the debt debate. president obama to unveil his plan today for dealing with the nation's staggering debt. screening stir. the debate over airport security flares up again after an internet video goes viral. and family horror. twin brothers in texas are charged with murder after living with their mother's body for charged with murder after living with their mother's body for weeks. captioning funded by cbs good morning. thanks for joining us. i'm betty ngyuen. today, president obama dives into the debate over federal debt. mr. obama will outline his plan

for tackling the debt which now tops $14 trillion. the debate will play a leading role in the upcoming election. joel brown is in washington with a preview. good morning, joel. what are the details around this debt reduction? >> reporter: betty, i think both sides are going to have some issues with this. if you thought last week's budget battle that almost shut down the government was tough, this will be even tougher. president obama's deficit reduction plan is expected to include a mix of spending cuts and tax hikes. >> the point is that balance is essential. the burden has to be shared by everyone. >> reporter: in a speech this afternoon, he'll push for reforms to the nation's costly medicare and medicaid programs and an end to bush-era tax cuts for the wealthiest americans. the president's proposal is vastly different from the one republican congressman paul ryan unveiled last week. >> this is the path to prosperity. >> reporter: ryan's plan trims

more than $5 trillion from the deficit over the next decade through steep cuts to programs including medicare. it also lowers taxes for higher income earners. >> in a sense, the president needed paul ryan's house budget plan to use as a foil for his own argument about what government should do. what government priorities are. he will say that the ryan plan does not match up with american values. >> reporter: president obama will give congressional leaders a preview of the speech later this morning at the white house. republicans have already warned they'll block any plan that raises taxes. >> from my point of view, taxes are not on the table because we don't have a revenue problem. we have a spending problem. >> reporter: the nation is heading for a record budget deficit this year. an estimated $1.5 trillion. that's even with the $38 billion in spending cuts the congressional leaders agreed to last week. president obama could lose some critical political support because of his plan. liberal groups are threatening to sit out the 2012 campaign if

the president proposes new cuts to medicare and medicaid. betty? >> joel brown in washington. thank you. the next stage of this ongoing debate in washington involves the federal debt ceiling. now that is the cap on the amount of money the u.s. government is allowed to borrow. the current debt limit is $14.3 trillion. the debt will hit that amount by may 16th. after that, the treasury department says congress has until july 8th to raise the limit or the u.s. would default on its loans. but republicans say they will not agree to an increase without big spending cuts. now to the latest dispute over airport security screening and a video that is causing a stir. the clip was posted on youtube showing a 6-year-old girl getting patted down. it happened at the new orleans airport last weekend. a female tsa agent pats down the little girl from head to toe. critics say the tsa needs to be more selective about who gets such intense screening. >> a 6-year-old child shouldn't be subjected to this kind of

treatment in the first place if there's no reason to suspect her or her parents of being criminals. >> reporter: but one passenger says it didn't bother her. >> we spend a lot more time getting ourselves inflamed over things that really aren't necessary. that took all of, what, 20 seconds to get done? you know, suck it up. it's a part of travel right now. >> the transportation security administration said in a statement it has reviewed the incident and determined that this officer followed proper screening procedures. tsa has been actively reviewing its policies and procedures to streamline and improve the screenings for low-risk individuals like younger passengers. now to the fallout from that tail-spinning collision between an air france super jumbo jet and a commuter plane at new york's kennedy airport. the incident is raising new questions about airport congestion and safety. elaine quijano reports. >> reporter: the collision happened just after 8:00 p.m. at new york's kennedy international airport.

air france flight 7, a super jumbo jet headed to paris, was taxiing to its runway when its left wing clipped the tail of a much smaller comair commuter jet, spinning it around almost 90 degrees. >> we've been hit by air france. >> reporter: the air france plane was an airbus a380, the world's largest commercial jet. its 262-foot wingspan is nearly the length of a football field. and 50 feet wider than the wingspan of a 747. and the airbus dwarfs the regional jet it hit at more than twice its length. >> this is the worst taxway collision i've ever seen. it's not unusual to have a couple aircraft touch wing tips. but to see such a forceful collision and an aircraft spinning around, that's remarkable. >> reporter: aviation experts who have reviewed the recording say the commuter jet was still on the taxiway because it appears the area by the gates was too crowded. >> the pilots themselves, they

