1. SPENDING

    Biden: They’re Holding Tax Cuts Hostage

    Republican vice presidential candidate Paul Ryan (R) participates in the vice presidential debate with US Vice President Joe Biden (out of frame) at the Norton Center at Centre College in Danville, Kentucky, October 10, 2012, moderated by Martha Raddatz (L) of ABC News.  AFP PHOTO / Saul LOEB        (Photo credit should read SAUL LOEB/AFP/GettyImages)

    Saul Loeb / Getty Images

    From death panels to taxes. “We’re going to move on to a very simple question, and something tells me I won’t get a simple answer," moderator Martha Raddatz said.  “If you are elected, who will pay more in taxes and who will pay less?” “The middle class will pay less and people making million or more will begin to pay more,” Biden answered, adding that the Bush tax cuts would expire, while the middle-class tax cut will be permanently extended. Raddatz asked Ryan how a Romney administration would pay for their proposed 20% across-the-board tax cut, plus an increase in defense spending. “You don’t cut defense by a trillion dollars,” Ryan responded. “We’re going to cut 80,000 soldiers if these cuts go through. Our navy will be the smallest it’s been since before WWI.” Biden replied saying “We need a smaller, leaner army … we don’t need more tanks. That was the recommendation of the Joint Chiefs of Staff.”

    Read it at The Daily Beast