we want to have smart deficit reduction. we want to grow the economy. we want budget process is the way to do that. we believe we can find common ground. the government had just been open for hours when the leader of the budget conference committee met to start working on a deal by a december deadline to avoid another shutdown. will washington learn its lesson and finally reach a compromise? joining us from chicago the number-two democrat in the senate, dick durbin. here in washington, a member of the republican leadership roy blunt of missouri. senators, welcome back. before we start, let s talk about the big differences between the budget that the house passed and the senate passed. let s put them on the screen. the senate calls for $975 billion in new taxes. the house has none. the senate cuts $275 billion from health care, mostly from medicare providers. the house cuts $2.7
we want to have smart deficit reduction. we want to grow the economy. we want budget process is the way to do that. we believe we can find common ground. the government had just been open for hours when the leader of the budget conference committee met to start working on a deal by a december deadline to avoid another shutdown. will washington learn its lesson and finally reach a compromise? joining us from chicago the number-two democrat in the senate, dick durbin. here in washington, a member of the republican leadership roy blunt of missouri. senators, welcome back. before we start, let s talk about the big differences between the budget that the house passed and the senate passed. let s put them on the screen. the senate calls for $975 billion in new taxes. the house has none. the senate cuts $275 billion from health care, mostly from medicare providers. the house cuts $2.7
one million homes now in foreclosure will be seized this year. the forecaster real tree track says, we have a chart on this for you. that is going to be up 25% in terms of seizures from 2011. almost 2 million homes went into some kind of default auction or repossession in 2011. that is painful for homeowners in trouble. but we need these cases, these foreclosure cases kind of settled to get out of the way so haasing can start to come back 400,000 homes last year should have been seized but they weren t because of litigation the firm says. it s part of a much bigger problem, though, guys and it could get worse. watch this. take a look at the numbers, 12 million homes right now in this country are underwater. the owners owe $700 billion more than the homes are worth right now, okay. almost 3.5 million of those underwater homes are actually in default, the people aren t paying, they are running way late, they owe 275 billion more than the homes are worth. now this year and next is when it
the great their economy. what does this mean? britain is staying on the sidelines keeping some anxiety in those markets. we ll have full details in a minute. we also have details about yesterday s virginia tech shootings. now police say the apparent gunman and victim did not know each other. university spokesman says the suspected shooter was not a student there and ballistics tests confirm that the same gun was used to kill the suspect and a campus police officer. the suspect apparently dye died from a self-inflicted gunshot wound. they ve identified the slain officer as deriek crouse. he was 39. married with five children and step-children. police say the gunman walked right up to him and fired. he opened his car door and when they opened it he just fell out towards the ground. and then they immediately started reviving him. then they took off with some sort of automatic weapons. they started running the opposite direction after the gunman. that s so sad. a small vi
all prices will go up 25%. the problem is as you know, china is ripping us left and right with a manipulation of their currency. if they didn t manipulate their currency where we were competing one on one, i would say absolutely, i wouldn t even think about the tax. but they make it impossible for our people, our companies to do business to comipete. when i build a building half of these products are coming from china! it is very hard for company os to compete. i would oppose that tax if they didn t stop manipulating their currency. are you saying the only way to fix the currency issue with china is to shoot ourselves between the eyes and twaet 25% inflation the day after this thing isn t there a better way to do it? the problem is we re losing $300 billion this year plus. last year we lost $275 billion to china. give me a break. how bad do you want us to do? china is ripping us and they re laughing at our leaders.