need to be looking out very, very carefully when they are operating an aircraft as large as the a380. but that's not to say that the regional jet was in the right position either. >> reporter: investigators with the national transportation safety board are checking flight recorders from both aircraft, as well as what instructions air traffic control gave to the pilots. elaine quijano, cbs news at jfk airport. a new york woman drove her minivan with three of her children still inside it into the hudson river. the minivan was fished out of the river north of new york city last night. she spared her 10-year-old son, dropping him off before driving down a boat ramp. the three young victims range in ages from 11 months to 5 years. officials say the mother had been involved in a domestic dispute. now to the battle for libya. a meeting about the country's future begins today in qatar. members of the so-called contact group, countries that want moammar gadhafi out, will hear from rebel leaders.

libya's former foreign minister moussa koussa is expected to attend. secretary of state hillary clinton meets with other nato ministers tomorrow in berlin to discuss the libyan situation. egypt's former president hosni mubarak is being detained by the interim military government for investigation of corruption and abuse of authority. the announcement comes just one day after the 82-year-old mubarak was admitted to a hospital for heart problems. mubarak's two sons are also in detention as part of the same investigation. and an israeli newspaper reports prime minister benjamin netanyahu canceled a proposed meet with teen idol justin bieber. bieber is in israel for a concert. the newspaper reports the meeting was called off because bieber would not meet with children from an area that comes under rocket attack. bieber's camp says that's not true and that the meeting with netanyahu was never finalized. just ahead on the "morning news," a startling report on the number of ex-cons being sent back to prison. plus, why kate middleton is having her royal engagement ring cut down to size.

first, katie couric has a preview of tonight's "cbs evening news." >> former prisoners re-arrested in an often never-ending cycle. and it's costing states billions of dollars. so what's being done to turn things around? find out tonight only on the "cbs evening news." it blocks pain signals for deep relief precisely where you need it most. precise. only from the makers of tylenol. each

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to help make quitting suck less. a study out this morning shows that within three years of being released from prison, more than 4 in 10 ex-cons are back behind bars. data from 41 states shows of the inmates released in 2004, 43% committed new crimes or violated the terms of their release and were sent back to prison by 2007. that percentage is down slightly from a similar study in 1999. in texas this morning, a family horror story. houston police say adult twin brothers let their elderly mother die and lived with her decaying corpse for three months. now they are accused of murder. 48-year-old edward and edwin

burnt told police their mother collapsed in january while they were watching football on tv. she apparently died three days later, the day after her 89th birthday. neighbors believed the twins are mentally disabled and did not fully understand what was going on. a neighbor asked the twins about their mother last week. >> hollered at them and said, hi. haven't seen you guys in a while. you all doing all right? yeah, we're doing fine. how is your mama? oh, she's fine. >> the twins were arrested on monday and charged with murder. on the "cbs moneywatch," stocks were up today in asia. ashley morrison is here in new york with the latest on that. good morning, ashley. >> good morning, betty. small gains for asian markets. both tokyo's nikkei and hong kong's hang seng edged up 0.2%. today, wall street will get the very latest on retail sales and the fed's latest check of the economy. on tuesday, stocks sank. the dow lost 118 points, its worst day in a month, while the nasdaq fell 27. the price of oil is dropping.

trading today at just over $106 a barrel after analysts warned tuesday that crude is due for, quote, a substantial pullback. some think speculators in the market are now pushing down the price after pumping it up for weeks. lower crude prices could mean lower gasoline prices in the not so distant future. toyota, the world's largest automaker, says it's temporarily suspending production in europe. toyota's five european plants will shut down for several days this month and next because of a parts shortage stemming from the earthquake and tsunami in japan. washington, d.c., has approved internet gambling, the first u.s. jurisdiction to do so. the games would be available only to gamers making bets within the borders of the capital. officials aren't sure yet when they will begin. the district says it will raise up to $15 million in revenue through 2014. well, more magazines are moving toward allowing subscriptions on the ipad. bloomberg "businessweek" will

