." >> this "super congress." >> "super congress." >> are you ready for this -- "super congress"? >> stephen: yes, i'm ready for the "super congress"! [laughter] i've always dreamed of encasing harry reid's skeleton in adamantium, or making mitch mcconnell into a ninja turtle. [laughter] but it turns out, this "super congress" is even cooler. >> it consists of 12 lawmakers, evenly divided between the two parties, the rest of congress would not be allowed to amend or filibuster its recommendations. >> stephen: yes, only twelve lawmakers. this is great because the real problem with congress has always been too many reasonable people. [laughter] but even better, only twelve people have to make these unpopular recommendations. that way, when social security and medicare get cut, the non "super congress" can say, "hey, i didn't push grandma in front of that train, i just voted in favor of those twelve guys doing it." [laughter] of course, even that might make incumbents politically vulnerable, so instead of voting on supercongressional legislation, congress should just vote up or down

now when you say what do you mean the super congress the super congress it's a new legislative body that president obama created that will have authority over the regular congress have you ever heard about the super congress there's no such thing as a super congress that doesn't exist you know ok have you heard about the super congress. and i don't know anything about that no i'm not of the super congress you know never heard of it you know i work in government i have not heard much about super congress what do you think about the super congress that we cool you know the super congress says no no but it sounds cool because that's super in it now they were brought the obama admin with him and then inflates so he's he wants this. i stand by the president united states. so we're going to ask you know i don't know where this is unfortunately that is snarky about this later that is snooki because she's orange she's like a new palooka yeah she didn't like it that's not from the jersey shore yes nucky from jersey shore but i. don't know who with this famous jersey shore armadillo is. snooki no

but no that's not super congress to the rescue that's super congress going to screw you well so all in the first bites of the saint sandwich that is the bipartisan debt ceiling deal americans will come to find the compromise bill contains more than just an additional seven trillion something dollars in bed shackles last week we reported on the alarming proposal of a legislative body that would supercede both houses of congress a super congress like a bad freddy krueger movie that is that nightmare is now manifesting itself into reality thanks to provision jammed into the bill that allowed for the committee's creation the committee will consist of only six democrats and six republicans who behind closed doors will be able to craft pieces of legislation that the rest of congress have absolutely no control over beyond a simple yes or no vote by official excuse the committee has been created to ensure that government spending is slashed by over one point five trillion dollars over the next ten years in reality of course we're not slashing anything because those are only cuts from projec

when we come back the super congress has the power to reduce spending but whose pockets are they and does this new gang of twelve have ulterior motives plus san francisco bay area transit officials are making headlines yet again this time cracking down on free speech while the story in our police state update and the president's been busy person a big birthday blow out now that's. in the interest of good sportsmanship and regulations to the green bay packers on your fourth super bowl championship i'm looking at thirteen belt championship. it seems the president may have his priorities a little mixed up but we'll try to go as it may be to give them the benefit of the doubt just if we want even try to say to you're watching out of versus them at. this number given that we had an apartheid regime right. i think it's even money well. we never got that that says they're going to keep him safe get ready because you the freedom. well the back to adam vs the man last week senate minority leader democrat harry reid and speaker of the house republican john boehner named their appointments to t

we're going to have a super congress come in.re going to debate this, and they'll be talking, and nobody's still dealing with things like entitlements. as we've heard, tax increases will be on the table going forward. the idea that this has solved anything in the big picture is completely just bizarrely optimistic. >> indeed. strange, historical revisionism from some member. for mow, michelle cottle, thank you very much. >>> we'll be right back. an accident doesn't have to slow you down. with better car replacement, available only from liberty mutual insurance, if your car's totaled, we give you the money to buy a car that's one model-year newer... with 15,000 fewer miles on it. there's no other auto insurance product like it. better car replacement, available only from liberty mutual. it's a better policy that gets you a better car. call... or visit one of our local offices today, and we'll provide the coverage you need at the right price. liberty mutual auto insurance -- responsibility. what's your policy? >>> it's time now to

