let s go to joan. well, i don t know that there s a constituency for a very sweet deal that really slashes spending. we have been slashing spending. we re at the lowest levels of discretionary spending since dwight eisenhower. they have gotten their way and gotten their way. there are cuts to be made, but not a whole lot to cut. i would like to see the president let the tax cuts expire, deal with sequestration, make deals on that. maybe there ll be spending cuts. but to act it s very dangerous, to me, for democrats to be saying, let s tie these two things together for another grand bargain. and i think another important thing to remember is coming off the heels of this election, where we had the republican nominee being mitt romney, we had elements of the tax structure, elements of the tax code that were part of the conversation, that were never part of the conversation before. elements of capital gains tax. elements of, you know, of deductions and what all that means the ameri
solution other than let s continue cutting taxes, let s continue cutting taxes. we have tried that. taxes are low. it doesn t work. for years it was cut taxes, cut taxes, cut taxes. that by itself doesn t make sense. at the same time raising taxes during this time doesn t make any more sense than slashing spending across the board right now. well, we ve tried it all. let s face it, during the 20s we had this coolidge crowd, which is basically laissez faire. that was the old belief before the great depression. the market will fix itself. these guys are now we ve had exercise with bush more legen y
mate, congressman paul ryan. i want to congratulate congressman ryan. i know him. i welcome him to the race. congressman ryan is a decent man. he is a family man. he is an articulate spokesman for governor romney s vision. but it s a vision that i fundamentally disagree with. cnn s athena jones is outside the rally. the president said the vision has something of the likes of fairy dust in it. reporter: it was a big 20 minute speech or so. the first public remarks we have seen from the president responding to romney s choice of congressman ryan. we don t know what he told the first fundraiser of the day which was closed to press completely. he says he likes paul ryan. they are trying to link romney to ryan s budget proposals which they say are radical and aren t good for ordinary people talking about slashing spending on programs and making changes to medicare and medicaid. he was trying to rev up the crowd as you mentioned. this was the event geared more towards young p
faring worse than the great depression. debt is a greater ratio of gdp than it was before the austerity programs. and based on austerity. and slashing spending. and of course, has e england and to give bond has england cut spending? no sh no, no, it has not. we are talking about nominal inflation? no, it is not nominal inflation, and what we are saying is that austerity does have to do with increases, but it is macro flows and one thing that europe has not done is to create euro bonds and every single country is on their own. in america the way we finance this is that all of the states have the backing of the treasure which is how we deal with thing is to equalize the risk across and that is short of inflation to be the end game and as of yet germany is not willing to go. and wait a sec. here is what i want to make sure we are doing, because for a lot of folks watching and as we were trying to wrap our heads around
broadcasting. we ll have more straight ahead. we begin with that breaking news. also today fears that al qaeda could try to explode explosives hidden inside the bodies of terrorists. the warning comes on the one-year anniversary of the death of osama bin laden. reports in america and the middle east have been stepped up as we get new intelligence with hints at potential and future al qaeda threats. german agents found a memory chip in his underwear. first it looked like it was a pornographic movie but what they found was actual operations drawn up some of al qaeda s, drawn up by some of al qaeda s most senior operatives, the plans include hijacking a cruise ship, dressing the passengers in orange jumpsuits to mimic guantanamo bay prisoners. this morning we join commissioner ray kelly. nice to see you. when you hear about threats like this, a consistent drip, drip, drip of what s happening in the world and what could impact us here. how does that change how new york law enfo