that clip a little bit later in the show. first, though, let's get to the news live at 5:30 a.m. at 30 rock in new york city. responsibility for cutting the nation's debt and deficit is shifting back to congress as the super committee officially yesterday admitted failure. just hours before the midnight deadline, the leaders of the bipartisan panel issued a statement about the deadlock. they wrote in part, "despite our inability to bridge the differences, we end this process united in our belief that the nation's fiscal crisis must be addressed and we cannot leave it for the next generation to solve." i know. that's why you were created actually. the breakdown of the super committee will trigger $1.2 trillion in automatic spending cuts including $600 billion from the defense department. a number of republicans are already working to stop the military cut. they're supposed to take effect in early 2013. president obama, though, vowing to block those efforts. he said congress must stick to the guidelines of the deal. >> already some in congress are trying to undo the automatic spending cuts. my message to them is simple. no. i will veto any effort to get rid of those automatic spending cuts, domestic and defense spending. there will be no easy off ramps on this one. >> it's not just republicans pushing back on cuts to the pentagon. the president's defense secretary, leon panetta says the automatic cuts to the military could cut a seam. before officially announced failure, mitt romney was ready to assign blame to president obama. >> they set this trap by send saying we're going to cut the military by $600 billion. with the world is a dangerous. it's like holding a gun to your own head. i can't imagine the circumstance that ever makes any sense at all. and then with that, as the possible outcome, you have a president who didn't get involved in the process. >> romney's latest competition in the republican presidential field, newt gingrich weighed in as well yesterday. calling the clachts super committee, "good for america." the failings of the super committee were felt far beyond washington. global stocks plunged partly on news of the gridlock in congress. the major u.s. indices shed about 2% each. for more on what to expect today, we bring in geoff cuttmore in london. how can we attribute this to what happened in washington yesterday? >> i think we can put a lot of it to what happened in washington. let's face it, the european debt crisis story has been around and with us for a very long time. yesterday, there wasn't any particular news of a new lurch lower on that story. so it was the super committee ultimately and frankly the markets didn't stand a chance once it became clear just how great a degree of bitterness was between these six republicans and these six democrats. so perhaps the best news is, as you've been reporting, that the super committee itself just disappears. here in europe, we are higher on the markets as they open, but you do get the sense that a lot of that is bargain hunting because people are looking around to see what's got beaten up the most in several negative days of market activity. there are also the seasonals of course. normally people look for a rally between thanksgiving and new year. jury is still out though as to whether we'll get it given the negative news flow we've got. >> jeff, one other story on the front page of the wall street journal. missing mf global funds could top $1.2 billion. that's a number far greater than we've heard previously. what are you hearing on that? >> yeah. this is a remarkable story, isn't it? initially, we thought possibly about $600 million worth of customer funds missing. that number has been steadily increasing. finally, we get a suggestion maybe that that number is now in excess of a billion dollars. the suggestion currently come you through from the trustee looking at liquidation. no news flow from regulators on this. but you have to ask some questions as to who was in charge of wrongdoing at this organization and whether some people are going to have to get picked up by the law authorities. back to you. >> that story keeps getting uglier. front page of the wall street journal to read more. geoff cuttmore live in london. we appreciate it. million man rally in cairo following three consecutive days of deadly clashes between demonstrators and security forces. activists are dubbing it a second revolution. in an effort to stop the blood shed, the government civilian cabinet offered its resignation late yesterday but protesters seem united to end military control of the country. nbc's chief foreign correspondent richard enge lechlt is with us live now this morning. what are you seeing this morning? >> reporter: well, as you can see behind me, the protesters are back in tahrir square. there are already clashes at a makeshift infirmary in the square. people are coming in. we haven't heard of any deaths so far this morning. the people injured so far are being treated for suffocating from tear gas. but this is a different kind of conflict than the one in the past. a different kind of protest. the egyptians have decided they no longer trust their military to be the custodian of egyptian politics and they're coming out to demand democracy now. and as you said, it's a second phase of the revolution. the first one was against mubarak and this one against the generals who took over for him. >> richard, the role of the military is fascinating. back in february, of course, we saw the military intervene at least partially on behalf of the protesters but a different scene now nine months later. >> reporter: the military presented itself last time as the protectors of the people and the military and mubarak was also from the military. he rose up through the ranks of the military. the military decided to get rid of mubarak, to sacrifice him, if you will to the revolution and took over itself. some people were calling this not a revolution last night so much as a coup and it was probably both. there was a popular uprising and in the end the military enacted a coup with the promise of delivering democracy. now people have come out again because they don't believe the military will keep its promise and trying to put physical pressure on the generals to hand overpower to give it to a civilian government starting right now. >> richard, you've been covering egypt so