join "elle" and "maxim" when it starts selling subscriptions to an ipad version of its magazine for $2.99 a month. more publishers are signing on even though apple does not want to share computer customer data. and with oprah's countdown on, ad companies are lining up. the asking price for a 30-second spot on the daytime tv queen's final show in may is now a million dollars. that makes it one of the most expensive finales in the history of television. the most expensive was the finale of "friends" where ad spaces were going for $2 million a pop. >> wow. >> that was a sad day, the last episode of "friends." >> but it reminds me of the cost of super bowl ads. it's right up there. >> it is. >> ashley morrison live here in new york. thank you for that. princess-to-be kate middleton is having her engagement ring shrunk. just over two weeks before her royal wedding to prince william, kate asked jewelers to slightly alter the sapphire and diamond ring previously worn by princess

diana. seems kate may have lost a little weight recently and it would not be good form to let the ring fall off during the ceremony. straight ahead, your wednesday morning weather. and in sports, boston and tampa bay battle for the worst record in baseball. lose those lines for up to a year! juvéderm® xc is the gel filler your doctor uses to instantly smooth out lines right here. temporary side effects include redness, pain, firmness, swelling, bumps, or risk of infection. ask your doctor about juvéderm® xc. so i'm taking charge with claritin-d. it relieves even my worst allergy symptoms. nothing works stronger, faster or longer for nasal congestion

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miami, sunny, 85. chicago, partly cloudy, 60. dallas will be sunny and windy, 84 degrees. l.a., partly cloudy and 66. time now for a check of the national forecast. the latest satellite picture shows the northeast covered in clouds, fog and wind-blown showers. skies are mostly clear in the southern plains with clouds to the north. rain clouds are moving in from the pacific over the northwest after a brief break. later today, the northeast will see rainy conditions with some thunder and a few pockets of snow in maine. it will be warm and sunny in the southern plains accompanied by dry winds from the west. the southwest will be beautiful, while there's more rain on the way for the northwest. in sports, the red sox were preseason favorites, but so far, they have fallen far short of expectations. in boston, tampa bay's johnny damon singled home two runs in the fifth inning as the rays went on to beat the sox, 3-2. boston has only two wins and nine losses, the worst record in the majors.

in detroit, josh hamilton of the rangers tried to score on a pop-up near the third base dugout. it did not work out so well. hamilton was not only tagged out but broke a bone in his right arm and will miss six to eight weeks. in the ninth inning, miguel cabrera of detroit singled and the tigers won, 5-4. in the nba, the bulls won their eighth straight game. derek rose scored 26 points against new york, and the bulls went on a 26-2 scoring run to open the second half. chicago beat the knicks, 102-93, and they lock in the number one seed in the eastern conference playoffs. and the lakers' kobe bryant scored 27 points, including a three-point jumper in the closing minutes against san antonio. the final, l.a. 102, spurs 93. san antonio is now tied with chicago for the nba's best record. when we return, another look at this morning's top stories. and nasa picks retirement homes for the remaining space shuttles. find out which cities won, next.

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from an overnight fire in contra costa county. college students across the state take a stand against devastating cuts. the demands they have for university officials. the giants fan who was brutally beaten gets a surge of support from his team. the next step for bryan stow. and bart cleans up its act. the changes riders can expect. plus.. a new storm moving in. the chance of showers for the morning commute. join us for cbs 5 early edition,

on the "cbs morning news," here's a look at this morning's weather. rain in the northeast will gradually ease throughout the day. sunshine will dominate in the southeast and southwest. and the northwest and northern plains will have clouds and scattered showers. here's another look at this morning's top stories. president obama outlines his debt reduction plan this afternoon. mr. obama is expected to call for cuts in entitlement programs and the defense budget, while proposing tax increases. and ousted egyptian president hosni mubarak and his two sons are being detained while authorities investigate allegations of corruption and abuse of power. mubarak is currently hospitalized with heart problems. after years of jockeying for position, four aerospace museums across the country have emerged as winners of the space shuttle

