Wednesday: Need to Know

As the Congress Center fills up, everyone is asking about President Barack Obama's State of the Union address.

Davos skyline at night
Davos skyline at night

Obama proposed a five-year freeze on non-discretionary spending, called for closing tax loopholes and stressed a need to push for trade deals.

Economist Nouriel Roubini, known for his bearish views, said it would take more than a spending freezeto make a dent in a budget deficit in excess of $1 trillion.

While the prospects of US economic growth were debated, many were taking note of the contraction in UK fourth-quarter GDP. There was a double whammy, when Bank of England Governor Mervyn King said that inflation would rise between four and five percent over the next few months.