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melissa francis. lori: i am lori rothman. we will learn how hi our deficits could rise. melissa: we will hear from the president in just a couple minutes. we will bring you the remarks live. lori: immigration reform also on the top earner today. we will hear from business leaders on how reform should be done. lou dobbs weighs in. melissa: our very own charlie gasparino goes one-on-one with municipal analyst. that should be very interesting. lori: let's get things started with the latest addition of stocks now. the 20 you see volatility here. the fix is to the downside today on a day where we are gaining triple digits, unlike yesterday where we love triple digits. the majority of the dow components are in the green. we have economic numbers showing expanding numbers in the u.s. service. we will take a look at a longer term chart. back to you. lori: thank you, as always. melissa: breaking news. the budget office releasing the latest numbers. what we can expect our deficit to be. rich: $845 billion for this year. this is the first time in five years. let's take a look at the next ten y

a false argument to say we have a spending problem. we have a budget deficit problem we have to address. right now we have low interest on the national debt, and it's a googood time for us to act to loather deficit. we think the deficit and the national debt are at a moral level. we think they must be reduced. we're sick and tired of paying interest on the national debt. that's 15%. that's a large percentage of the budget. >> joining us now is the anchor of "fox news sunday" chris wallace. good morning, chris. >> how are you, eric? >> eric: we heard her say that the national debt is at immoral levels. how do we fix it? what would you say? >> well, the pressure the president -- expression the president used a lot during the campaign, and you know what that means. i suspect it's very different than the republicans, but also yes, tax increases and spending cuts. no more raising of rates but there's a lot that can be done in taking away loopholes, dehe duckses on the wealthy, do away with the subsidies to the oil companies, the buffett role that anybody who makes more than a million dollars

deficit for a second straight month in december, that is the first time since 1985 that the current account balance turned to the red for two consecutive months. finance ministry officials say the current account deficit for december about $2.8 billion. the trade balance registered a deficit of about $6 billion. exports fell 6.9% while imports were up about 0.8% from the previous year in yen terms. as a result, the current account surplus for the entire year of 2012 turned out to be the smallest based on comparable data available since 1985 the surplus fell 50.8% from the previous year to $50.2 billion. >>> and across oceans the president of the european central bank expects the region's weakness to prevail for sometime. policymakers at the bank decided to keep the key interest rate unchanged. it's at record low level to support europe's ailing economy. the members of the central bank decided the rate should be maintained at 0.75% for a seventh month in a row. european central bank president draghi said the decision is essential to support the region's economic activity which remain

deficit and debt. >> reporter: athena jones, cnn, washington. >>> president obama's expected to talk mainly jobs and the economy on tuesday. he may have also especially selected the birthday of president lincoln for the date of his address. margaret hoover, cnn political contributor and republican consultant working on behalf of individuals on policy issues and cnn contributor and senior political columnist for "newsweek" and the "daily beast" john avalon join me from new york. thank you for being here. let's talk about the president, what do you think he will say that will be different say from addresses in the past? margaret, ladies first. >> kind of you, appreciate it. look i hope that he takes a page out of lincoln's book. if he truly picked lincoln's birthday for this moment, this is a great opportunity to realize that against the backdrop of his inaugural address, if he really wants a legacy, legacy legislative reform. the reality is there's a divided government and he has an opportunity to not polarize the debate, but reach out and broaden the debate and include republicans. t

account deficit for a second straight month. it's the first time the country has been in the red for several months in a row since officials started keeping track the way they do now. finance ministry officials say the current account deficit for december was $2.8 billion. the trade balance registered a deficit of about $6 billion. exports fell 6.9%. imports were up 0.8% in yen terms over the previous year. the current account surplus for 2012 turned out to be the smallest. the surplus fell 50.8% from the previous year to $50.2 billion. china's total amount of trade soared about 27% jayne from a year earlier. but it's trade with japan posted much smaller growth. china's customs data shows its exports totalled more than $180 billion last month, up 25%. the country imported about $160 billion worth of goods showing an increase of about 29%. the total amount of trade came to about $345 billion surging nearly 27%. officials attribute the jump mainly to a dent in the same month last year, the lunar new year holidays fell in january in 2012. trade with japan grew slightly more than 10%

