something. and you re cutting social security. you cut medicare. you re cutting medicaid. i understand your concern but all can i tell is you that that s just not accurate. we put a proposal out of the house, cut cap and balance that we sent to the senate and ask for us to have this debate open and honestly with the american people. we have $14.4 trillion deficit problem. it s time to get serious about it and make sure that this america is here for generations to come. that s good talking but let s get to my question. you are saying that the $111 billion of spending cuts is not in the bill? well, what i say reverend sharpton is that everyone agrees ppt gang of six, the president himself said in order to get this national debt crisis under control, we have to cut spending. spending is out of control. the pro knoposal the bills say we want to cut a specific $111 billion. we have a specific bill with a specific number. i m asking you about the number
you are dealing structurally with the bill. why didn t you tell us what you passed? we cut 111 billion in the first year, as you say. we also capped spending. we bring spending down to cut six trillion over a 10 year period. then we move into passing a balanced budget amendment with taxpayer limitation and spending limitations. the problem we have is spending. you have to cap spending. we capped total government spending as a share of the economy. so we don t let the government grow on its trajectory. right now government is at its spending levels since we haven t seen since world war ii. we bring it back down and keep it there and prevent the government from doubling in size which is scheduled to do by the time my three kids are my age. the cut right away. we cap spending that saves six trillion. and then we move to having a balanced budget amendment and requirement. sean: the obama budget which didn t get a single democratic vote. if that is passed we get to
in favor of more spending cuts tea party walsh had a hard time explaining what cuts were in the house bill. why doesn t it name the cuts? it calls for $111 billion in cuts, chris. where? in the bill. you ve criticized the president for not having a plan and you don t have one. all right. we re joined now by nbc s luke russert who covers capitol hill and nbc s mick viqueira at the white house where moments ago democrat leaders arrived to meet with the president behind closed doors. good day to both of you, gentlemen. i ll start with you. the clock is ticking. we ve been watching it. the white house suggesting today that the president could sign a short-term deal if a bigger deal looms. what s on the table today in this meeting? yeah. let s get that little business out of way first. i think a lot was made of that, but they are merely stating the obvious. they will not let process get in the way of saving the country and the world from a calamity, an economic calamity, simpl
inspired by wikileaks has defaced web sites, shut down servers and scrawled messages across screens. police say they are responsible for a number of digital breakins, including visa, master card and sony. bill: this is about as big as it gets, awaiting a critical vote on that $14 trillion debt. house republicans will go ahead today and vote on the cut cap and balance plan. democrats have railed against the tea party backed proposal. it would cut $111 billion by 2012. gradually cap government spending, and one of the biggest points of discuss, it add a constitutional amendment requiring a balanced federal budget. that would have to pass before raising the nation s debt ceiling an additional $2
one, a hopeless stunt that everyone knows is hopeless, the other, a last resort plan in which each side can claim some sort of victory. today, the president issued a rare obama veto threat against the stunt house republicans are calling the cut, cap, and balance act of 2011. it would cut fiscal 2012 spending by $111 billion, cap future federal spending at a fixed percentage of gdp, require congress to pass a balanced budget amendment and send that amendment to the states for ratification before granting the president authority to raise the debt ceiling to $2.4 trillion. the balanced budget amendment would also include a provision that any tax increase, any tax increase, must pass both chambers of congress with a