closely. if you could briefly walk us through what's happened since february and we saw the mass celebrations in the street. i can still see the pictures of people firing in the air behind you. now, how did we get to this point? >> reporter: the firing in the air. you're confusing the revolution. that was tripoli. this one was mostly lots of shouting and screaming. >> forgive me. >> reporter: not a lot of firing in the air. people aren't so armed in cairo like they are in benghazi and tripoli. but what happened is after the revolution here in february, people came out and they were celebrating and there was days of street parties here in cairo. and the army said that it would oversee this transition to democracy. what has happened is the country's economy has remained in shambles, there has been emergency law still in place, martial law which gives the military authority to do whatever it wants, detain people, arrest without due process and the promises that people thought that they had been given for a timely political process simply weren't made. this week, there were supposed to be parliamentary elections. even after the elections, the military would still be in charge. in fact, for the next two years under the current guidelines, the military would remain in charge and people here simply decided they had had enough. the promises weren't being kept, the economy is too bad and they want to see changes implemented. >> richard, not only were they firing guns behind you in tripoli, they were firing rpg's. how could i have gotten that wrong? thank you so much for the live report in cairo. we appreciate it. president obama heading to new hampshire today to talk to voters about his plan to put americans back to work. it coincides with the launch of the new attack ad in the state from mitt romney. >> i am confident that we can steer ourselves out of this crisis. >> in charge of the economy. we need a rescue plan for the middle class. need relief for homeowners. it's going to take a new direction. approximate we keep talking about the economy, we're going to lose. >> i'm going to do something to government. i call it the smaller, simpler, smarter approach to government. getting rid of programs, turning programs back to states and finally making government itself more efficient. >> the obama reelection team is slamming that ad accusing romney of taking the president's words out of context. the president in new hampshire today pushing his idea for a payroll tax cut to get people back to work he says. republican candidates meanwhile, take center stage again tonight at a debate focused on national security. the new cnn poll is providing evidence that newt gingrich is picking um steam. gingrich and romney in a tie for the top spot. gingrich at 24%, romney at 20th. herman cain at 17% and rick perry down at 11%. ron paul, bachmann, hunts man and santorum in single din its. both romney and gingrich weighed in on the usefulness of the debates both now and for the general election. >> i think the debates have been helpful. i think it's been a good chance for people to get to know the candidates, to hear them speak on issues of significance and to get to know us personally to a certain degree. that's always hard in a bunch of 60-second answers. you get some sense of the people running. in the presidential general election debates, i hope we have more than two or three. i'd like to have more of a chance for people to get to know both candidates. >> 2012, president obama is spending a billion dollars. we get to the debates, who do you want to have debate obama to draw clarity between the various lies that we're telling and the truth? i think most people would end up thinking i'm the better debater than my friends are. [ applause ] >> gingrich unveiled a plan also to revamp social security giving americans the option of a personal savings account, a proposal similar to a partial privatization plan rolled out by president bush in 2005. gingrich says the plan will boost the economy by sparking investment through those private accounts. students from the university of california davis are planning a news conference for today amid mounting outrage over the police use of pepper spray against nonviolent student protesters last week. the police chief has been put on administrative leave along with two other officers involved in the incident you're seeing here. in all, ten students needed medical treatment after they were sprayed at point-blank range while protesting tuition hikes in support of the occupy wall street movement. the embattled chancellor, linda katehi is resisting calls to step down. she addressed a rally of more than a thousand people yesterday. >> i'm here to apologize. i really feel horrible for what happened on friday. if you don't think you want to be students in a university like we had on friday, i'm telling you, i don't want to be the -- university we had on friday. >> after that speech, chancellor katehi was escorted to her car by faculty members. an investigation is now under way and there's talk about a possible lawsuit against the school. still ahead here on "way too early," we turn to football where tom brady leads the patriots past the chiefs on monday night. new england is hitting its stride at the right time like they always do. highlights ahead in sports. michele bachmann in this very building last night doing late night with jimmy fallon, we'll watch some of that and get a check on weather when "way too early" comes right back. in a warehouse, a sniper with a rifle waits poised. the a sass inis -- secret servicemen. the murderer slips the nest. but a few blocks a i a man is captured after he's reported to have killed a policeman. -one. -two. -three. -one. two. three. one. -two. -three. -one. -two. -three. 