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-- -- -- -- On the fox -- Good morning everyone house Republicans are set to unveil their federal budget later this morning.
Congressman House Budget Committee chairman Paul Ryan will present the plan which aims to balance the budget.
Over the next decade without raising taxes by implementing four point six trillion dollars in additional government spending cuts.
And a -- -- journal opinion piece Ryan says his proposal calls for the US government.
To spend a total of about 41 trillion dollars to 22 point three at 3.4 percent annual increase compared to the current spending trajectory.
A 46 trillion dollars over ten years which is -- 5%.
Annual increase Ryan's budget also -- -- -- form the tax code with just two brackets 10% and point 5%.
He'll also push to convert Medicare into a voucher like system under which seniors will get a subsidy to purchase private insurance or traditional Medicare.
Ryan's budget would also overturned president Obama's health law and grant approval to part of the keystone XL oil pipeline which he says could result.
In nearly 140000.
Jobs the budget is set to be unveiled at 10:30 AM eastern.
Checking the markets now here in the US futures are down across the board Dow futures are down 26 yes and he's done two and a half the -- down five.
In Europe manufacturing numbers out of the UK for January showed declines it out but.
As well as industrial production at where increases were forecast.
Markets there are mixed really flatly cut London exactly but Paris is ups about three points Frankfurt's down on even one.
-- a closer look though at what's moving European markets with Chris beat him.
Market analyst -- IG in London Chris we keep hearing is debate growth vs austerity in Europe's top economic official Ali rent defended himself against the accusation.
That EU deficit cutting policies are driving southern European countries into a downward spiral.
And that the EU should instead stimulate economic presently set visited doesn't understand where -- -- this stimulus money could have come from many call that -- people at your clever than me.
And you can suggest alternative ways of getting credit flowing into Europe by all means suggests some accuse again -- heard anything so far.
What's your take on this whole debate and and and his take on it.
It has -- in the case I think -- -- -- -- -- -- -- austerity the Southern Europe these economies are locked into a dangerous downward spiral of austerity and a shrinking economy in -- no way out that what we need to see some sort of boost from the ECB or from Belgium government ignored European governments to really get these economies moving else we face more to -- Europe I no -- out the process.
Because -- you don't get their debt under control how do you get their credit high enough for people want to lend to them and to get that money flowing in.
When exactly is the conundrum Europe faces but that its economy continues to strengthen their tax revenues continue to increase and that debt payments remain high so really -- of violence -- and that's -- to see a fiscal transfer from the northern policy and if we ought to -- -- not moved back into the sudden European economies -- -- -- know -- -- that is.
In Germany specially that new -- Europe party matching this week well.
And Chris says shifting gears over to -- embattled president fronts while London attempting to reverse is on decline in popularity.
With the road trip around the country but no French leader has -- managed to climb in the popularity things -- job in this list and joblessness is rising.
The way it is they are now says she focusing less -- travels and more on jobs serves as the -- ago.
I think they'd like it is he needs to focus more on the French economy -- the second strongest -- -- the errors and is France and the weakness for them unemployment above 10% by the trustee's -- -- -- -- labor laws.
Find more flexible -- estimates economy through new job creation domestic keep thinking -- -- folks on the goddess all of -- local parity.
All right that's Chris beat him over -- ID we appreciate it Chris thanks.
Thanks and we have earnings in now from Bon-Ton stores and retailers reporting -- profit -- three dollars 71 cents a share topping estimates for 357.
Revenue came in at one point 02 billion dollars and that was -- -- analysts were expecting one point 04 billion.
Costs -- is reporting a 39%.
Jump in second quarter net income from last year thanks to higher sales.
Membership fees and a tax benefit related to special cash dividend.
On an adjusted base of the retailer reported earnings of one dollar ten cents a share.
Beating expectations while revenue climbed 8% to 24 point three billion dollars but missed the estimate.
Membership revenue rose 15% to 528 million dollars in sales at stores open at least one year.
Here's a look at commodities now oil and gold have been.
For -- a little bit this morning -- oil down about eight cents trading -- almost at 92 dollars a barrel gold though.
Up almost eleven dollars now at 1588.
An -- Coming up this hour Imus is gasoline Martha MacCallum Fox News and now here's the -- and live on Fox Business giving you the power to prosper.
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