were shown. finance ministry officials say the december current account deficit was $2.8 billion. the trade balance registered a deficit of about $6 billion. exports fell 6.9% while imports were up about 0.8% from the previous year. as a result, the ministry said the current account surplus for the whole of 2012 was down for two years in a row. now u.s. stock prices ended lower. the dow jones industrial average lost nearly a third of a percent to end the day at 13,944 on thursday. that's after poor productivity data as well as comments from the ecb president which sent the euro lower. for more and for how stocks are trading here in tokyo, we are going to ramin mellagard at the tokyo stock exchange. we have had two pull-backs. are we headed for another? >> it looks like it. the drop we have seen in trade appears like that. the 2% drop in productivity for the fourth quarter in the u.s. as well as those slightly taken as negative comments from ecb president mario draghi may have more bite. we are definitely seeing that in the opening levels. let's have a look at those. 11,247. less

? the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax and spend, it lives on and so does our massive debt. reality check, "varney & company" is about to begin. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. >> first up this wednesday morning, gas prices, yes, they are still on the rise. national average for regular up more than a penny, now at 3.54. just in the past month the price of gas spiked about 25 cents a gallon. the underlying price of oil right now we're down, $95 per barrel. while gas prices are

've taken. they've taken three quarters of the potential revenue for deficit balancing off the table. >> they is? >> congress. >> or are we saying the democrats, the president? >> everybody. this is what they all agreed to, right? so that's problem number one. problem number two is on the spending side, now are we going to make serious cuts or not? i don't think they are unless we go over the cliff. there's not going to be any opportunity to cut pentagon spending in any serious way if you don't go over the cliff. so there is some stuff in there that i as a democrat don't like. but i think everybody's going to put something in the pot in order to balance the deficit. we did a lousy job in january on the tax side and i hope that -- i think it's better to go over the cliff than do a lousy job -- >> how many people do you know on your side of the field who actually agree with you? >> very few. look they're politicians. they want to spend as much money as they possibly can and they don't want to pay for it. >> who agrees with you? >> oh, i don't know. i bet -- oh, god, joe agrees with me.

instead of really dealing with the banks and dealing with the regional deficit overhang, he just created a circle of loop of help. so the government has been giving money to the regions, the banks to the regions and the government to the banks. but there's no real solution. the problems we main in spain. >> well, this is interesting. so, actually, michael brown was just talking about europe being somewhat of a closed economy. what you're talking about here in spain is this closed loop between the money that is getting in and borrowing. explain a little bit about this crazy looking chart here, flow chart, we should say, and this point that what happens in spain is staying in spain. >> this is a simplified chart of what has been going on. all the rectangular things are off balance. fade is the fund for utility financing. they're funded by the government. rajoy on the 31st of december increased the limit of these funds. frob and the bad bank are funding the banking system, the weak banks, including bankia. and the ffpp is a fund where banks have lent 30 billion to the region. on top of this

the deficit go to pot? new legislation would generate tens of billions of dollars in tax revenue. the congressman behind it all joins us to explain. do you ever have too much money? ♪ to grow, we have to boost our social media visibility. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that? he won a contest online to be ceo for the day. how am i supposed to run a business here without an office?! [ male announcer ] fast, reliable deliveries worldwide. fedex. ♪ they said go to school and be a college kid -- melissa: the student loan catastrophe we are seeing all around us, colleges and universities now suing graduates that aren't paying back their loans. the number of students defaulting on their perkins loans, though -- that's not easy to say -- is staggering. it adds up to almost a billion do

