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countries. the announcement comes on the same day france, belgium, and luxembourg agreed to rescue dexia, a major franco belgian bank. a couple of hours ago, i spoke with cnn's senior international business correspondent, richard quest. he tells me that what is going on in europe is very similar to what happened in america back in 2008. >> you really don't want the investment bank to fail. why? because a big investment bank failing of this particular time would cause a ripple of crisis of confidence and that's what happened with lehman in 2008. we're going to see more banks over the ...

analytics chief economist mark zandi and veteran political journalist ron brownstein of the "national journal" and peter baker of the "new york times." i'm candy crowley, and this is "state of the union." herman cain and michele bachmann were on this show the day after the iowa straw poll in august. she won, he was fifth but unbowed. >> this campaign has encouraged and our momentum continues to grow. >> in an august quinnipiac poll, bachmann ranked third among republicans with 12%. cain just 5%. now in a cbs news poll of republican primary voters, she sits between ron paul and rick...

>> make it flat, more simple, less confusing, perhaps put lawyers and accountants out of business. is it possible, would each of you accept that if i could get a yes or no, that in the end the government got more money, more revenue as long as you were satisfied with the details of tax reform? >> i think the government would end up with more revenue under any analysis that i have seen that is not a static analysis. in other words, if you look at how the behaviors are going to change, you encourage more km economic growth. it's simple. >> i would agree with senator portman. it won't be an incre...

Increases. it's what's called a so-called static analysis. and i was talking about william's at the tox policy center, he said, well, if p you factor in behavior those rate hikes would have to be higher. >> goodness. howe how about -- >> that's not really tenable. >> yeah, yeah, yeah, yeah. so how about cutting spending? what would you have to cut, right? and let's start with discretionary spending, right, to reduce the deficit by what's necessary to reach the goal by 2015. >> discretionary spending is a third of the federal budget today. it pays for everything except medicare, medicaid, socia...

We're getting rid of it. >> melissa: the two guys that you saw up there, pardon my french, these are two bad ass guys from goldman sachs who understand math and accounting and how things work. they got up there and presented what they thought was going to be a lower effective tax rate for people. that's net net net. they also think the president's goings to be able to get it through. listen to this. >> this isn't going to be easy. doing big things never is. we will be attacked from the left and we will be attacked from the right. bun thing is certain. i would never ever bet against this presid...