Velázquez: Super Committee Proposal Is Big, Bold, and Balanced

Rep. Nydia Velázquez (D-N.Y.) says that the proposal put forth by the Joint Committee on Deficit Reduction will result in $2.1 trillion in spending cuts.  Velázquez, Pelosi and the other speakers all emphasized that the proposal would be “big, bold and balanced.” (0:23)

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Cantor: Suggested Cuts Are "Historic," Necessary

House Majority Leader Eric Cantor (R-Va.) acknowledged that the spending cuts put forth by the GOP are “historic” but needed to get the nation’s “fiscal house in order.”  (0:45)

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Hoyer: GOP Can't Request Trillions In Cuts, But Still Support Tax Breaks For Wealthiest

House Minority Whip Steny Hoyer (D-MD) said that America needs to be on a payment plan to cover the money it owes, but said that the Republican demand to cut $2 trillion for the debt ceiling to be raised is contradictory when the GOP also pursues tax cuts for the richest Americans. (1:08)

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Republican Senator Doubts Putting Off Debt Limit Vote Will Have A Short-Term Economic Impact

Sen. Patrick Toomey (R-PA) said that he was not opposed to raising the debt ceiling if certain spending cuts were also made. He adds that he doesn’t believe there will be short-term economic impact if a vote on raising the limit is stalled. (0:42)

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Biden Announces That Hospitals Will Help Fund Cost Of Health Care Reform

Vice President Joe Biden announces Wednesday that hospitals from all over the country will hep raise roughly $155 billion for health care reform. The funds will be created through spending cuts on Medicare and Medicaid. (:33)
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