Page 6 - 560 Billion News Today : Breaking News, Live Updates & Top Stories | Vimarsana

And understand it. the congressional budget office, nonpartisan says if we go off the cliff january 1st which means we let those taxes terminate, the tax rates to go back up again for everybody back up there where they were before this past president was here f we let those cuts go in definition and else places, there will be $560 billion cut in the deficit but a 4% cut in the gdp throwing us technically right into recession. is that you're belief if we don't do anything between now and january 1st this country will go into recession, jared? >> it is my belief if we go over the cliff and stay ...

The picked over throughout the weekend after the vice-presidential pick. start with the paul ryan plan, if you're 55 or older you can keep medicare now to eternity. no change at all in medicare if you're currently 55 or older. by the year 2022, medicare will shift. seniors will get a government payment which they can spend as they see fit on private health insurance policies. that is the ryan medicare plan in a nutshell. the obama medicare plan, consists of large cuts, up to $560 billion over 10 years, plus tax increases. so the difference between the two is pretty stark. paul ryan would refor...

Medicare shells out $560 billion every year. it covers less than half of that with premiums, and with taxation. so more than half of that it comes from the treasury. we should of course -- which has no money of its own. that money comes from china. every year. almost $300 billion every year, adds to the deficit. that is a quarter of the entire deficit on medicare. with social security we had a cushion for decades. because there was more money paid in, and the attacks by the workers than the seniors were drawing out. now with 10,000 seniors retiring every day, we are now for the first time in d...

>> yeah. you know, i didn't have time to get that together. i was busy. it's going to be all kanye for me today. we had to use the clean version obviously because this is a family show. welcome, everybody. our panelist this morning. mark lamont hill is back, professor at columbia university. and livingston is back as well. conservative commentator and the daughter of governor -- oh, my gosh, the long island just came out here. the daughter of governor huntsman. you are on long high eye laisla. and will cain is here. "starting point" this morning is details about this u.s. army soldie...

Revenue by raising the amount the federal employees contribute to their pension. the washington area democrats don't like it. >> i have concern about using the federal workforce. >> with the payroll adding to the deficit, fiscal hawk balk at $560 billion transportation and energy bill even though it included provision to speed up construction of keystone pipeline. they were forced to delay action on the bill until the end of the month. some conservatives are worried about cost related to the bill. it's also more challenging to round up support. >> it our leadership desire to have a ban on earm...