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Imus morning program on Fox Business Network time now for the -- There -- -- some of that -- Good morning the Obama administration is set to unveil its plan to overhaul the corporate tax code Treasury Secretary Tim Geithner will.
In his state of the union speech last month.
The Obama administration will push to reduce the corporate tax rate from the current 35%.
One of the highest levels in the world at this point.
The plan also calls for the elimination numerous tax deductions for companies.
And President Obama we'll try to reshape current deductions for manufacturing firms to reduce their tax rate to 25%.
Secretary Geithner told a house committee last week that the administration wants to create more incentives for companies to invest in the United States.
Checking the markets first in Europe this morning the Euro -- service sector shrank unexpectedly this month -- that's reviving fears that the economy.
May slip into a second recession as you can see.
Stocks in Europe are down up pretty sharply in Germany as well -- back to Friday's level.
I -- any -- our futures are doing a little bit better but still down as you can see Dow futures down seven points at the moment.
And the price of oil did touch a 106 dollars a barrel this morning that on concerns.
Surrounding Iran's nuclear program and that could lead to supply disruptions never a good thing in the gas tank.
Now let's take a closer look at what's moving -- European markets this morning with Dow Jones newswire senior correspondent.
Nick Hastings over in London payment how aria.
Things where you wanna start this morning -- we be afraid that possibly your apple double dip into his second recession or is that already priced into European stocks at this point.
Serve them certainly to a certain extent -- -- is -- though that if you look at the stronger economies of core economies this sort of fairly good shape but I think the hope is that that -- keep to pull.
Hopefully other economies -- but I think a lot of people have been sent -- back.
On Greece but so what's happening that we've seen Fitch downgrade Greece's morning -- -- wasn't particularly good news just adding to fears of default which is to keep think.
Yet went stop talking about Greece anytime soon the path the get it just we get is part of -- -- cavalry.
Only ten years get -- to -- Anemia nick Hastings and our analysts are something Greek like that case so I was talking to with one of -- with -- reporters who is there and he says look it's gonna be like ten years before the Greek situation.
Get back to normal and it doesn't feel like you're in a depression winner over there and debts in order and all that is tenure is accurate the -- on time.
I'll I'll talk express some bloodied audio of today's look at what that bail out the terms of the bailout -- talking about the GDP deficit ratios.
One years it now -- twenty.
That's eight years at least yet so that's already optimistic that they get -- -- -- that I don't think that's gonna happen so I mean essentially you know it just really I think puts this into some -- what sort perspective and in the meantime you know we've already got over the next nine days ago that they did that the Greeks are we gonna have to adopt some stuff that they don't really -- -- want to have to adopt the net -- elections in April so I think -- really want she's not negotiations.
So much at this stage.
But it's actually gonna be quick elections and yet election popularity polls that is going to be what the market's gonna really be be -- about.
-- and anti spending cuts are very popular there and really quickly Germany.
The powerhouse in the region how do you think they're gonna fair.
With this Greek situation can they still be the powerhouse in Europe.
Well I think -- will be a positive I think while the other things we've got to watch as we publicized -- politics and the fact is that this is.
This package would squeeze is not billion dollar won in the markets it's not going down well politically in lots of quarters especially in Germany.
And we've already seen that Angela Merkel the German -- out of trouble.
With a finance minister this is -- I mean basically he doesn't like this package and he's there -- -- -- everybody -- that Greece will still.
And still risk.
Past neck -- -- time today great to see him.
-- more stories in Europe right now.
Europe's number two carmaker is in talks with General Motors for a possible partnership France's labor minister confirmed that -- show is.
Holding discussions with GM over a possible strategic partnership the Financial Times reported that -- -- looking to team up to build cars and components in Europe.
But that no deal has been signed off on just yet now GM reported last week that it European Opel unit lost nearly a billion dollars last year.
And that it's working on a new plan for the division to reflect the struggling European market at this point.
Here's a look at gold if we check in on commodities this morning he conceded gold futures are down a little bit.
Coming up this hour on his guests will be -- this -- this very well as Imus in the morning continues right now on plus business giving you how to --
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