was in a deficit by about $4.7 billion. the surplus in the primary balance is a key milestone in greece's efforts to restore its fiscal health. but the greek public is largely unhappy with the government's measures. major labor unions across the country are calling for a general strike later this month. >>> u.s. justice department officials have demanded $5 billion in damages from standard & poor. they say the credit rating agency caused losses to investors by giving high scores to mortgage-backed securities. department officials said they filed the civil lawsuit against the credit rating agency. they claim the s&p knew the housing market was at risk in 2007. they say they inflated their ratings of loans and other financial products to avoid losing clients. >> s&p misled investors, including ma federally insured financial institutions, causing them to lose billions of dollars. this alleged conduct is egregious. and it goes to the very heart of the recent financial crisis. >> the officials said investors trusted s&p ratings and suffered losses of at least $5 billion and they want that money back.

: the dow hitting 14,000 with nicole on the air. this is a snapshot of just how bad our deficits are going to be over the next ten years. dagen: rich edson is live in washington, d.c. rich: $1.1 trillion, that was our deficit for 2012. this is the most recent projections by the office. this year, a budget deficit -- the decade production was $2.26 trillion. these numbers will be much different. much worse. it must examine the budget as if congress does absolutely nothing. and current policy continues. we have had some changes. mainly that built that passed congress earlier in the year. millions of middle-class americans do not have to pay the amt. it also changed the estate tax bumping down the rate of little bit lower than what it had been over the exception of little bit higher. the numbers we just show you, the real numbers will be much worse. we will find out at 1:00 o'clock. back to you. dagen: are we going to be in a statement from the white house at 1:15 p.m.? rich: he will talk about the sequester. he will push for congress to pass a smaller package of spending cuts and tax reform


an economic value of negative $16.3 billion. that is basically a deficit in its capital reserve because of mortgages continuing to go bad. but one fha critic, ed pinto, of the american enterprise institute testified today by his analysis the fha is actually short by more than $50 billion. so critics say that this means the fha is headed for a bailout but, fha supporters say that the critics are hyperventilating. >> if the fha were a private financialness stigs likely somebody would be fired, somebody would be fined or the institution would find itself in receivership. instead it is merely merrily on its way to becoming the recipient of the next great taxpayer bailout. >> i don't think there are many independent people think we're looking at the next great bailout. yes, the fha is little bit of an issue at the moment because of its countercyclical mission, by the way it was part of a their original mission to come in during the difficult times. they did that and they are in trouble because of it. >> reporter: house republicans got legislation through congress last year to try to reform t

deficits, and that austerity was never given a credible grade, for example, by many investors, thinking, of course, it wasn't a great strategy. i concur. here's the problem, though. you know, austerity by definition is, you know, deficit cutting with less benefits and services. now, it is a horrible word. and, of course, many governments and politicians grabbed on to it because they really don't want deficit cutting and they don't want less benefits and services. but it is pretty hard to call it austerity as we go into, what, year six of post credit crisis activity. and global economics don't dictate we're doing a heck of a lot better, even though we had some jumps in growth, which kind of can be predicated on high levels of stimulus, maybe don't call it stimulus, maybe you call it just three to four years of big deficits. now, quid pro quo on the other hand seems to be the relationship that dictates who the big buyers are of very high quality, relatively speaking sovereign debt, whether it is boons, treasuries, guilts or ooth oaths. we need a whole lot less quid and a lot more pro grow

this about reducing the deficit. >> there is no dow that we need additional revenue coupled with smart spending reductions in order to bring down our deficit. we can do it in a gradual way so it does not have a huge impact. the average person cannot take advantage of them. they do not have access to cayman islands account. the average person does not have access to carried interest income. melissa: i do not know, how do you interpret that. that sounds like the tax man is coming. lori: we have been talking about eliminating loopholes and tax deductions for a while. melissa: we have not done it. lori: right. but it is not a new proposal to the people. melissa: he tries to hide behind the wealthy people. it is coming for everybody. anyway, fighting back. we will introduce you to a man training the troops fighting the cyber war. lori: what happened last night. the super bowl in the dark for 33 minutes. we will shed some light on the situation. ♪ i'm a conservative investor. but that doesn't mean i don't want to make money. i love making money. i try to be smart with my investments. i als

