news live at 5:30 a.m. at 30 rock in new york city. responsibility for cutting the nation s debt and deficit is shifting back to congress as the super committeeicially yesterday admitted the midnight deadline, th leaders of the bipartisan panel issued a statement about the deadlock. they wrote in part, despite our inability to bridge the differences, we end this process united in our belief that the nation s fiscal crisis must be addressed and we cannot leave it for the next generation to solve. i know. that s why you were created actually. the breakdown of the super committee will trigger $1.2 trillion in automatic spending cuts including $600 billion from the defense department. a number of republicans are already working to stop the military cut. they re supposed to take effect in early 2013. president obama, though, vowing to block those efforts. he said congress must stick to the guidelines of the deal. already some in congress are trying to undo the automatic spendi
that clip a little bit later in the show. first, though, let s get to the news live at 5:30 a.m. at 30 rock in new york city. responsibility for cutting the nation s debt and deficit is shifting back to congress as the super committee officially yesterday admitted failure. just hours before the midnight deadline, the leaders of the bipartisan panel issued a statement about the deadlock. they wrote in part, despite our inability to bridge the differences, we end this process united in our belief that the nation s fiscal crisis must be addressed and we cannot leave it for the next generation to solve. i know. that s why you were created actually. the breakdown of the super committee will trigger $1.2 trillion in automatic spending cuts including $600 billion from the defense department. a number of republicans are already working to stop the military cut. they re supposed to take effect in early 2013. president obama, though, vowing to block those efforts. he said congress mu
that, but have you seen all the other numbers? factory orders plunging. retail sales, stumbling. consumer confidence cascading. take what you can get and threw a 500-point swing that does anyone proud the traders make a rally out of it with the dow februarying up finishing up for the day but off for the week. and, still, well into correction territory and not that far from their market territory. though wonder why donald trump ain t doing a jig and donald, this was heartly a convincing rally. i guess calming. guest: well, no one knows what is happening. i have never seen volatility like that. it has to be a record. down 250 and then up 150 and up 250. i have never seen anything like it. so, basically, people are saying they do not know what is happening. neil: you say it is a crisis of leadership not just here but everywhere. explain that. guest: we are leading it, but that is the only thing we are leading in. we have a tremendous crisis in leadership. no confidence in o
last month, 25 months interest a roughry, they should be triple that, but have you seen all the other numbers? factory orders plunging. retail sales, stumbling. consumer confidence cascading. take what you can get and threw a 500-point swing that does anyone proud the traders make a rally out of it with the dow februarying up finishing up for the day but off for the week. and, still, well into correction territory and not that far from their market territory. though wonder why donald trump ain t doing a jig and donald, this was heartly a convincing rally. i guess calming. guest: well, no one knows what is happening. i have never seen volatility like that. it has to be a record. down 250 and then up 150 and up 250. i have never seen anything like it. so, basically, people are saying they do not know what is happening. neil: you say it is a crisis of leadership not just here but everywhere. explain that. guest: we are leading it, but that is the only thing we are leading i