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We're just moments away from the start of president obama's big speech on fiscal policy. he's expected to try and find a middle course between republicans and some democrats. we have been pressing for real spending controls. and his own party's liberal wing demanding entitlements be protected. and we're joined now by msnbc's rachel maddow, host of "the0 preview the president's remarks. great to see you. >> thanks. >> i think one of the big questions here is is medicare going to continue to be an entitlement or will it, like, paul ryan be four people under 55, a contained program defined and on...

>> endless borrowing is not a strategy. we must restore foundation of the economic growth. low taxes, spending restraint. reasonable regulations and sound money. >> new republican budget chairman paul ryan held his first haefring with fed chairman ben bernanke who indicated that the job growth is slow but inflation is under control. despite the sluggish economy, congress must have long-term plans to reduce spending. >> the federal budget will remain on an unsustainable path, with the budget gap becoming increasingly large over time. unless the congress enacts significant changes in fiscal prog...

Fiscal responsibility of which you are a member. i want to jump ahead to december 1st, if 14 out of 18 members agree on whatever your report is, what is going to happen to that report? what is the point of it? >> idea of the report is to put our fiscal house back in order and on a better trajectory. spending is the problem not taxing. we need to focus on spending. my hope is we come up with real spending controls to get our entitlements under control and spending in order. the president's budget is unsustain able. >> greta: it is a recommendation. here's a good idea let's try this, essentially...

You are a member. i want to jump ahead to december 1st, if 14 out of 18 members agree on whatever your report is, what is going to happen to that report? what is the point of it? >> idea of the report is to put our fiscal house back in order and on a better trajectory. spending is the problem not taxing. we need to focus on spending. my hope is we come up with real spending controls to get our entitlements under control and spending in order. the president's budget is unsustain able. >> greta: it is a recommendation. here's a good idea let's try this, essentially, right? >> yeah, here's a good...

>> bret: and now some fresh pickings from the political grapevine. a government audit says the census bureau has already wasted millions of dollars in preparation for the 2010 head count and that could multiply unless the agency imposes tighter spending controls. the associated press states that the commerce department report found $3 million was spent on more than 10,000 census workers who were paid $300 apiece for training but quit or were let go before they could perform any work. another 5,000 people collected the same training payment and then worked for a single day or less. costing $1.5...