tax contributions drop to a fifty year low president obama still wants us to believe that the super congress gang of twelve in charge of finding another one and a half trillion dollars in deficit reduction in november will make the necessary tough choices to raise taxes on millionaires and billionaires but is speaker of the house john boehner told c.b.s. there's not a chance. can you imagine republicans smacking increased taxes if that's what the committee recommends would think to put it that would be a stretch doesn't seem likely to me but it would even be recommended much less supported. but just like last december the billionaires in america dodged another tax bill so how long can our economy with growing wealth inequality creating a whole host of social ills how long can we sustain these historically low tax rates for the richest of the rich and what lesson can president obama learn from past presidents to get this economy working again for everyone and not just the richest one percent here to offer some answers as samples about a associate fellow in inequality at the common good. for t

this super congress is, from what i saw, harry reid and image mcconnell, there was no part of the government that it cannot regulate and we will not be able to stop it because we thought this was an emergency. wait until those triggers are there. whatever these people put on paper will have to be passed. people are afraid. how can you pass this? if the government cannot take care of its checkbook, it cannot legislate financially and, and to create a super-congress that could grow, mutate, and become a terrible threat to who knows what, civil liberties chipped away at every day. i have an answer to one of the questions from an earlier caller. they asked where was the tea party won all this was going on. i can tell you where this person was. america better wake up. this is not a republicans and democrats. we are in trouble. we need politicians that do not want to get reelected. just like these freshmen, we need more of them and we need a president like that. we need ron paul. host: there was one article in the paper today that said anything that has to do with money will be under the purview o

. >> charged with finding $1.5 trillion in deficit savings. >> a super committee. >> a super congresshe super committee deals with everything. >> jon: our prayers are answerrered. america's own legion of doofs, but which of our leaders has powers far above those of mortal legislators. it might reid, aka the senator drone. he'll talk to you about things for a long time. senator jon kyl, the trickler. his golden stream of proteion shields the rich. i'm sorry, the job creators. oh, look, it's professor kvetch, drowning out opponents with his supersonic whine. the gentleman from new york would like to recognize... senator john mccain, or old man man. bitten by a radioactive even older man, old man man always gets his way and any balls that happen the land in his yard. together with some othe people, they are the super committee. [laughter] but can even the super committee save congress at this point from congress's archenemy, the american people? >> new poll numbers just out, looks like the country feels like washington has acted like a bunch of spoiled children. >> 17% believe that elect

i'm not going to get carried a way now with this super congress stuff. reid in my interview with him some months ago, i asked him when he thought we might have to make adjustments in social security, any trims, any kind of adjustments in order to keep it solvent going forward and his answer to me was 20 years from now. he said he wouldn't consider doing it for another two decades. so that's his attitude about protecting social security going into this, so might we expect for him to be appointing real, hard liners on protecting the programs democrats need to protect? >> oh, i think he will, and i think the republicans have already acknowledged that social security's probably not going to be at the heart of what the super committee does, because if the triggers are reached, social security's left out of the trigger mechanism. my expectation is that -- that mcconnell and boehner on the republican side and reid and pelosi on the democratic side will appoint hardliners, people that they trust to hold the line for the two philosophies and the two sets of progr

>>shepard: is there a sense for how they may choose this super congress? tatives from both parties and from both houses of congress, to make decisions about how to cut $1.5 trillion? >>reporter: president obama said he wanted essentially people who are deal makers or people who are used to collaborating to get things done, senator harry reid was asked about it, and he did not engage but he suggested that he didn't want to give names but suggested it would be people who come to a compromise like the gang of six we had in the united states senate, he did not say those people, but you get the idea, not people that are too left or from the other party, too right, but, perhaps, people more in the middle who are used to, you know, cutting a deal and doing what is best, what they believe is best, for everyone, not necessarily just their own interest. >>shepard: if i'm a member of the tea party and i've been elected to cut spending and not increase taxes, i'm not happy that one of my people is not on there and if i am from the far left i feel similarly. >>reporter:

