said i m not going to vote to raise the debt ceiling unless we pass a balanced-budget amendment. i know you want to get away from this, that s the key aspect of this plan, and unlike you, i m pretty optimistic. i think we ve got a great chance a great chance to pass a balanced-budget amendment and send it to the states. okay. let me just ask you three questions. the bill you re going to voight try one at a time, chris. why doesn t it name the cuts? it calls for $111 billion in cuts. where? again, in the bill, chris. where are the cuts? in the bill, in non-defense discretionary spending. what s that? chris, you know what that is. again, you want to harp on this. i m telling you right now, for the first time, where s the president s plan, chris matthews? yes, that s the great
reports now indicate that congress is considering only two plans to raise the debt ceiling this week. 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.
not to waste their time on a symbolic vote due to happen very soon. i m woft blitzer here in the situation room. rupert murdoch says this is the most humble day of his life. a titan of news business, he was called on the carpet before the british parliament today over the phone hacking scandal that shocked and afalled the world. along with a son and former chief executive, murdoch was hammered with questions about alleged crimes that brought down his popular tabloid, the news of the world. we felt ashamed of what had happened and wanted to bring it to a close. people lied to you and lied to their readers. we had broken our trust with our readers. it was rivetting, rivetting with the hours before these members of parliament. the headlines richard on what we learned. rupert murdoch said and admitted, this was the most humble day of his life. he was ashamed, as you just heard. but he also learned that they don t take responsibility for what took place. he said they
the next decade. the president made clear he wants the largest deal possible. he wants to do the most we can to reduce the deficit, the right thing to do for the american people. he made it clear he s willing to go into areas he s not in the past been comfortable going into and others will but he used that meanwhile, house republicans are throwing their support behind the cut cap and balance act, which would reportedly cut federal spending by $111 billion in the fiscal year 2012. it would cap spending at 18% of gdp by the year 2012 and require congress to pass a balanced budget amendment before raising the debt limit. on meet the press senate majority whip dirk durbin says the idea appear amendment would be needed, was in his words, just plain wrong. i ve sat through a year and a half dealing with this whole deficit crisis with the gang of five, bipartisan efforts both, and i can tell you, the president has put on the table a
$111 billion, okay. that s a little bit less than, about 7/10ths of a percent of gdp. if anybody in their right mind thinks that this economy went from fragile to frail with the last couple of jobs reports can sustain an extraction of $111 billion of federal spending right now, i m not sure what planet they are living on. most of the responsible budget plans including the fiscal commission and rital ridalin/deminchey, and you would see the safety programs that people need and also entitlement, infrastructure and education, and pretty much everything that is vulnerable in the sounds good.