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-- Imus in the morning.
Around on the phone bill.
Good morning everyone house Republicans -- set to present their plan to balance the budget over the next decade.
Tomorrow congressman Paul Ryan -- also the House Budget Committee chairman.
We'll presenting budget proposal for next year and this latest plan will call for deeper cuts than the one Ryan released last year which balance the budget after 25 years.
Speaking on FOX News Sunday Ryan stressed that tax reform is -- big part of the measure.
We have an impasse right now which is the president wants to continue raising taxes not for deficit reduction but to fuel more spending.
And we see tax reform is an incredibly important goal.
In in policy to getting pro growth economics to getting business is growing again and hiring people tax -- to us.
It's an economic growth generating exercise -- formed the president's so far seems to be a spending growth exercised.
-- -- And also called for the repeal of president Obama's health -- in the effort of stopping the expansion which he says is an effort to stop Medicaid.
Checking the markets now here in the US following a record wheat futures are pointing to the downside this morning -- that Dow futures down fifteen.
Isn't -- -- two and a half the nasdaq's down about five in Europe.
Fitch downgraded Italy to triple B plus from A minus and stocks there are also in the red now -- that London.
Down but not not even a point -- Paris is down sixteen -- down about 26.
Lessig a closer look -- what's moving those markets would -- honestly how to market analyst.
At city index in London Fiona UK business groups have come out today advocating for growth measures including.
A major cut in business tax investing in housing and borrowing more money to fund all of that what do you make of their proposals.
It is quiet and staying -- perhaps I weekend's killer tells blogs of the about austerity man says than.
I'm very much sort of looking more towards the great side of things and if we think about what our recent GDP -- is they invent -- patient is right side of things that really is very important.
We need to get the the the economy meeting and we need to de -- made me get and we need to get people employed.
And he's gonna be really quite important mansion is at a -- to achieve says -- -- -- what happens with.
Debt levels here you know that is what got Europe into trouble to begin with our are they sort of revisiting that again -- have they learned their lesson.
Yet this is gonna be against something which -- -- -- K which is.
Apps it -- -- in order to keep on to construct.
I even lend with the governments have been trying to keep things under control they still have been inspiring perhaps there -- -- -- had them all -- -- hit.
And how private this is wed the big debate lies is -- -- carry on -- and costing costing -- -- no great completely.
Or you have to try and find some sort of balance -- think perhaps thinking and now the some sort of balance is what really is dying to -- K ahead.
And European leaders are meeting this week in Brussels to discuss I'm sure this among other things -- the be talking also about political deadlock in Italy.
Spiraling unemployment in France terms for Cyprus bail out what should we expect to hear from that summit.
This summit is going to be reading crime what they've got -- not on the agenda now we have seen Europe yes keep steady flattening that haven't -- -- you -- Considering.
The news Philly actually hats appear we -- expect much small movement perhaps in the markets on the back of this.
-- -- best is -- will be -- keen to see what EU ministers are banks be achieving at this that.
When it seemed to have some sort of more.
It seemed really -- -- quite a dangerous situation at the management say -- quite quickly.
Unravel all the good glad that's being done that just have fed great figures out today that -- that -- contraction of around two point eight expense side.
In -- will will be -- Full us senate -- -- -- that.
All right that's Genesee -- over at city index thanks via.
And send US companies are reportedly stashing more of their money offshore and away from US taxes.
According to analysis by the wall street journal of sixty big US companies the -- -- a total.
Billion dollars overseas last year that -- protected more than 40% of their annual profits from the IRS.
The journal analyzes sixty companies because each of them had held at least five billion dollars off -- in 2011.
Within that group the journal found ten -- -- more earnings offshore last year than they generated.
For their bottom lines untaxed -- earnings have become a big part of the debate over US fiscal policy and tax code.
The joint committee on taxation estimates that changing lost to fully tax overseas earnings.
Would generate an additional 42 billion dollars for the treasury this year alone.
Here's a look at commodities now oil and gold -- both pointing to the downside now all of them thirty -- down about twenty cents.
Imus in the morning continues right now.
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