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Spending more or less if you go byc cam clagss and what budget analysts calculate and what obama would not. romney says obama is cutting the defense budget by $1 trillion. not quite. so far he's cut it $500 billion over ten years, a leveling off of the defense budget. there is a big difference though -- >> the rate of increase. >> yes. basically keeping it flat over ten years, keeping it on pace with inflation. but romney, you know, would buy a lot of ships, build more ships than obama would. we heard that last night. he's going on about the navy being the smallest since 1916. obama came back ...

People. ryan's budget then punts on social security. no change there. the biggest category of cuts is a category you could call everything else. everything. defense spending, infrastructure, education and training, farm subsidies, veterans benefits, food safety, and much, much more on the budget. mr. ryan takes almost as much from this omnibus category from medicare and medicaid combined. and congressman ryan has not said where they'll fall. more to the point, he doesn't have some theory about how to spend less and get more as he does from medicare with the voucher plan. as far as i think budg...

romney's conservative credentials and shows he's serious about economic change. romney will make his announcement in the battleground state of virginia. the military city of norfolk, aboard the uss wisconsin. event kickoff his campaign bus tour with his new running mate, a little more than three weeks before the republican national convention. we have complete coverage leading up to this dramatic announcement. candy crowley is here, gloria borger is here, john king is here, jim acosta is in nor folk. brianna keiler is at the white house. john let me start with you, a lot of us taken ...

365,000 americans filed for unemployment claims in the latest week that is sure to be a market mover as well. alleged terror plot meantime in spain stopped in its tracks. police nabbing three suspected members of al qaeda. they say these guys gathered explosives and may have been plotting attacks inside the country or elsewhere in europe. the dangerous intensifying in merge's heartland. the government is saying one fifth of the united states is experiencing extreme drought. nearly 2/3 experiencing some drought. definitely a story to watch. jon: some new information now about a bankrupt mak...

You see the debt we have right now, over 15 trillion. there are certainly a lot of ideas how to reach the goal of 1.2 trillion in cuts. it includes tax loopholes and reducing duplicate government programs. let's talk to chief washington correspondent jim angle how hard this is really. some viewers probably think it is pretty simple, jim. maybe you will tell us something different. what do you think? >> reporter: well, it depend how you look at it but even as the super-committee agonizes over the numbers a lot of budget analysts argue it shouldn't be that hard to cut spending. listen. >> 1.2 tr...