final point. nobody wants those automatic cuts to go through. the possibility of $600 billion in defense cuts when our world is so unsettled, it s really kind of scary. so that means either the committee does come to some terms and right now they are really, really bearing down. but there have been a lot of blowups. sometimes, though, as you know, it s the blowups before the calm and then you come to terms. so i m still optimistic. i think some of the leaks that have come out. right. in the media are very promising, actually. and i hope that they can rally around and do something that makes sense for everyone, spurs the economy at the same time that it meets those goals that are beginning the deficit cuts. do you want a big deal?
/worked at the white house 7-1/2 years and i didn t even get a lousy t-shirt. remember, president obama wants to run against a do-nothing congress. three weeks ago they passed a free trade agreement on bipartisan basis they have been trying to pass for five years he canceled the signing ceremony. instead he had a signing ceremony about this ineffective, executive order if they don t talk about entitlements or the healthcare bill. they do have a signing stat statement. bob: yeah, yeah, yeah. andrea: it s dishonest after decreasing the deficit. he ran for office and promised a balanced budget. he has been spending an spending and spending. in december he came out and said we need to make the strong deficit cuts and criticized paul ryan for his really good budget plan.
outfront tonight, u.s. markets fall big time. it was a miserable day on wall street. the dow down 389 points. nasdaq and s&p 500 fell by more than 3%. the markets fear gauge sparked it. peter costas, a trader nearly 30 years, what happened today? well, there s a lot of uncertainty in europe. i think when the italian treasuries went over 7%, that scared a lot of people. if you re going to look at it, i am not negative on the market, today was a good day to buy, we will probably have a couple move intermittent dips. people are afraid with italy going through the debt crisis greece went through, people are afraid this will cause another recession in europe. that s the major thing. one-third exports go to europe. if there s a recession, it could impact the u.s. economy more than we have been impacted by what s gone on the last three years. bottom line, even though it is volatile and fear from europe, you think it is a buying opportunity? i think it is a buying opportunit
dollars in deficit cuts. that s their goal. the 12 member group comprised of six republicans and six democrats has just 28 days to reach that deal. a hearing is underway right now as we speak on capitol hill. you see some of the video. that is congressman van hollen right now. he is a democrat. committee listening to the testimony of the head of the congressional budget office, a nonpartisan source of information when it comes to our finances. jim angle is live in washington taking a look at all this jim? reporter: hello, jenna. as you say the so-called super-committee has less than a month how to cut 1.2 trillion in spending over next 10 years. if the committee doesn t find 1.2 trillion in savings automatic cuts go into effect. half in domestic spending and half in defense which lawmakers do not want. democrats say too much is cut from non-defense spending which they say is smaller part of federal spending anyway. listen. congress has gone to this relatively small pots with
that s why one of the super committee members, a democrat, told us today he s optimistic of a grand bargain, but very skeptical. i ve always been in the camp that hoped we could go big, get sort of a large over arching agreement that tackles a lot of these issues. i don t know am whether we ll be able to get there or not. only time will tell. but i think that there is a seriousness of purpose among the members of the committee to work very hard between now and our very short deadline to get the job done. now, if they don t get $4 trillion in deficit cuts, they have to at least get 1.2 trillion. that s what they promised in the debt ceiling negotiations, otherwise something known as southwest race kicks in. that s a complicated washington way of saying painful defense cuts would automatically kick in, painful entitlement cuts would automatically kick in to reset $1.2 trillion target. it s an incentive to make both sides try to come together and dependent a deal.