retirement race. alexis christoforous explains. >> reporter: there were hugs and handshakes all around at new york's intrepid sea, air and space museum when nasa announced it will be the new home of the space shuttle "enterprise." >> this is just phenomenal. we'll have a marvelous piece of space history, a piece of american history, international history. >> reporter: on the 30th anniversary of the first shuttle flight to outer space, nasa announced which cities will get a spacecraft after the program ends this summer. "atlantis" will stay at the kennedy space center. "endeavour" will go to the california science center in los angeles. and "discovery" will be in suburban washington at the smithsonian air and space museum. >> we say farewell "discovery." >> for all of them, take good care of our vehicles. they've served the nation well, and we at nasa have a deep and abiding relationship and love affair with them. >> reporter: "enterprise" will be on display on manhattan's

pier 86, which is an already very popular tourist destination, right next to this legendary aircraft carrier, the "uss intrepid." >> i really can't believe we're going to get one here. it's going to be big for the museum. >> reporter: 21 museums around the nation put in bids for a shuttle. nasa says it picked the locations that would give the greatest number of people the best chance to see a part of history. but two of the shuttles still have a long way to travel before they land at their museums. "endeavour" will go into space one last time in april, and "atlantis" is scheduled to fly the last ever shuttle mission this coming june. alexis christoforous, cbs news, new york. in atlanta, an electrifying subway rescue caught on tape. look at that. a man fell on to the track sunday and was being shocked by the electric current that powers the train. now another man on the platform grabbed his hand and was also shocked, but he was able to pull him to safety. the rescued passenger was then

arrested for public drunkenness. this morning on "the early show," "people" magazine's most beautiful people list for 2011. i'm betty ngyuen. this is the "cbs morning news." it's pretty revolutionary. patented, actually. it takes a snapshot of your good driving habits, so you can save money. like a snapshot? that's what i'm talking about. in a sports car. show it to me. yes! i want to believe it! ooh! fierce! argh! love it. i think we have it. the snapshot discount. new, huge, and only from progressive.

first lady michelle obama and jill biden, wife of the vice president, kick off their joining forces initiative to help military families today. their first stop will be camp lejeune, north carolina, where they will address 3,000 marines, sailors and family members. they'll also attend a baby shower for about 40 pregnant wives of service members. finally this morning, a college degree can be invaluable. but what about the cost? members of the class of 2008 who took out student loans owed an average of $23,000 at graduation. so their climb to success began in a deep hole of debt. dean reynolds has more. >> reporter: diana berkovitz owes columbia university a lot.

she got a good education, made important professional contacts and ran up a student loan debt there and at ithaca college that will keep her in hock for at least 20 years. >> what i realize now is when i was 18, i had no concept of what it would mean to go to a school that cost more. and what i would end up paying when i graduated. >> reporter: her $80,000 in loans from her undergraduate and graduate school days are on the high end of the red ink, but student loan debt in this country is now greater than credit card debt. casey rasmussen is a senior at the university of illinois who is afraid to even calculate what she owes. will it force you to make certain life choices that if you didn't carry around debt like that that you wouldn't have to make? >> probably. probably going to have to work a job that i don't necessarily want to. >> reporter: and that's not all. >> it can affect a lot of choices like when to buy a home or whether to buy a home. getting married. having kids, saving for retirement and their own kids'

education. >> reporter: there's no question that many students are racking up large amounts of debt. but many economists call that good debt. they liken it to a smart investment. >> you expect that it will pay off over many years. and borrowing money to go to college is like borrowing money to start a business. >> reporter: sandy balm is an education policy analyst. >> you can have a much higher lifetime income if you borrow and go to school and repay those loans than if you stop your education after high school. >> reporter: the numbers don't lie. in 2008, the median earnings of a bachelors degree recipient were almost $22,000 more per year than a high school graduate. and lifetime, college grads earn 65% more than high school grads. so, yes, the debt can be imposing, but, remember, barack and michelle obama were once $120,000 in debt from student loans. and they did pretty well. dean reynolds, cbs news, chicago. >> valid point there. coming up a little later on "the early show," how president obama plans to address the

federal debt. and what republican leaders think about it. plus, airport security and children. growing concerns about how the tsa treats kids. and this year's list of the most beautiful people in the world, including who made the cover of "people" magazine. that's the "cbs morning news" for this wednesday. thanks for watching, everyone. i'm betty ngyuen. have a great day. -- captions by vitac -- www.vitac.com