and deficit. to put a plan in place. it's not just because we want to send a signal to the markets that washington's getting its act together. that's true. and that's a good result. but, it really is to help people. we don't want to see interest rates go up and the need for higher taxes. we don't want to see burden laid on the families, and individuals just coming out of school or seniors. we're trying to put us on a path to a growing economy, where there's more opportunity. >> but eric, you're still in a position of trying to sugarcoat a position of telling people that they are going to be getting less. that you're not going to make the same loans available, that this is a -- this is something that the president campaigned on very successfully. it's that situation. it's the immigration situation. are these different positions or this is just a new way of saying the same thing? >> look. what we're saying is our policies are the best path forward to help people in their lives. and the conservative principles of not spending money you don't have, of making sure that you put in place

're going to be serious about reducing our deficit, can we combine some smart spending cuts because there's still some waste in government. can we reform our health care programs in particular because we spend a lot more on health care than every other country does, and we don't get better outcomes. there's a lot of waste in the system. there are things we can do to reduce health care costs. and can we close some loopholes and deductions that folks who are well connected and have a lot of accountants and lawyers can take advantage of. they end up paying lower rates than a bus driver or a cop. can we close some of those loopholes? if you combine those things together, then we can not only reduce our deficit, but we can continue to invest in things like education and research and development that are going to help us grow. washington cannot continually operate under a cloud of crisis. that freezes up consumers. it gets businesses worried. we can't afford these self-inflicted wounds. there is a way for us to solve these budget problems in a responsible way through a

is if we can reduce the deficit, can we combine some spending cuts because there's still waste in government, can we reform our health care because we spend more than eany other country. there's ways to reduce health care costs. and can we close loopholes and deductions that folks that are well connected and have a lot of accountants and lawyers can take advantage of, can we close some of those loopholes. if you combine those things together, then we cannot only reduce our deficit but we can continue to invest in things like education and research and development that's going to help us grow. washington cannot continually operate under a cloud of crisis. that freezes up consumers, it gets businesses worried. we can't afford these self-inflicted wounds. and there's a way for us to resolve these budget problems in a responsible way through a balanced approach that the vast majority agrees with. there's no reason why we can't. we can't have washington dysfunction getting in the way. >> it's interesting to hear them say we do need additional revenue but it's not going to come from

economy we have will be beneficial because people are worried about the deficit, worried about the death that comes from the growing deficit so taking a stab at that for the first time in a long time will be beneficial to the economy. connell: are we making progress yet or is there much, much more to do? it is not just economists on the left making this argument, listen, to an half trillion being cut, we are getting there. smell is not the time to get all ciccone in. what do you say of those people? >> in 2007 we were spending 19.7% of gdp in the federal government. it is now around 23 or so. we want to get it back to where it was, so it is not austerity, it is not ciccone and, it is going back to a sensible level of spending. dagen: is a real problem the federal reserve, zero interest rate policy, buying treasury debt and mortgage securities, said the reason congress gets to get away with what it has been doing? >> it makes a little bit easier with the low rates and zero rates, so it is counterproductive but i think the main thing is people have to understand we had a spending explosion

of that cycle? with some of the problems that we're facing right now with the deficit issues, with the entitlement issues that are coming up, how do we get politicians to start talking about some of those tough realities? >> i don't know. the ones that do get slaughtered. i don't know how we do it. i wish i were that smart. >> do you think it's holding back business at this point? or does business operate kind of outside the sphere of what's happening in washington. >> oh, you can't operate outside the sphere. the last few years, where anybody in a corporation was considered evil, and i really felt that way. i know my colleagues felt that way, you have to operate in spite of washington. and because, first of all, you have a responsibility, shareholders employees customers, whatever, but you're a business. and you're there to run a business, and to make good products and get profit, and la, la, la, everybody's happy. so you have to do it even with the weight of washington strapped to your back every day. >> you said that you felt the last two years that businesses and your col

