Super Committee Implodeed News Today : Breaking News, Live Updates & Top Stories | Vimarsana

President obama was the proopponent of the cap. >> they capped the growth in medicare spending to just 1% over growth in the overall economy. but then in an 80-page message to super committee, barack obama proposed $250 billion in medicare cut about lower the cap on spending to gdp to .5%. seener would -- seniors would lose ground every year. >> anytime we have an arbitrary cap that is not reachable where benefits would be harmed we'd be opposed to. >> he used ipad, the independent payment advisory board created by the healthcare law, but it only has one power to impose the cap. he imposed pri...

Process, the automatic cuts are a function of the debt limit increase deal. if you remember, the president didn't want any cuts attached to that. he wanted a clean debt ceiling. he wanted no spending attached to it. he fought it until the end. forced to take it and run out of borrowing authority. so he had to swallow it. now he is ultimately the veto because the supercommittee failed. interesting. >> shannon: we know that senators mccain and graham are among those on the hill working on legislation to reroute some of the defense cuts. see how it works out. thank you. >> you bet. >> shannon: an...

Packages or tins in their pockets but they did not agree to ban on the use during games. from smokeless tobacco to a burning issue in washington, entitlement reform. normally it's republicans who are accused of pushing drastic changes in programs like medicare. chief washington correspondent jim angle reports now the political shoe is on the other foot. >> even before the super committee, democrats had a familiar refrain to reform medicare by offering competition. >> put simply, it ends medicare as we know it. >> it would end medicare as we know it. subjecting seniors to the rising cost of hea...

Agree on the payroll tax? >> i'm not sure he thinks they will agree. the early indication is strategic that the president is looking to republicans to be in a position where they can't escape the political blame. if you don't extend this payroll tax you are adding at least $1,000. the white house estimates $1,000 to the tax bill for families making $50,000. the contrast are you willing to raise taxes on the wealthiest americans to make sure taxes are not raised on the hard-working middle class americans? the white house is betting that the republicans will take the bait. if they don't, then th...

Are a function of the debt limit increase deal. if you remember, the president didn't want any cuts attached to that. he wanted a clean debt ceiling. he wanted no spending attached to it. he fought it until the end. forced to take it and run out of borrowing authority. so he had to swallow it. now he is ultimately the veto because the supercommittee failed. interesting. >> shannon: we know that senators mccain and graham are among those on the hill working on legislation to reroute some of the defense cuts. see how it works out. thank you. >> you bet. >> shannon: another down day for the stock...