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>> 3 trillion? >> more than that. >> 4 trillion? >> we're looking at more than that right now. >> ryan would cut spending in part by setting statutory limits on spending. if congress spent more, automatic cuts would take effect. he also plans to eliminate or trim some tax deductions and use the proceeds to lower tax rates. finally he tackled the politically dangerous issue of entitlements such as medicare which has promised tens of trillions in benefits the government cannot pay for. instead of paying insurance companies a fee for a reservice, he would shift to paying them a set amount per per...

Latest updates on this topic from reliable sources.

Latest updates on this topic from reliable sources.

Politics for the president but he also holds the important cards in his hand which is to say at the end of the election year, the bush tax cuts expired, the sequesters, automatic cuts kick in and unless they come up with a better plan that's all going to go through, so if congress wants to step up and do something, they can avert this and if they don't want to do anything, all of this is going to go through and the deficit will come down. if they're serious about the deficit coming down, they'll take that plan or come up with a better one. >> professor perry, the fact that he now has taken the...

Stalemate. that's the word on capitol hill where the bipartisan group of lawmakers has failed to agree on a 1.2 trillion spending cut. the deadline is today to present a plan of some kind to trim the budget or face a series of automatic cuts. of course washington doesn't work and it doesn't today. there's still time for a last-ditch effort to make a deal, barely. sources say it is highly unlikely. an official announcement expected today after the markets close. the deadlock has already sent stocks tumbling. it means more uncertainty over federal spending. the dow down 262 points on the session...