this morning, major developments. the huffington post announces that the white house will agree to continuation of all of the tax cuts. the president wanted the tax cuts to expire for the wealthy. it will add $700 million to the budget deficit, as drastic cuts to the national debt. we ll get reaction from the president in korea in a moment. but first, the plan and its opposition. here s jon karl. reporter: the draft proposal was unveiled with a dire warning. this debt is like a cancer that will truly destroy this country from within if we don t fix it. reporter: the solution from erskine bowles and simpson, lots of bitter medicine, including a 15-cent a gallon hike in the gas tax, cutting social security payments for high income seniors, raising the retirement age, cutting defense spending by $100 billion, including closing one-third of u.s. military bases abroad, eliminating the tax deduction for home mortgages over $500,000, slashing farm subsidies and elimina
the president wanted the tax cuts to expire for the wealthy. it will add $700 million to the budget deficit, as drastic cuts to the national debt. we ll get reaction from the president in korea in a moment. but first, the plan and its opposition. here s jon karl. reporter: the draft proposal was unveiled with a dire warning. this debt is like a cancer that will truly destroy this country from within if we don t fix it. reporter: the solution from erskine bowles and simpson, lots of bitter medicine, including a 15-cent a gallon hike in the gas tax, cutting social security payments for high income seniors, raising the retirement age, cutting defense spending by $100 billion, including closing one-third of u.s. military bases abroad, eliminating the tax deduction for home mortgages over $500,000, slashing farm subsidies and eliminating 10% of the federal work force. and that s just for starters. would it fly? don t count on it. even members of the debt commission attac
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good gravy, bill. our insurance company doesn t have anything like it. magnificent, isn t it? with progressive, it s easy to cover all of your favorite rides. progressive has truck insurance? number one in truck and motorcycle. is that a golf cart? yep. we also cover rvs, boats, snowmobiles. don t tell me, you insure pink ponies? no, um. i just like to ride that sometimes. [ chuckles ] save on all your rides. now, that s progressive. call or click today. not too long ago, had a little brain wave, right here. on this treadmill. i said, make my pc simpler. so i told microsoft. and before you know it, windows 7, and this snap feature. now i m working on a couple of things at the same time. i put one to the left. snap. i put one to the right. snap. simpler. just like i said. i think i m a genius. i m going to walk away with my genius now. i m a pc. windows 7 was my idea. mike e.: whack leer in the united center in chicago. arnott and dumont, arnott a stanley cup clincher in d
impressive facility where workers are instructed on everything from the ininstallation of sophisticated energy hardware and software to the basics of currents and resistance. we need to look no further than the workers standing behind me to see the future that s possible when it comes to clean energy. and doubling the nation s capacity to generate capacity. and after decades in which we have done little to increase the efficiency of cars and trucks, we have raised fuel economy standards to reduce our dependence on foreign oral while helping folks save money at the pump. but in order to truly harness our potential in clean energy, we are going to have to do more and that is why we are here. in the near term, as we transition to cleaner energy sources, we will have to make tough decisions about opening up new offshore areas for oil and gas development. we continue to make investments in advanced biofuels and clean coal technologies, even as we build greater capacity in renewabl