$111 billion, okay. that s a little bit less than, about 7/10ths of a percent of gdp. if anybody in their right mind thinks that this economy went from fragile to frail with the last couple of jobs reports can sustain an extraction of $111 billion of federal spending right now, i m not sure what planet they are living on. most of the responsible budget plans including the fiscal commission and rital ridalin/deminchey, and you would see the safety programs that people need and also entitlement, infrastructure and education, and pretty much everything that is vulnerable in the sounds good.
hear in the excellent introduction. waiting for you. thanks for saving these. look, this thing, within a new fiscal year, the 2012 fiscal year which starts in 70 days or so, it would require a cut of $111 billion, okay. that s a little bit less than, about 7/10ths of a percent of gdp. if anybody in their right mind thinks that this economy went from fragile to frail with the last couple of jobs reports can sustain an extraction of $111 billion of federal spending right now, i m not sure what planet they are living on. most of the responsible budget plans including the fiscal commission and rital ridalin/deminchey, and you would see the safety programs that people need and also
meanwhile, euro zone s palestiniansters meeting in brussels to talk about keeping greece s debt problems from spreading to italy and spain, your third and fourth largest economies. european banks trading in the u.s. took a beating as the euro hit a six-week low against the dollar. of course, u.s. banks weren t looking any better in the wake ever friday s dismal jobs reports and ahead of earnings this week, but the red didn t stop there. oil prices tumbling on signs ever slowing demand in china dragging energy stocks low are across the board. finally, alcoa sharply lower ahead of warnings delivered after the closing bell, but helped deliver earnings and revenue pretty much in line with expectation. that s it from cnbc first in business worldwide. now back to hardball with chris matthews.
they will consider raising interest rates to stop inflation. poppy will have more on that. allison has more on the great jobs reports. some say just good. it shows unemployment at the lowest level in two years. hi, t.j. the job market took a big step forward. 216,000 jobs added in march. unemployment dropped to 8.8%. it s a sign the labor market is gaining momentum. it could take awhile to get your car fixed. toyota is rationing parts from a japanese supplier. toyota and lexus dealers will only be able to order a part if that specific vehicle needs it. no stockpiling allowed. this coming week, we are going to hear from the federal reserve when it releases minutes from the last meeting. analysts will be looking for talk of inflation.
japan. but now, with continued fighting in libya, which has shut down an output of 1.6 million barrels of crude a day combined with the decline of the dollar, oil is up 16% for this quarter. in other big business news, u.s. department of labor is set to release the job report. and it s expected continued growth of an additional 180,000 jobs according to a cnn money report and going to keep unemployment at about 8.9%. and we re going to hope it s mostly private sector growth, but it s actually the net of the government jobs what will be the government jobs lost. that s the thing and that s what s in danger, we ve seen growth in the private sector, but government jobs, a lot of them on the line. in a good economy, you want more private sector jobs and government jobs, but the reality is we continue it hurts to continue i love we say high hopes for the jobs reports.