understand completely what the triggers are if this super congress can't put a plan together. i am not really excited about this. but you see, our leadership, i think, understands that with -- in this congress, there are some of white house could be counted on and some of us counted out. and historically, we've been able to be counted on. we are not interested in walking the nation across into the abyss. but at the same time, we've got to protect our constituents. >> well, leaves you with an interesting dilemma, doesn't it? because harry reid, the president, seems like nancy pelosi are going to say, look. this is not the deal we wanted which is the same thing john boehner said, but it is the best deal we could get. it is a deal we have to do. and we have got to avoid this default. what are the alternatives? >> well, there are possibly are no alternatives at this point. i came back to washington at the beginning of the year thinking that we were going to create jobs. and we allowed the national discourse to change from jobs to the debt. and so right now, there's very little we c

understand completely what the triggers are if this super congress can't put a plan together. i am not really excited about this. but you see, our leadership, i think, understands that with -- in this congress, there are some of white house could be counted on and some of us counted out. and historically, we've been able to be counted on. we are not interested in walking the nation across into the abyss. but at the same time, we've got to protect our constituents. >> well, leaves you with an interesting dilemma, doesn't it? because harry reid, the president, seems like nancy pelosi are going to say, look. this is not the deal we wanted which is the same thing john boehner said, but it is the best deal we could get. it is a deal we have to do. and we have got to avoid this default. what are the alternatives? >> well, there are possibly are no alternatives at this point. i came back to washington at the beginning of the year thinking that we were going to create jobs. and we allowed the national discourse to change from jobs to the debt. and so right now, there's very little we c

he's already losing battle it will be an uphill battle to peel off just one republican in this super congress gang of twelve to support raising taxes on millionaires he will then need to get a majority of the republican controlled house of representatives to support raising taxes on billionaires who own those republicans something that as we've learned now is virtually impossible don't take my word for it take the speaker's word. can you imagine republicans backing increased taxes if that's what the committee recommends i would think that to put it would be a stretch. doesn't seem likely to me that we need to be recommended much less supported so if and that's a big if revenue raisers come out of the gang of twelve they'll die in the house which will then set off the automatic deficit reduction triggers that yes would have no revenue raisers in them triggers a cut in the want to have trillion dollars put in seven hundred fifty billion dollars from problem programs that mostly help working and middle class families so it's reasonable to assume that the next phase of this debt limit deal will b

together a program and a plan and we need to understand completely what the triggers are if this super congress can't put a plan together. i -- i'm not really excited about this, but our leadership, i think understands that with the in this congress there are some of us who can be counted on, and some of us who can be counted out. historically, we have been able to be counted on. we are not interested in walking the nation across into the abyss, but at the same time, we have to protect our constituents. >> well, leaves you with an interesting dilemma, doesn't it, because harry reid, the president, seems like nancy pelosi are going to say, look, this is not the deal that we wanted, with i is frankly the same thing that john boehner said, but it is the best deal we could get, and this is a deal we have to do and we have to avoid the default, what are the alternatives? >> well, possibly there are no alternatives at this point. we lost this early on, because i came back to washington at the beginning of the year thinking that we were going to create jobs, and we allow the national discourse to chan

that maybe the any one of it with you because there's a word citizenry and press quickfire the super congress gang of twelve has until november so to come up with a deal will they will it pass congress or will the trigger people ninety seconds. they were competent deal i don't know if it's going to be good or bad you know as daniel said before tax increases are definitely still a possibility we hope not you know painter is trying to assure his constituents that's not going to happen but you know me they only control one half of one third of the government you know so there's only so much that republicans can do to see obviously the come up with something i'm actually inclined to think that they'll pass something just because the triggers or are bad for medicare which republicans care about are bad for friends which republicans care about and democrats care about medicare too so i am inclined to think that they would. that they would pass something it's not no one's going to like it the whole thing was. it's nothing like a silly. and in a year's time will make make a prediction this bill will

