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Take on social security and reform it. that's one of the big drivers of this budget deficit. remember this. bret? >> i earned capital in the campaign, political capital and now i intend to spend it. you've heard the agenda, social security and tax reform, moving this economy form, education, fighting and winning the war on terror. jon: social security, that's one of the things that he was going to reform in his second term. we all know where that went, pretty much to the graveyard. why can we not get those entitlement programs, which are so much a part of the budget problem, why can't we chang...

Watch this. >> mr. speaker, mr. vice president, members of congress, distinguished guests and fellow americans, tonight i am proposing within the next five years fewer dropped calls. thank you, god bless you. may god bless the united states of america. >> sounds good to me. >> okay. 44 past the hour. welcome back to "morning joe." time now for the "must read" opinion pages. our first one is from "the wall street journal" and it's the editorial for the paper. after you, mr. ryan. paul ryan did the republican response along with michele bachmann who followed him. president obama's political mess...

Budget problem and someone who i think can outline pretty clearly to the american people that this amount of debt that we're dealing with and causing job creation in america today. >> good morning, we're going to have on the floor today a resolution which delivers on our commitment that we are going to reduce spending levels for the remainder of the fiscal year. following up on that, i'm announcing today that the house will vote on the continuing resolution the week of february 14th. i know it's a little bit out of the norm to announce this early the scheduling of a vote. but this is how serio...

The federal level that are also important to states. when it comes to bailing states out, i think we have to look at that on a case-by-case basis. >> let me ask you about a couple of things that we're just getting information on. the white house, i have to say, has been very close to the vest about what is going to be in .speech, but now abc news is reporting that the president will propose an overall budget freeze and a ban on earmarks in the state of the union tonight. would you support both of those things? >> well, i think having -- i want to hear what the president has to say. i think ear...

It could affect investors in state bonds. but supporters of bankruptcy options say this is more than just a budget problem. some states have really, really revere problems that are sucking up money for education and health care. supporters also warn that it could be a matter of time before states look for federal bailout. with us now financial consultant the author of "master your debt," live with us this afternoon. jordan, good to see you. there are no good openings but if you change this thing to a bankruptcy process, everyone is going to get a little and no one will be happy, right? >>guest...