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Little fictions and treat things in a straight-forward way. we'll spend this and if we do you have this much tack tax to pay it. higher tax for the middle class almost certainly but one thing to keep in mind is the real difference between the united states and most european countries. >> reporter: canada isn't that we tax the rich so lightly. we tax the rich fairly high here compared with those countries but we tax the middle class lightly. no one will win elections saying if we want a long-term sustainable future that looks like spending now we have to have a large tax increase on the middle ...

Early last year mr. quinn floated the idea that the federal government could bail out, that is the federal government, you, could bail out his state's pension program if illinois' finances took a turn for the worse. critics are pouncing saying states cannot give away big benefit packages and then expect the federal taxpayer to come to the rescue. "the chicago tribune" says the stampede of other states with pension red ink could lead to a federal taxpayer bill of over $2 trillion. that's with a t, and let me tell you, folks, that's just one estimate. others put it between 1 trillion and 25 tril...

Bankruptcy a threat that's very definitely on the horizon. the bottom line for everybody watching our show who is any way, shape, or form near a city in trouble, your services, education and health in particular, are going to get cut. >> gretchen: let me ask you this, if they actually go through with the bankruptcy, then do they relieve themselves of all of these pensions and such that they have to pay, or how does that work out? >> it's very harsh. you do go into chapter 9. if you do that as the three cities in california have already, it's very, very harsh medicine because you pay an enormou...

Buyout, they must walk away from the pension plan forever, 42,000 salaried retirees eligible for this and not an easy choice, though. each person when they decide what the amount is going to be will have to decide, is this lump sum, because now i am totally out of the pension program and i will not longer get a monthly payment what can i do with this money to secure an income for the rest of my life? >>gregg: the buyout expected to save g.m. $26 billion in pension obligations. >>heather: the b btle if the white house is making up to be a neck and neck race. how happy are voters with their choi...

Internet. but mobile is hard to make money on which is important when we look at the economy, of course, as we talk about. so we have to be patient making money with mobile but mobile is spreading. so, that is an interesting dichotomy. >> when the old folks get on the site like facebook you know it goes downhill. old folks like gregif? >>gregg: that is not true. i am an old folk. >>heather: he is a friend. one of my friends on facebook. the pictures are interesting. >>gregg: you saw those, right? >>heather: you can catch brenda on "bulls and bears," every saturday at 10:00 a.m. on fox news cha...