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Reduction yet. the way you do that is to reduce the annual deficits, the shortfalls between what the government takes in and what it spends. one way to reduce the shortfall is to cut down on mandatory nondiscretionary spending. the president will do that to the tune of $2.2 trillion. the republican plan put forth by representative paul ryan plans to cut 2.7 trillion over ten years. the president's plan cuts 1.1 trillion over 12 years. one of the major criticisms is that no party has been prepared to make some of the cuts necessary on things that we spend on. the biggest thing we spend on like ...

Three plans want to do with medicare and medicaid. first of all, the republicans go a lot further than the president does. they want to cut $389 billion from medicare, $735 billion from medicaid. the president's plan calls for -- by the way, that's over ten years. the president's plan calls for a $200 billion cut to medicare over 12 years, and $100 billion over ten years. now the other way to overcome deficits and shortfalls as opposed to cutting spending, is to increase revenues or what you will know as taxes. let me give you a comparison of the plans in terms of what they do for taxes. looki...

Delinquencies continuing. does that trouble you? >> well, we've seen delinquencies come down just about every month this year in fha. our delinquencies are down significantly. so while we continue to have too high a level of delinquencies, we are seeing progress. we're seeing declines month after month this year because borrowers are in a better place and we are making progress. again, we have a long way to go on that front, but we are making progress. >> now, andrew ross sorkin was writing in the "new york times" about a somewhat distressed phone call he got from the financial services chairm...

Florida cities. "the new york times" this morning says the cost of rescuing fannie may and freddie mac has risen to $146 billion, and could reach $389 billion. two car bombs in baghdad today have killed at least 27 people, and wounded 55 others. the bombs exploded at the same time in a crowded square. flooding in china has killed least 132 people, more than 80 others are missing. water chased 860,000 people from their homes. a royals watcher telling nbc news prince harry has split from his longtime girlfriend, chelsy davy. she reportedly ended the relationship because she's moving to s...

Cutting off their oxygen supply. housing is like an alternative industry for the democrats. you've got construction unions, you've got developers, you've got local housing authority. this is something they control. this is the source of patronage, a source of contribution and they simply are not going to kill it. >> on the other hand this mortgage, this foreclosure mitigation prevents the housing market from finding a bottom in some sense because it means that people are not-- they're anticipating the banks are anticipating that maybe some of the houses will be back on the market in six months...