trick by not renews a one-time expenditure. we've learned that the money likely couldn't have been spent in any case. and even if you calculate how much will be saved over time, not just cut this year, still doesn't add up to $38 .5 billion, more like $18 to $20 billion. joining me now, dana bash and david gergen, and fareed zakaria. he has an op-ed entitled "obama's deficit speech reveals his core beliefs. this report spooked a lot of republican members of the house, didn't it? >> reporter: that's an understate. starting last night when reports began to leak out and this morning when it was out there, house republican leaders really tried to go into damage control mode because they were hearing from their rank and file about confusion and concern. look, this is already after the