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Corporate America has more than a trillion dollars in overseas earnings that are not being taxed. General Electric alone has $94 billion. President Obama says Congress should change that to help bring down the deficit, but the head of his outside economic advisors is also the head of General Electric. We have more on the Washington Merry Go-Round.   Also, it's one budget vote down and one to go on Capitol Hill, and how the Gulf oil disaster created "spillionaires."

Banner image: President Obama meets with members of the President's Council on Jobs and Competitiveness, February 24, 2011, General Electric CEO Jeffrey Immelt, chair of the Council on Jobs and Competitiveness (L) Chief of Staff Bill Daley (2nd R) and AFL-CIO President Richard Trumka (far R). Official White House photo: Pete Souza

Dumb Money

Daniel Gross

Making News One Budget Vote Down, One to Go 7 MIN, 27 SEC

The budget bill passed yesterday by the Senate and Congress was advertised as cutting $38 billion. Now the Congressional Budget Office says just $352 million will be saved this year. But that’s not the only reason some Republicans are angry at Speaker John Boehner and some liberal Democrats want to challenge the President. David Lightman is a national correspondent for McClatchy Newspapers.

David Lightman, McClatchy Newspapers (@LightmanDavid)

Main Topic Taxing the Multinationals 36 MIN, 54 SEC

One economics editor says Washington has been running a "fiscal clown show" for the past 10 years by spending more and taxing less. The report that General Electric earned more than $5 billion in profit while paying no taxes at all focused attention on multinational corporations. We hear how they do it, using laws approved by both parties in Congress that allow them to keep their money overseas. Congress could change those laws to help pay down the deficit. Should the world's super-power use its clout to get corporations to pay their fair share?

Daniel Gross, Strategy + Business (@grossdm)
Jack Ciesielski, Analyst's Accounting Observer
Edward Kleinbard, University of Southern California
Ryan Ellis, Americans for Tax Reform
Eric Schoenberg, Responsible Wealth

Reporter's Notebook Gulf Coast 'Spillionaires' Cash In on BP Payments 6 MIN, 12 SEC

BP got most of the blame for the Gulf oil spill, the worst in US history. The federal government gave the company control over the clean-up, and BP has spent $16 billion so far to make things right. A report by ProPublica, co-published with the Washington Post, says that gusher of money has created profiteers. ProPublica's Kim Barker explains how these "spillionaires" have cashed in while others got much less.

Kim Barker, author, 'The Taliban Shuffle'; ProPublica (@kim_barker)

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