twice as high as it was just three months ago. steve liesman is cnbc s chief economic reporter. steve, what s the take-away out of all this? the take-away is how astonishing these results were. it floored me. we had this really interesting blip up, positive blip, in december, and then to see these numbers rocket down like this, i think the take-away is as follows. one of the things we saw was that people s expectations for their wages have pretty much crashed. we have the lowest reading ever for expectation for wages for the next 12 months. down 1.1%. then you combine that with people s expectations for inflation which are the second-highest we ve ever seen in the history of tis survey. there s the wage expectations. you combine that, people really think their standard of living is going down. one other piece of bad news in this survey, people think their home values are also not going to go up. we had a brief blip up again in december. combine hig
lily and i are back on the road again. where we belong. with zyrtec®, i can love the air®. we get our first look how the earthquake in japan affected that country s already unstable economy. nikkei saw substantial losses 6.2% on the first business day since the earthquake. that s the lowest seen in four months. what s the ripple effect on the world economy? cnbc senior economics reporter steve liesman joins us now. tell us how this is affecting the world market. if the first instance rippling across to the u.s. stock market. a lot of concern over how all this shakes out. obviously every economist is thinking about the human tragedy and then thinking wlar the knock-on effects. for example, what is japan s place in the global supply chain, the way we re all linked
exactly. and the one thing that presidents can t control are events elsewhere in the world. we ve seen that in the middle east and the effects on u.s. gas prices for american consumers. and now you ve had this earthquake, this disaster on a huge scale in japan which has the potential to impact recovery worldwide. that s a problem for the administration. not a whole lot beyond humanitarian assistance that the obama administration can do and maybe we ll get some details from jay carney about what form that humanitarian assistance will take. yeah, john. you are the cnbc chief washington correspondent, so you report about sort of the intersection of politics and economics. how much of a concern is that to treasury department officials and others you talk about, about the economic situation in japan and how it may affect our recovery? reporter: we ve certainly seen the monetary authority central bank in japan putting some liquidity into their system