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we'll begin today's show in europe. voters in france and greece made their anti-austerity feelings known last weekend and stock markets plunged. we'll have a panel on the big picture and what it means for politics in the west. then robert zellik will step down as head of the world bank. his exit interview here on gps. next we go to israel which has anoinlted a king. what in the world does it mean? and, finally, the curious case of the guy who has come to be known as american french fry brother. a cultural lost in translation all the way from china. you won't want to miss it. first, h...

Increase in taxes. we all know what they are at this point. they have been renumerated repeatedly. after the election, because of the expiration of the bush tax cuts, because. see quester that everyone talked about, there will be in the next few years, up to $7 trillion in cuts that we are going to lose in spending in this economy. which means that we have a perfect blueprint in what we saw in the uk with the double-dip recession. if that happens without congress taking action then well face the exact same thing here. >> you know what is incredible in britain is that last week, the head of the...

Arbitrary across-the-board cuts that are currently scheduled to take effect in january of 2013 through the mechanism of see quester. that would force us to shed missions and commitments and capabilities that we believe are necessary to protect core u.s. national security interests, and it would result in what we think would be a demoralized and hollow force. that is not something that we intend to do. and finally i'd like to also address our men and women in uniform and the civilian employees who support them who i know have been watching the budget debates here in washington with concern abou...

power. it will allow the pentagon to slash hundreds of billions of dollars from the budget. rick santorum heads to new hampshire primary with a million dollar boost from iowa. source close to the campaign says that santorum raised more than $1 million after finishing second in the iowa caucuses. santorum, he is attending a faith, family and freedom town hall meeting in northfield, new hampshire. that is happening this hour. he's trying to position himself as the main conservative challenger to mitt romney. let's go to the white house. i understand the president is there at the po...

Does somebody in their 30s or 40s. they are going the wrong way on many issues. that's what makes me think that likely this will move forward into see quester. >> the last reported plan -- we have a graphic set up that gives you a sense of what the composition of what republicans propose as reported to the super committee. it's a pie chart we put together -- no, it's not that. that's projected government spending. that we will talk about in a second. this is a pie chart that i want to show you of the composition of the gop debt plan, and it only contains -- there we go. 99.5% of the plan was s...