Page 8 - Spending Reduction News Today

Do. i think its time for the president, he knows that theres a growing body of folks willing to look at the rate on the top 2% but thats only -- could be $400 billion, it made be 800 billion-dollar and many of us are beginning to see we could end up with a lesser revenue increase by agreeing to that. the shift in focus and entitlements is where we need to go. its a shame were not sitting down and solving this but republicans know that they have the debt ceiling thats coming up around the corner....

Most republicans and democrats do. i think its time for the president, he knows that theres a growing body of folks willing to look at the rate on the top 2% but thats only -- could be $400 billion, it made be 800 billion-dollar and many of us are beginning to see we could end up with a lesser revenue increase by agreeing to that. the shift in focus and entitlements is where we go. its a shame were not sitting down and solving this but republicans know that they have the debt ceiling thats comin...

We just had two years of the greatest and finest obstruction that weve ever seen from republicans in the house. how have they not been team players? they have played brilliantly? >> reporter: according to the gop loeadership, they were not n line enough, they were part of caucuses that voted against any potential deal and it was too public for their taste. in terms of the fiscal cliff offer that the gop offered yesterday, a lot of right wing interest groups, specifically americans for prosperity...

nine years split evenly between defense and non-defense programs. the bipartisan policy center estimates sequestration of defense will mean cuts of 15% next year. every non-defense agency faces a 12% cut and that means job losses from doctors, teachers, border patrol agents and government contractors. anywhere from 1 million to 3 million jobs will be lost. california, virginia, texas, washington, d.c., maryland, would each lose more than 100,000 jobs. the bottom line here, this is the ...

Grips with. the republicans need a replace plan. you just cant repeal. you have to know what youll replace it with and they need to talk more specifically what that might be and im happy to go thereç if you want. >> that goes to your point earlier theres no replacement. >> in terms of deficit and debt, theres the point that the cost of actually covering health care is a third of what mitt romneys tax cuts would cost. so if youre talking about fiscal prudence it would seem to be talking one way...

amazing images i have seen in the history of modern royalty. ♪ >> a choir on the deck in the pouring rain, one of the great choirs. >> one of the great orchestras singing "royal britannia." lets listen to this. ♪ [ horning horns honking ] you are watching live pictures of the culmination of a remarkable 90 minutes, the queens diamond jubilee here in london t is pouring with rain it has been horrendously cold, but nothing has dampened the spirits of the occasion. it has really bee...

in fact, generally speaking they get back 4.8%. im going to put a few kernels into their pot because they are not paying taxes. lets look at another group. this bag represents people who earn between $30 and $100,000 a year. thats about 40% of households in the united states. this group represents a contribution of 18%. 18% of the total personal tax revenues come from here. im going to put about two handfuls of popcorn in the bowl to represent the taxes they pay. this bag represents pe...

the folks at the brookings tax policy center helped us put this together. these different groups of popcorn represent your income level. the bigger the bag, the bigger the income level of the group were talking about. i want to use the popcorn to demonstrate how much of the total pie, how much of the total tax revenue is generated by each group. lets start over here with the little one. these are people who earn less than $30,000 a year. that, by the way, is about 44.8% of all househol...

Taxes, $1.5 trillion for every dollar in spending reduction. not $2.50 in cuts and dollar in tax increases, he has got 1.20 for every dollar in cuts. then when you start looking at the cuts. >> greta: i have to stop you, just one second, karl. >> the plane carrying whitney houstons body has just arrived in new jersey, moments ago. plane touched down. the body was flown from los angeles where she was found dead. funeral plans are on the way. funeral services is expected to be held in new jersey, ...

Taxes, $1.5 trillion for every dollar in spending reduction. not $2.50 in cuts and dollar in tax increases, he has got 1.20 for every dollar in cuts. then when you start looking at the cuts. >> greta: i have to stop you, just one second, karl. >> the plane carrying whitney houstons body has just arrived in new jersey, moments ago. plane touched down. the body was flown from los angeles where she was found dead. funeral plans are on the way. funeral services is expected to be held in new jersey, ...