Page 17 - Big Cut News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Michael steele is the former chair of the republican national committee. let me be fair here. romney does give us a sense of what he wants to do. he talks about tax relief in terms of getting rid of the estate tax. he talking about reducing substantially the corporate income tax from 35 to 25. that's a big cut. from across the board, cuts for individuals. some 35% for the highest rate now down to 28. so you get a good sense of how he's going to make people happier. but then when somebody like dave, well, david gregory, my colleague here who works across the hall here. let's look what happens w...

>> well, soledad, as soon as mitt romney landed here in london for his overseas trip he found the controversy surrounding basically what has been hoped by his campaign as what they're calling a listen and learn tour. it has been sort of who said what in the last 24 hours as you mentioned that quote that appeared in an article in the london daily telegraph apparently or allegedly we might even want to say from an unnamed romney advisor and even though the international press could not independently verify whether or not that advisor even uttered those comments, the vice president and ...

It is a cop-out. i'll tell you why. >> you keep using the word bold. i'm getting the impression it is bogus. that's the word. >> it is bogus and bold. you can have both. it is bold in that it is a big number, a big cut. doubling down on austerity. more tax cuts for the very wealthy. in that sense, it end up by shifting the burden on thelet he class. widening the income gap. enriching the people doing very well. so it's not a timid proposal. but it is a prescription for decline and for increasing economic inequality on health care, for instance, he wants to have a quote, bold proposal on medica...

diagnosed with lung cancer. in a statement, his son scott said, quote, last weekend, my father was diagnosed with a treatable form of lung cancer during a follow-up visit for a bronchial illness. he is currently undergoing treatment and his doctors are optimistic that he will make a full recovery. as everyone can appreciate, this is a deeply personal matter for my parents and we simply ask that his privacy be respected as hi treatment continues. auroo sarah ganham is in state college for us tonight. was there any hint of this at all or is this a complete surprise? >> reporter: well, ...

If we don't raise the debt ceiling the government cannot issue new debt. we take in 60 cents for every dollar we spend. we spend 40% more than we take in. you can choose to not pay the interest on your current debt, which amounts to effectively a defau default. how would the markets react to that. >> that's bad. >> we think so. >> okay. >> currently the u.s. used as a safehaven. would markets continue to think of us that way? we don't know. the second choice is more scary to me, that is we have to cut spend big 40% and that comes from social security, medicare. >> that's a big cut. >> it's a h...