had the south african mine strikes which really put deficits there relative to the demand that's there. that put platinum and both palladium as well. >> sean, thanks. carl, thank you, as well. >> okay. coming up, folks. details on some looming job cuts on wall street. and we're also building up to the newsmakers of the morning. former treasury secretary robert rubin, in studio. that's a cnbc exclusive, folks, at 8:00 eastern. plus, chicago fed president charlie evans talking about the central bank's next move. do stay tuned. >>> tomorrow, a special edition of "squawk box." live from pebble beach. former yahoo! ceo carol bartz will be our guest host. we'll talk to at&t chairman and ceo randall stevenson. plus, the legendary clint eastwood. >> people have to get creative when the pressure is on. >> it all starts tomorrow at 6:00 a.m. eastern. >>> welcome back to "squawk." barclays capital saying it plans to lay off 275 employees at three offices in new york. it's blaming economic factors for the layoffs. the layoffs are going to take place during a 14-day period beginning may 5th. how do

. >> the president wants lawmakers to find a balanced approach to deficit reduck. he said he wants sensible changes and reforms to the tax code. the sequester could cost jobs in education and security. funding forehead start, medical research and small businesses would be cut. >> we are learning more about the president's state of the union address set for next tuesday night. themes include job creation, immigration reform, trimming the 16 trillon dollar debt and gun violence. survivors of the connecticut shooting will attend. nancy pelosi has, invited a student from another school. >>> the first lady will attend the funeral of a chicago honor student today. police say that the 15-year-old was shot last month in a park about a mile away from the obama's chicago home. investigators say she was not the intended target. just a week before she preformed with her band at the inauguration. an event that she called a highlight of her life. no arrests have been made. >> a chance to own a piece of the nosema the niners in santa clara how you can make a lasting impression and help pay for the stadium at

who has worked with budgets throughout my life, in order to deal with the deficit problem, you've got to deal with entitlements. you have to deal with revenues. and you have to deal with discretionary. all of it has to be part of a package. >> is he doing enough? >> i think he's pushing as hard as he can. >> should he be more public? >> well, look. the president of the united states has indicated the concern about sequester. he's indicated his concern about maintaining a strong national defense. and he's proposed a solution to this. the ball is in congress' court. they have got to take action to delay sequester. >> i want to move on to some of the hot spots. we'll start in north africa. a lot of news this week. here is the a.p. headline. u.s. limited in fight against north african militants. the united states is struggling to confront an uptick in threats in the newest hot spot with limited intelligence and few partners to help as the obama administration weighs who you to keep islamic extremists from jeopardizing national security without launching war. we want to put up a map here.

. trade and balance was better than expected. we have been running a deficit for years, as you know, sue. but this time it is narrower than anticipated. remember it was negative. 0.1. a positive print on gdp likely when the revision comes in. you see the big pop there this morning? that's because of the trade numbers overall. so good numbers, good day overall. don't worry about volume and we are staying until the bitter end, sue? >> indeed you are, bob. appreciate it. meanwhile, big snowstorm is bearing down on the northeast nap is sending fuel prices to new highs for 2013. sharon epperson tracks the action for us at the nyse pits. hi, sharon. >> hi. already paying the highest gasoline prices for this time of year, now many in the northeast who heat homes with heating oil will be hit with record high home heating bills as well. we are looking at prices just this week alone for heating oil few furs surge 3% leading energy markets higher here and we are continuing to watch what is happening in terms of the percentage of homes in the northeast that use heating oil. of course it is only 6% o

