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But at the same time still, you can't cut back on the funding for your children so they can go to school. so i think it's important that we have that investment and have the cuts at the same time. >> susan, will it work? >> no. it's a lot of smoke and mirrors. everyone knows we have serious deficit problems. the country is broke. we have to have serious solutions. and that includes talking about social security, medicaid and medicare. we talk a little bit about defense spending. but right now president obama has shown he can talk the talk, but he won't walk the walk because he wants to get re-...

Programs, programs that people can identify and put a human face to. so cutting these things are not political winners, even though they broadly agree, both sides agree, on the importance of bringing down the deficit over the long term. >> their cuts are not political winners, and they are not enough for the tea partiers who campaigned on the notion that they are going to be able to cut much, much, much more than that in the first year. where does this leave republican establishment versus the tea party? >> this is all going to be fought. they already said they're going to extend the debt ceil...

Tokyo gains 0.75%. new economic data shows japans exports rose more than expected but after the close, standa standard & poor's announced it's downgrading its sovereign credit rating to aa minus because of its fiscal deficit problems. on the other hand shanghai got a lift from resource-related stocks. it gained nearly 1.5% but property stocks fell after beijing said it will increase minimum down payments for second home purchases to 60% from 50%. this is to rein in the housing bubble going on there. the hang seng in hong kong fell about 0.25% and sydney finished relatively flat on its first da...

It wasn't -- it wasn't a serious effort to come to grips is what is a towering problem. he's holding back. i don't know why. i thought it was very cautious. he made some suggestions, implied things, but you can't feel very good about the fact we're going to solve these deficit problems after tonight. >> both republican responses were -- deficits were front and center. >> it has found its voice and we're being crushed by a deficit and debt. and if you add up paul ryan's speech and michele bachmann's speech, you know why republican won 63 seats in the last election. >> paul begala in washington,...

Educated, i thought arne duncan turned out to be the most significant person in the room. i thought the failure in the speech came on the deficits. >> not enough about it? >> it wasn't serious. it wasn't -- it wasn't a serious effort to come to grips is what is a towering problem. he's holding back. i don't know why. i thought it was very cautious. he made some suggestions, implied things, but you can't feel very good about the fact we're going to solve these deficit problems after tonight. >> both republican responses were -- deficits were front and center. >> it has found its voice and we're...