president hopes now to influence that so-called congressional super committee, charged with drafting a big deficit reduction plan. fellow democrats for months on this issue and others have complained the president is too quick to compromise with republicans. well, today that same president delivered this warning. i will not support i will not support any plan that puts all the burden for closing our deficit on ordinary americans. and i will veto any bill that changes benefits for those who rely on medicare, but does not raise serious revenues by asking the wealthiest americans or biggest corporations to pay their fair share. the rich, very rich politics of this debate in just a moment. first, though, let s take a closer look at what the president proposed today. the president, of course, trying to influence that super committee, as i said. here s the main proposal from the president. he wants to have a mandatory spending cuts, $580 billion over the next ten years. tax r
we begin with this, president obama has wanted tax increases all along, but the republicans resisted, but now mr. obama is helping to pay for his new jobs plan and come monday morning your going to hear all about it when he announces details of the so-called buffett role, named after warren buffett. a tax on millionaires to make sure they don t pay a smaller percentage than the nation s middle class and as candy crawly reports there s already an uproar in washington. reporter: the president s plan to pay for his jobs program includes the idea of a millionaire minimum tax rate. at least as high as middle class rates. the administration calls it the buffett rule, for billionaire investor warren buffett. i have a lower tax rate, counting payroll taxes, than anybody in my office. reporter: it s catchy moniker, although republicans call it something else entire. i when you pick one area of the economy and say we re going to tax those people, it s class warfare. class war
rising star, a governor of a swing state. by the way, a governor of a state where romney is supposed to dominate on the primary and caucus level. the ultimate little bit of rebuke there for perry. it just goes to show you perry had a pretty bad debate performance. don t think his campaign would argue that point too much, but what you got to remember about perry, there is a pretty impressive organization around him. so romney did the pawlenty endorseme endorsement. within hours, they were all about bobby jindal. this is going to be a long, hard slog inside the republican primary. let s move to congress. the congressional super committee got a dose of fiscal reality from the head of the congressional budget office. he told lawmakers you can keep the status quo on taxes or on the entitlement programs but you can t do both. as a matter of arithmetic, it
on the new congressional super committee. i don t know how they re going to do that. that committee is already tasked with finding $1.5 trillion in deficit reduction. mark halperin, is this realistic? you know, the speech yesterday focused on this deficit reduction, or this stimulus package, about the same size as the stimulus package democrats and the president passed early on. republicans repudiated and said he would lay out his own reduction plan. if the president in that speech lays out the entitlement reforms he and speaker baoehner talked about, that could change things. a way the president can get the whole country, including a lot and in some, tax reform. those are bigger for the economy in the short term to show washington can work than whatever can emerge from the stimulus provisions put out last
both democrats and republicans are waiting to hear his proposal, and, of course, so are you. millions of americans out of a job and looking for work. in a matter of minutes, one of the people closest to the president who advised him on this very plan will join me live, with you, first, i want to begin with a fast-moving situation right now. in pennsylvania, really across much of the northeast, the floodwater is rising. people have to get out. more than 100,000 ordered to evacuate. i want to show you this first picture. this is going to be bethlehem, pennsylvania. what is left of tropical storm lee. we ve been talking about lee for a couple of days now. pouring rain on top of the already saturated land. you know, that s a bad equation. it s triggered near historic flooding there. the susquehanna river already 12 feet above flood stage and rising. at least three people in pennsylvania have died, including a 71-year-old man who was crushed when his basement walls simply collapse