together a program and a plan and we need to understand completely what the triggers are if this super congress can't put a plan together. i -- i'm not really excited edd about this, but our leadership, i think understands that with the in this congress there are some of us who can be counted on, and some of us who can be counted out. historically, we have been able to be counted on. we are not interested in walking the nation across into the abyss, but at the same time, we have to protect our constituents. >> well, leaves you with an interesting dilemma, doesn't it, because harry reid, the president, seems like nancy pelosi are going to say, look, this is not the deal that we wanted, with i is frankly the same thing that john boehner said, but it is the best deal we could get, an si a ded this is e have to do and we have to avoid the default, what are the alternatives? >> well, possibly there are no alternatives at this point. we lost this early on, because i came back to washington at the beginning of the year thinking that we were going to create jobs, and we allow the national discourse to

then the second thing happening in november, this super congress. we don't know who's on the congress. no commission has been particularly successful, at least the gang of six ran into trouble, and the bowles-simpson commission was basically ignored. widthe other thing is the terric spending cuts are coming at the back end in 2014 after the election. so it's sort of hard to -- i don't deny you've had a huge shift in the thinking, a huge impact, but i mean -- >> in the first year you have $21 billion in cuts. >> greta: how much? >> $21 billion in the first year. in the second year, you have $47 billion. >> greta: that's 2013? >> 2013. >> greta: okay. >> we need to do something with the senate, with the white house. then we can do bigger things with spending. >> greta: when do the big cuts come? >> that has to happen. you're not going to get the big cuts right now. >> greta: we're getting them after the election. the american people are saying, wait a second, you're doing this after the election? you know, these are huge -- >> the american people have

so, super congress, super stealth after this. . all right, 512-point hit in the dow representing 4.3 percent decline in one day. if you are counting, the dow is down close to 12 percent. that is well into correction territory. it has to fall 10 percent for a corrective market and we are that at least and so are most of the world markets. it takes 20 percent to define a bear market, in other words 20 percent off the highs which were reach add couple of months ago. we have republican louisiana senator vitter joining us and something that could fuel another sell off, senator, you feel if they raise taxes and those issues are still very much on the table when the super congressional committee of 12 meeks to hash out the next wave of cuts. >>guest: everything is on the committee and the select committee is very, very important and all powerful. instead of 55 -- 535 members of congress it is done to 12 this have the entire u.s. tax code this front them and they come up with a bill and that bill is surge to -- surge to no amendme, a power

they've got to do something that this super congress has to come up with solutions that congress

so this super congress that has to come up with a deal by thanksgiving, if they don't come up with a deal, there's these across the board cuts. there are many experts who say wasn't exercised with any precision. wasn't exercised with any precision. here's the danger, though. predecision works both ways, whether it's stimulus or whether it's cuts. so this super congress that has to come up with a deal by thanksgiving, if they don't come up with a deal, there's these across the board cuts. there are many experts who say this is very, very dangerous because across the board cuts are the same as a nonsurgical stimulus. we need surgical approaches to how we fix this economy. erin pointed out a few of them. some policy changes that could help employers to hire people. we need real specific direction, not across the board anything, whether it's stimulus or cuts. >> well, given the fact they can't even agree on a debt ceiling debate for three weeks, i have no hope for that. i want to ask you all for a one word yes or no response to this question. i start with you, kai. are we heading into an

then the second thing happening in november, this super congress. we don't know who's on the congress. no commission has been particularly successful, at least the gang of six ran into trouble, and the bowles-simpson commission was basically ignored. widthe other thing is the terric spending cuts are coming at the back end in 2014 after the election. so it's sort of hard to -- i don't deny you've had a huge shift in the thinking, a huge impact, but i mean -- >> in the first year you have $21 billion in cuts. >> greta: how much? >> $21 billion in the first year. in the second year, you have $47 billion. >> greta: that's 2013? >> 2013. >> greta: okay. >> we need to do something with the senate, with the white house. then we can do bigger things with spending. >> greta: when do the big cuts come? >> that has to happen. you're not going to get the big cuts right now. >> greta: we're getting them after the election. the american people are saying, wait a second, you're doing this after the election? you know, these are huge -- >> the american people have