put together before some real decisions have to be made about our budget, our debt and our deficit. big questions today, the president's remarks 1:15 eastern time. >> reporter: and we're here in the newsroom, joadty is back on the witness stand again today, she's trying to stay off of death row. of she said she killed her boyfriend out of self-defense, prosecutors will ask her why that meant shooting him in the head and stabbing him 27 times. >>> also, the whole country very, very relieved to hear that 5-year-old boy who had been held hostage in alabama was freed successfully. we'll talk with a child psychologist about the emotional challenges that boy will now face. >>> and everyone knows you can't get blood from a stone, but can you get water from a rock on mars? nasa's trying to find that out. we've got an update for you. second hour of "happening now" starts right now. ♪ jenna: great to have you with us, everybody, on this tuesday. i'm jenna lee. jon: and i'm jon scott. a soft spoken and relatively calm jodi areas stet to take the -- set to take the stand again today. areas,

and california universities plan to battle the budget deficit while also helping students. >>> give you a live look outside at the sunol grade. pretty quiet out there on bay area highways this second sunday of february. time now is 8:42. it's not a candy bar. 130 calories 7 grams of protein the new fiber one caramel nut protein bar. of green giant vegetables it's easy to eat like a giant... ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant >>> hello san jose. you're looking a the mostly clear skies overhead 38 degrees with a light breeze. >>> nasa rover curiosity has successfully drilled a hole into the mark on mars. it's the first time the hole has ever been drilled on the planet and powder samples are now being analyzed. the rock shows possible evidence that wet environments may have existed there. >>> there is a new u.s. commander at the helm of u.s. investigate evers to afghanistan. he is to oversee the withdraw of troops. despite the change in command the goal of the coalition forces is still the same. >> what has not changed is the discipline and the spirit of the team. what

the spanish deficit and perhaps more difficult for him to ask for insensitive measures to stimulate the economy at the european level. there's a trend on twitter tweeting for the -- the contractions for rajoy reject and that's on the right very well the situation here in spain. since the case, the corruption case was reported by the newspaper a few days ago. rajoy lost six points in the opinion polls in approval ratings. he is now amid 24%. that being said, the leader, the socialist leader of the opposition remains in terms of rating. so even if there's a lot of pressure on rajoy, there's now not any alternative in shape. that's the reason why the worry in the market. that's the reason for the decline today on the ibex 35. >> stephane, thanks for that. the bond, is it driven by political uncertainty, of course, but the pmi is up this morning for spain, up 47. but the employment pmi, down to 42 and that's back from the low since this time last year. >> i don't like the numbers. if you'd asked me six months ago, i would have probably said possibility of spanish growth falling off the

's a little schizophrenia going on. a lot of folks think we need to cut and solve the deficit and now when we face cuts and face austerity, it's very difficult. the bottom line is that because of the divided government, it's very difficult for there to be a global solution that would, you know, make a lot of rationale sense. and, instead, we're facing a series of cuts like the sequester that although they look disorganized are slowly getting us towards a more balanced budget. i think the markets have pretty much digested the fact that the sequester is likely. i doubt that it will have a significant impact on the markets because i think everybody already knows it's likely to happen. >> this goes back, again, to one of your concerns. certainly a concern for a lot of people in the u.s., which is where is the middle any more inspect and it's interesting because in your career you've switched parties. explain that move. are there going to be any more like you? >> well, you know, i used to be a moderate republican and now it's a moderate democrat. but the truth is, there aren't very many moderates

deficit figures are due out at 8:30 a.m. eastern. the gap is expected to narrow to about $45 billion. then, 10:00, december wholesale trade. the usda's crop report is out at 12:00 insurance. and we're get earnings from cboe, entergy, moody's and aol. >>> eu leaders could see the first real term cut in the history of the region's budget. jewel yeah is in brussels for us and joins us now. jewels, they had an all-night meeting and this has been portrayed as a potential victory for david cameron. is that how it's going to play out? >> if we end up with a real term cut in its budget, it's arguably a real term budget. i think he's going to have a tough time coming back to the uk and explaining that on monday if this is actually what we get. we're expecting the talks to resume in just under an hour's time and they're hoping to have a final proposal at that stage and things could move quite quickly. we live in hope. what we have heard earlier is that the rumors that italy are happy, so that would fit with this suggestion. but, you know, i know you were making the point earlier that this is a symbo

