Whats going to happen next week in terms of earnings, stocks. And we will. But this time our game plan begins oddly and strangely on a sunday. Sunday when the treasury secretary of the United States of america will be on meet the press addressing the fiscal cliff situation. As a student of secretary geithner who has studied every move i believe he will report we are going to avoid falling over the fiscal cliff and get deal. In part because the two sides arent that far apart. They sound like they are but they may not be. Both sides recognize that we will be in a recession very quickly, maybe even as soon as the second quarter. If they dont compromise. So listen to me. The tax hikes are so severe. [ audience boos ] the spending cuts, particularly the cuts to the military, are so draconian even some republicans who think a compromise is a total betrayal, they fear the economic consequences of cliff jumping. Once a deal is reached. Tax rates, tweaks and deductions, it could be game on in 2
Hes blaming the gop. Republican leaders are fighting back saying spending is the problem and they wont support any new tax hikes. Danielle nottingham reports. Reporter president obama called in police and firefighters to help him talk republicans oust letting the budget cuts take effect. The automatic cuts known in washington as the sequester kick in march 1st. They were designed to be so severe theyd force lawmakers to reach a budget deal, but they havent yet, and now the president is pushing a shorttemp fix to allow more time to reach a compromise. Theres a smarter way to do this, to reduce our deficits without harming our economy. But congress has to act. Reporter the white house wants a plan with smaller spending cuts and more tax revenues. Republicans say the government is already too bloated and higher taxes should not be part of this equation. The budget expert says the automatic cuts will hurt the economy, even though most Government Agencies should be able to weather them. Mos
Welcome back to squawk. We have odd breaking news this morning. We reported earlier today that home depot and excuse me, office max and office depot were merging. Theyve taken that press release back. Apparently the negotiations are still ongoing. This according to dealbook. Well find out more throughout the day. Thats where things stand as we speak. Robert wolf has been our guest host. Thank you for being here. Its been a lot of fun today. Well see all of you tomorrow. Join us tomorrow. Squawk on the street begins right now. Good wednesday morning. Welcome to squawk on the street. Im melissa lee, with carl quintanilla, jim cramer and david faber at post 9 here at the New York Stock Exchange. The day after we broke a lot of records for the u. S. Markets, were looking at an update for the dow. The s p looking to give back just a little bit, along with the nasdaq. As for the picture over in europe, some comments from germans chancellor Angela Merkel about the euro saying between 130 and
Merge. Hacking america, a secret military unit is said to be behind a series of attacks, but our friend, china, denying the reports. And countering it was the victim of u. S. Hacking. And the bulls are back from a threeday weekend. Can the s p 500 post an eighth straight week of gains . Weve got four days to find out. Its tuesday, february 19th, 2013. Squawk box begins right now. Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick along with joe kernen and Andrew Ross Sorkin who is back from vacation. Lets get started with the markets. As joe mentioned, the s p winning streak has been a strong one. In the meantime, the dow is coming off a second straight weekly loss. Although, really, if you looked at this last week, it was the ever so slightest of losses. U. S. Equity futures are indicated higher. Dow up by 21 points. S p is up by two points above value fair and the nasdaq is up about 3. In 20 minutes, well turn to predictions on where the markets go from here.
Go into the summer driving season. Reporter whats going on . Analysts say the reasons are many. China is demanding more Oil Every Day to power its growing economy. Just as opec cut some of its output. And International Sanctions are reducing the amount of iranian oil on the world market. At home, refineries are shutting down from maintenance as they prepare to switch to a summer blend. Then market speculation and a weaker dollar play a role. In san diego hey, im a waitress. Come on. Im not making 200 grand a year. Reporter the price at the pump can quickly add to the cost of the daily commute. A 40mile roundtrip, 22 days a month, averaging 22 mpg at 3. 50 a gallon costs 140 a month. At todays average of 3. 73 a gallon, 149 a month. At 4. 25 a gallon, 170. And at 4. 50 a gallon, 180 a month. We have to work, so we keep coming to work every day. But you have to put gas in your car to come to work. Reporter 43 cents in a month. The national average, 3. 73 right now. And the experts are sa