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[ male announcer ] 1, 2, 3 percent cash back for the things you buy most. the bankamericard cash rewards card. apply online or at a bank of america near you. like a ramen noodle- every-night budget. she thought allstate car insurance was out of her reach. until she heard about the value plan. shop less. get more. make one call to an allstate agent. congratulations. congratulations. today, the city of charlotte can use verizon technology to inspire businesses to conserve energy and monitor costs. making communities greener... congratulations. ... and buildings as valuable to the bottom line... whoa ! ... as the people inside them. congratulations. because when you add verizon to your company, you don't just add, you multiply. ♪ discover something new... verizon. a cool misty live picture ever the united states capitol. let's get a check on weather from nbc meteorologist bill karins. when we spoke yesterday, looked like a bad thanksgiving travel day. >> today is -- airports will be a problem. low visibility in the east today and tomorrow the heavy rain and storms. we have two big storms on the map. one centered over missouri, the other in the pacific northwest. it will be ugly for travel over the next two days there. high winds, snow and rain. the areas in the east, this is mostly just a rain event. we have heavy rain this morning all the way from st. louis to indianapolis approaching louisville, cincinnati and lexington. memphis is getting drenched this morning. further down to the south, around austin, we're also dealing with some storms. as we go throughout the day today, the rain will move into new england and the mid-atlantic. mostly new england tonight. areas like d.c., your rain will increase during the day. same with philadelphia. northern new england will be the exception. you're cold enough for snow. northern new england, vermont, new hampshire and maine will have a winter storm. some spots over a foot of snow. the rest of the east will be dealing with rain. here's today's forecast. as we go to tomorrow, the heavy rain will be along the east coast. i-95 is the worst of it the first half of the day. airports will be very difficult tomorrow. >> may be better off driving but the rhodes won't be pretty. >> at least it's rain not snow or ice. we turn to sports now. monday night football from foxboro, massachusetts. patriots hosting the chiefs after a slow first quarter. new england gets going after a slow first quarter. brady hits his man. look at him tiptoeing along the sidelines. stays inbounds. 52-yard td reaccepting. the longest of his career. in the third quarter, it's brady to gron could you ski again. slips a tackle. look at this guy. flips into the end zone. little slow getting up. he hit his head. but he's all right. back to spike it. >> he has 20 touchdowns in 26 career games. the patriots again. the punt. a couple of nice moves. slips out of traffic. he is gone. 72 yards for the touchdown. patriots up 21 at that point. they win easily, 34-3. new england getting breathing room in the afc east. patriots 7-3. jets and bills 5-5. the dolphins at 3-7. in baseball, droits justin verlander is the first starting pitcher since roger clemons in 1986 to be voted most valuable player. he adds the honor to the cy young award he won last week. 24-5 and this season. 250 strikeouts, 2.40 e.r.a. and was rookie of the year in 2006. the second player in baseball history to win all three major awards. cy young, mvp, rookie of the year since dodger don newcomb. the only other one to do it. in hockey, penguins star center was back on the ice for the first time in ten months. he suffered that big concussion. yesterday, made up for lost time. just over 5:00 into the first. crosby takes it himself. puts a back hander into the net. he added another goal and two assists. how is that for a return. pittsburgh beats the islanders, 5-0 behind crosby. at the top of the hour on morning joe, i believe the kids on twitter call this an epic fail. the super committee concedes defeat on a deal that cut the deficit. what happens now and what can president obama to push things along? we'll discuss that with our crew. when we come back, we'll huddle around the water cooler to watch michele bachmann help jimmy fallon with his michele bachmann impersonation. 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[ male announcer ] and now new and improved febreze fabric refresher with up to two times the odor elimination so you can breathe happy, guaranteed. the disturbing images of peaceful student protesters being pepper sprayed at a university of california campus sparked outrage and caused three police officers to be placed on leave as a chancellor there fights to keep her job. you want to sound smart today tell people the pepper spray used at the protest was military grade and should be used at a minimum of 15 feet. as the video shows, the students were sprayed at point-blank range. the grade of pepper spray used at uc davis, believe it or not, is that recommended to stop a bear. a bear. enough of the real news. let's huddle up to watch michele bachmann on fallon last night. jimmy has been working as you may know on his impersonation of the congresswoman. remember this one a few weeks ago. >> hi. i'm michele bachmann. some polls have me at%. but 2% really isn't that bad. i mean, 2% milk is still milk. >> 2% milk is good on any cereal. honey nut cheerios, total, sometimes i mix total with the cheerios. i call them totally olio's. jimmy had michele bachmann on the set with him last night on as his guest and he tested out the minnesota accent and later played a word game with congresswoman bachmann. >> i'm not good at doing the minnesota. >> try it again. minnesota. >> sota. >> that was good. minnesota. >> minnesota. like say you have -- >> that's irish. >> cheerios. >> no. that was irish. see, cheerios. >> cheerios and total in cheerios. i'm going to say one word and you give me the first word that comes to your head. >> romney. >> hair. no. just a minute. >> you have another one? >> vice president. >> cain. >> nine. >> palin. >> gorgeous. gorgeous. >> obama. >> finished. >> perry. >> that's not one word. i have to do three. governor, texas, i can't remember the other one. >> last one. bachmann. >> president. >> there you go. very good. not bad. pretty good, michele bachmann last night on jimmy fallon. still ahead on way too early. your well-meaning tweets, texts and e-mails are next. that's just moments awayment this new at&t 4g lte is fast. .to d? so 12 seconds ago. we should get him a present. thanks for the gift basket. you're welcome. you're welcome. did you see hr just sent out new... ...office rules? cause you're currently in violation of 6 of them. oh yeah, baby? ...and 7. did you guys hear that fred is leaving? so 30 seconds ago. [ noisemakers blow ] [ both ] we'll miss you! oh, facecake! there's some leftover cake. 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