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Let's drill down on what it means. >> where are you making those cuts? >> i think what will said is exactly what paul ryan will say. i want to be clear what that excludes. that means you take defense spending close to 900 billion off the table and say we won't cut that at all. it means we're not cutting social security or medicare and not cutting medicaid and am i correct in saying that i have numbers here not surprisingly that all that's left then is the 520 billion -- >> he's not saying that. i think paul ryan won't say you can't cut medicare and medicaid. he's going to say you need to chang...

How do they do that and what happens? you know, you look at what happened when they tried to increase their retirement age overseas this great britain and france. people went crazy. >> they're doing it. they took a bitter pill. let's drill down on what it means. >> where are you making those cuts? >> we'll get to that. i think what will said is exactly what paul ryan will say. but i want it to be clear what that excludes. you take defense spending of close to 9$900 billion off. i want to be clear what that excludes. that means you take defense spending close to 900 billion off the table and sa...

Right, that this thing was not only sent to the white house but was generated within hhs, was circulated and that staffers read this report forecasting that the health care law would drive up costs and nonetheless refused to share that with the american public. we're trying to get to the bottom of that, bret. can this not be dismissed even if true by administration officials by saying it's one report, we had other reports that we cited publicly saying that it will save costs. >> yeah, well, they point to the congressional budget office report, and as we talked about many times, with the cbo, t...

He appointed a debt commission that will report after the fall elections. >> i'm asking them to produce clear recommendations on how to cover the costs of all federal programs by 2015. >> when he says covering the costs of all federal programs, he is excluding interest on the debt which that year alone will cost $520 billion. even without counting that, it's hard to bring the rest of the buy in balance because so much spending is on auto pilot. >> almost three-quarters of federal spending is either on net interest, the military, social security, medicaid or medicare. if you look at each of tho...

Bernanke makes every time he comes to capitol hill. these days people seem to be taking him more seriously, jon. jon: but the political powers that be seem to have a hard time confronting this problem. we've been headed for this kind of a cliff for a long time. [laughter] >> reporter: we have. president obama has appointed a debt commission of 18 people including current and former members of congress, both parties, who will meet this summer and fall, then report after this fall's elections. listen. >> i'm asking them to produce clear recommendations on how to cover the costs of all federal pr...