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Mar 5, 2013

Marketplace Morning Report for Tuesday, March 5, 2013

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Perhaps no state will feel the sequester more than Virginia, which relies heavily on federal spending because of its proximity to the nation's capital and its role as the home of the military industrial complex. Virginia Republican Governor Bob McDonnell shares his expectations for the months ahead. As China's National People's Congress gets underway, the current Premier of China, Wen Jiabao, has announced an ambitious 7.5 percent economic growth target for the country. And while we're talking China, incoming President Xi Jinping has proposed a new food and drug safety agency.

Segments From this episode

Sequester a 'bipartisan failure', says Virginia's Governor

Mar 5, 2013
Virginia's Republican Governor, Bob McDonnell, says he supports federal spending cuts, including to defense spending, but that the sequester isn't balanced.

Sequester steal: Will IRS budget cuts tempt tax cheats?

Mar 5, 2013
The sequester could force the IRS to furlough workers, including those who investigate tax fraud. Just to be safe, the IRS hopes to delay any furloughs until after tax season.

China to get its own FDA

Mar 5, 2013
Public anger over unsafe food and drugs is widespread in China. The country's new leader, Xi Jinping, is setting up an agency equivalent to America's Food and Drug Administration to tackle the problem.

Lost your NYC Metrocard? That'll cost you an extra dollar

Mar 5, 2013
This week, New York subway and bus riders will have to hold onto their Metrocards or face a $1 surcharge for a new one. NYC's transit authority says it costs $10 million a year to produce the cards.

China aims high for economic growth

Mar 5, 2013
China's National People's Congress convenes today as it concludes its once-in-a-decade transition of power. In his final address to the Congress, outgoing Premier Wen Jiabao set an ambitious economic growth target of 7.5 percent.

Dow hits new record high, but why?

Mar 5, 2013
The Dow gained nearly 100 points this morning, topping 14,225 and breaking into record territory.

Fannie and Freddie to launch joint securities venture

Mar 5, 2013
The regulator overseeing Fannie Mae and Freddie Mac has announced an idea to reform the mortgage giants. It involves starting a joint venture to bundle mortgages into securities that people can invest in.

PODCAST: Record Dow, Subway card cash cow?

Mar 5, 2013
Governor of Virginia Bob McDonnell shares his expectations for the months ahead as the sequester takes effect. What's got the Dow into record territory? And lost your Metrocard? That'll cost you a dollar.

Perhaps no state will feel the sequester more than Virginia, which relies heavily on federal spending because of its proximity to the nation’s capital and its role as the home of the military industrial complex. Virginia Republican Governor Bob McDonnell shares his expectations for the months ahead. As China’s National People’s Congress gets underway, the current Premier of China, Wen Jiabao, has announced an ambitious 7.5 percent economic growth target for the country. And while we’re talking China, incoming President Xi Jinping has proposed a new food and drug safety agency.

The team

Stephen Ryan Producer, BBC