top of the hour. chances of the downgrade after the supercommittee failure. and a great excuse to pour yourself an extra cup of coffee. mark preston, live for us at washington, d.c., the home of the cnn debate tonight. the republican and constitution hall in the heart of washington, d.c., we are just steps away from the white house. these candidates are focusing on trying to sell themselves on a very, very key issue. that is national security. an issue that has not really been discussed a whole lot, brooke, so far in this campaign n addition to that, they are going to talk about the economy which has been said by some military folks as the number one national security facing the economy is the american economy and being able to turn it around. it will be interesting to turn it around. we have some candidates on the rise, such as newt gingrich, and some on the decline, such as rick perry, and of course all of them in the middle trying to vie for support as we head right in
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if they fail and that s expected what happens? reporter: it seems that despite the very we call it the super committee and they had super powers. this committee written in law had the power to bypass many of the procedural hurdles that slow down and hold up legislation up here on capitol hill. despite having the power these 12 committee members were not able to bridge the gap on a philosophical difference on what they believe. a big issue that s held up negotiations to this point, the issue of taxes. democrats increase the tax revenue increased taxes need to be part of any final deficit deal, any deal to reduce the deficit as part of a balanced approach as they like to say. it s no surprise republicans on the flip side are very opposed to tax increases unless it is part of a broader effort to reform the tax code that would bring down tax rates. that s really what it seems this has come down to. they were not able to bridge the divide on that issue. if they don t reach
this pros he united in our belief the nation s fiscal crisis must be addressed and that we cannot leave it for the next generation to solve. that statement, issued in congress. the super committee must not end. the president said if congress tries to get around the automatic cuts, called for in the law that created the super committee, he will veto it. my message to them is simple. no. i will veto any effort to get rid of those automatic spending cuts to domestic and defense spending. there will be no easy off ramps on this one. we need to keep the pressure up to compromise. not turn off the pressure. the super committee s failure has important consequences. stocks fell sharply as investors added washington s gridlock over america s debt to an already long list of worries about economic growth at home and europe s financial crisis. plus, there are worries of a possible additional downgrade for the u.s. and the legislation that created that super committee calls for across