to you. the president will largely focus his attentn on immigration reform and deficit reduction exactly one week ahead of his state of the union address. president obama is juggling a full plate of proposals on guns and immigration. janet napolitano. >> we are committed to making sure this sector and the entire southwest border remains secure. >> reporter: immigration reform would allow estimated 11 million undocumented immigrants living in the u.s. to earn citizenship. on monday he took his push for tougher gun laws to minneapolis, the city known as murderapolis in the mid '90s. >> weapons of war have no place on our streets or in our schools or threaten iing our law enforcement officers. >> reporter: against the backdrop of those officers, president obama urged supporters to call on congress to act. >> we don't have to agree on everything to agree it's time to do something. >> reporter: while both sides largely agree with a need for extended background checks, reinstating the assault weapons ban remains the most controversial effort. president obama is ignoring the nation's economic c

we're already wrote way at a deficit. we should be at 14 inches so far. seven and half. all about to change. new york city in north toward boston. these of the two storms that will come together and form. right now there raise side, the moisture is all done here. "their is with that set up across parts of the northern at the perfect timing because the classic nor'easter across all the northeast. birth -- blizzard watches all across parts of connecticut, ryland to eastern end of rhode island. what the storm watches and warnings across interior sections. have to tell you, new york city is the big bull's-eye where we will see what it is. right on the line, so we cannot say exactly what will be. the biggest totals will be lent or there will certainly see over 2 feet in a few spots. ashley: move just a few miles only or the other. tracy: but there are people who are going to be happy about this bill. our stage manager in particular. skis or snowboards. we're great. they cute. ashley: securing the united states economic future. former world bank president says the u.s. needs a new s

trillion and deficit reduction. >> jackie sissel the live in san francisco taking a look at the gas prices. >> they are going up. this past january was the second most expensive january ever for gasoline. the chevron and standards as the $3.95 as the guest for regular unleaded gasoline. it is up 24¢ in the last month. these numbers are brought to you by triple a, four california. $3.93 is the average. that is up 33¢ and last month, up 14¢ and as the last seven days. that puts us second only to hawaii as the most exquisite gas in the nation. in the bay area we are hovering around the california average. sampras's go $3.93, oakland $3.85, san jose $3.87. the big question is why are we paying so much for all of this gas? it is a multitude of reasons. one because the economy is doing well and speculators are driving up the cost of gas. the second is that the price of crude oil. it is up to 95 to zero hundred dollars a barrel. the third and probably biggest reason why we're paying so much right now is because all lot of these refineries are starting to switch over to the summer/spring that l

. >> reporter: the president will largely focus his attention on immigration reform and deficit reduction exactly one week ahead of his state of the union address. >>> a tragic story. new details on the death of a new york city mom murdered in turkey. >> she was supposed to come back and she didn't. >> they must have luck on their side. ste stephen and terri weaver were on a weekend getaway and returned with two lottery tickets. are you kidding me? >> couldn't believe we won twice. couldn't believe we had won as much as we did. >> jesse, will you come out? >> a gentleman never kisses and tells. >> pucker up. all right. >> loser pays up. boy, is al roker paying right now. >> here's what's happening in your neck of the -- your neck of the woods. >> l.a. reid, the music mogul and jennifer hudson. >> katharine mcphee is inside our studio warm and toasty. >> you remember her, tiffani thiess thiessen, of "saved from the bell." >> john harbaugh is with us from new orleans. >> we were watching your show in the room. you guys do a great job. we love your show. >> yes, there are men on trampolines

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