there's not the president's way what we get from this super congress they've created.s another thing that should frighten americans. i know it is going to be tax increases. i just don't know how bad. >> mark: senator, thanks very much. the super congress, words to chill the heart. >> next, frank luntz is here to explain how the s&p downgrading of the united states credit rating could weigh with voters come 2012. >> later congresswoman michelle bachmann gets the news week treatment. conservatives are up in arms over this cover. can you guess why? can you guess why? we'll of these abandoned racetracks in america today. automotive performance is gone. and all we have left are fallen leaves and broken dreams and -- oh. wait a second. that is a dodge durango. looks like american performance is doing just fine. ♪ carry on. ♪ you could save a bundle with geico's multi-policy discount. geico, saving people money on more than just car insurance. ♪ geico, saving people money on more than just car insurance. over time, my lashes thinned. after 40, i didn't have enough lashes. i'd

think about what this debt deal has done it's created a congressional super committee that's going to elevate twelve members of congress to a super status to make them super important and leave the fate of one point two trillion minimum dollars of spending in their hands so when you have the super committee. yes well see create super lobbyist see while twelve members of congress sit around thinking of how to cut one point two trillion dollars from programs that you probably use that maybe you need desperately lobbyist are going to spending millions of dollars to tell them what to cut so then all of the real money stays right here in this little bubble you call washington d.c. and the egos of these members of congress only continue to grow the more at their cokes by lobbyists and given backroom deals for when they leave office or for their children and their wives to get nice cushy jobs. and that's what's really going on that's where the strategizing is that should worry americans the proves how little their word matters to their elected representatives that's of the mainstream media knows is going on but that's what th

some have called it a super congress. though i'm not sure that's the right phrase for it people can use whatever they want. the facts of the matter are it will be republicans and democrats from the house and the senate to come together. i guess they would have special powers which leaves a lot of people, well, concerned. >> yeah. it would be three republicans in the house, three republicans in the senate. three democrats in the house. three democrats in the senate. obviously, when you have those numbers, there is great concern about gridlock when you consider how, you know, republicans have their views. democrats have their views. so, there is the idea of those enforcement triggers essentially sacred crews of each party that would be on the table and would be cut if this group does not agree. what we have heard from a variety of leaders on capitol hill and the president that essentially what they need from this group is people who are doers, who understand they have to make cuts. they have to come together for the good of

yes wealthy create super lobbyist seawall twelve members of congress sit around thinking of how to cut one point two trillion dollars from programs that you probably use that maybe you need to need desperately lobbyist if you are spending millions of dollars to tell them what to cut so then all of the real money stays right here in the little bubble you call washington d.c. and the egos of these members of congress only continue to grow the more they're coaxed by lobbyists and even backroom deals for when they leave office or for their children in their wives to get nice cushy jobs. and that's what's really going on that's where the strategizing is that should worry americans proves how little their word matters to their elected representatives that's the mainstream media knows is going on and that's what that means free media elite is happy to me it's going to come from the party. so while congress is giving itself a collective pat on the back for averting a crisis that they themselves manufactured at the end of the day the crisis that economy is in continues to be a lot economists ag

jenna: fox news alert new members for the so-called super congress. this committee put together to tackle our deficit issues. now we have some republicans from the house speaker just named and they are on your screen right now. these are the three republicans being named to this committee from the house. jeb henserling, and fred upton. he's also from michigan. those are the three headed from the house to join the super congress. we heard from the majority leader harry reid last night, his picks, senator murray, senator baucus and senator kerry. we have six of the 12. we expect to get the names any time now. this commit lee will be a looking a lot at, the markets. the markets rallied 429 points yesterday. jon: and there goes 418 of them. jenna: there you go. listen to this. we are going to talk to an investor next who says he hasn't seen a market like this in 50 years. we have insights from across the pond, neil cavuto will join us in a little bit, we'll have more news after the break. you could save a bundle with geico's multi-policy discount. geico,

things were not protected and although there are some so-called fire walls in there, this new super congress of 12 will have some enormous powers. and keep in mind, social security, medicare and medicaid, are not off the table. it's been delayed in terms of when that subject will surface. but it's a bad bill. i voted "no" after 250 something votes had already been registered so i knew that the bill was going to pass and, in fact, i said earlier if the bill needed my vote i would vote yes because i wasn't willing to try to make a point and at the same time drive the economy off into the abyss. but make no mistake, i don't know of a single democrat who voted for this bill who thought it was a good bill. not one single democrat. >> i know you said that the consequences of default would be catastrophic but it's interesting you say you would have voted for it if your vote was needed to make it pass. a critic could say well, then, that your vote is sort of about politics because you knew your vote didn't really matter so it was a safe vote to vote "no" on? >> no. it really wasn't about politics be

and democrats on revenue increases and now there's going to be a gang of twelve the so-called super congress that will try to hash out a second round of spending cuts in the fall and one viewer called in with a suggestion for a whole new game in washington d.c. . it will turn the moment always cheering to call it the game you'll see soon became the twelve rows up again how about a gang of twelve to create jobs how about a keg or six to sort of go right corporations ship jobs overseas how about it getting the six trip brings it jobs back it happened again the six should. have to discuss i could agree with you more it's time to stop making cuts and put this country back to work because that gangs are fundamentally undemocratic they concentrate power in fewer and fewer hands and we need to stop doing that we've been doing it in corporate america since reagan stock force in the sherman antitrust act and we started getting oligopolies in megalopolises and then run in the banking crash and now we're doing it in government with these gangs frankly nuts and we need to speak up and tell our represent

swears to reduce spending in the future in exchange for special procedural power thus creating the super congress or the whole of europe we warned you about meanwhile the recession isn't double dip americans are cutting back on spending if nothing else changes for us under this bill the debt will increase from fourteen to twenty one something trillion dollars over the next ten years if you ever needed a sick real life demonstration of how central economic planning doesn't work welcome to america in two thousand and eleven and in a remarkable subplot to the debt drama congresswoman gabrielle giffords the victim of the shooting from earlier this year in tucson arizona that killed six and wounded thirteen including a gunshot wound to the head the congresswoman was back in congress last night to vote for the deal now i totally disagree with the vote here but i'm not afraid to say that this incredible comeback represents a display of some powerful will and determination now apparently she's already come back full time but she seemed like she knew what she was doing and she said i strongly believe that

thoughts about how this gang of twelve is going to get a gang of twelve is going to work out these super congress things work which is that they. take the they basically tied the hands of congress ties its own hands and gives its power over to a small body and insulate itself from taking painful votes so when you deal with cutting social security and medicare that's something that people like jim cooper judd gregg can't conrad have been trying to put forward for a long time ever since the president came into office in fact congress actually took its act in two thousand and nine and the president endorsed it congress didn't pass it and that's when the president empowered his cat food commission they pick out a commission didn't have the extra parliamentary powers that this commission has so we know they've wanted this ever since they got into optus the white house has and now they've got it and they are tasked with writing so security in medicare that is what they are supposedly going to change is twenty seconds to go here how badly has he burned his base will recover from i mean i don't think tha

super congress. a super congress consists of six congressmen from each party plus wolverine. >> the lead superman. >> i didn't get that. so what does the wolverine mean? >> super congress like super action figure. >> yeah, we missed the superhero reference. >> super! >> we're going to pick the brains of our political panel to see who they actually in real life would put on that panel. based on the politicians they have to choose from. >> we can bring your headlines right now at 7:30 on the east coast. chilling new video, this is nancy gurido, she's the wife of the kidnapper and rapist phillip gurido. here's what it would show if we did. her secretly taping a young girl who was lured into their van two years after they kidnapped jaycee dugard. directing the girl to do gymnastics for the camera. she admitted to making 20 of these tapes for her husband. >> it's the wrong kind of parental supervision. a couple accused of helping their daughters beat up a 10-year-old girl. police in new york arrested that