$15 Trillion Debt, Newt and Freddie Mac, Perry’s Misleading ‘Lazy’ Ad, and Pizza Vegetable; The PM Note


ABC News’ Z. Byron Wolf reports:

Today is $15 Trillion Debt Day - http://abcn.ws/vEIOEM

Why Congress Wants to Keep Calling Pizza Sauce a Vegetable - Amy Bingham reports: Ketchup still isn’t a vegetable but some members of Congress are working to make sure pizza still is.” http://abcn.ws/ucErbF

New Fox Poll: The latest to show Cain dropping, Newt moving and Romney standing still. http://fxn.ws/tVY8No

Newt and Freddie Mac - The big question for Newt Gingrich is if he wasn’t lobbying for Freddie Mac, what exactly did he do that warranted more than $1.6 million in compensation? What’s the difference between “building bridges to Capitol Hill” – as Bloomberg reported Gingrich did – and lobbying?

What’s more, there’s a good portion of the Republican field – Gingrich included – that now thinks the GSE’s Fannie Mae and Freddie Mac should be shuttered.

A Freddie Mac spokesman confirmed to ABC News that Gingrich was a consultant for the group, not a lobbyist but would not disclose his financial payout or details of his contract.

Our Huma Khan and Elicia Dover are weaving together the New Gingrich strands today: “The campaign said today they will release all the documents they legally can of his contract with the once-beleaguered housing giant. Gingrich continued to staunchly deny reports that he ever lobbied for the group, but he skirted questions about the financial payouts he received from Freddie Mac for his contracting work.”

The flashback quote of the day is Gingrich suggesting Barney Frank should be jailed for consorting with Freddie Mac lobbyists.

“If you want to put people in jail… You ought to start with Barney Frank and Chris Dodd. And let’s look at the politicians who created the environment, the politicians who profited from the environment, and the politicians who put this country in trouble,” Gingrich said during the Washington Post/Bloomberg GOP debate on Oct. 11. “In Barney Frank’s case, go back and look at the lobbyists he was close to at Freddie Mac.” http://abcn.ws/vfAu6x

Bachmann Hits New on Freddie – Bachmann became the first rival to criticize Newt on his employment by Freddie Mac, saying that while she was fighting them, he was working for them. More on that later. More from Russell Goldman: http://abcn.ws/sfu2DL

Perry’s Ad “Lazy” is Misleading – Perry also targeted the president with  a new ad called “lazy.” It excerpts comments from an interview Obama gave at APEC, where he described the difficulty of enticing foreign investment into the U.S. The ad takes the comment out of context, making it appear that Obama was calling Americans writ large lazy. “You believe that?” Perry asks the camera. More on the ad – http://abcn.ws/vb857M More on the distortion – http://abcn.ws/rRjpU3

Funnest Top Line This Year Had All Three @jon2012 Girls – Their advice to Dad – “blow bubbles.”   http://abcn.ws/vxtNem

47 Percent of Congressmen are Millionaires - http://abcn.ws/w5fMFi

SEIU Endorsed Obama Today (not shocking) - http://abcn.ws/vaHXQY

1 Million Conversations – The Obama campaign says it has had 1 million conversations with potential voters and volunteers. That from metrics man Jim Messina, according to Devin Dwyer. There was no data provided on how many of the conversations ended with a slammed phone. http://abcn.ws/tCRyXr

Terrible Tweet - Responding to news that a gunman in Washington who shot near the White House had been caught, the head of the University of Texas College Republicans tweeted that it might be “tempting” to assassinate President Obama. But better not, she added. More from Gregory Krieg:   http://abcn.ws/tulPdQ

White House Would Double Fuel Efficiency by 2025 – From Devin Dwyer: If the regulation takes effect, vehicles model year 2017 to 2025 will be required to have a combined city-highway fuel economy of 54.5 miles per gallon.  The current combined standard is 27.3 miles per gallon. http://abcn.ws/rPevp7

And on the 7th Day; Supercommittee - We’re one week from the first supercommittee deadline. Everybody agrees that something should be done about the deficit. And everybody agrees that it should be substantial. But what should be done, and this is not news, is the subject of much debate.

Go Big - John Parkinson reports that Dozens of House and Senate Republicans and Democrats banded together today to urge the Joint Select Committee on Deficit Reduction to “go big” and seek a deal with a minimum of $4 trillion in deficit savings over the next decade. Among the 45 or so lawmakers attending the news conference today were five members of the Gang of Six – a bipartisan group of senators who put together a plan earlier this year to cut the debt by $3.7 trillion. http://abcn.ws/sLu0j0

Go Home - But the  people on the committee don’t seem to be making much headway. Supercommittee co-chair Jeb Hensarling remains one of the chattiest members. He said today Republicans have gone about as far as they can go on taxes – $250 billion over ten years – and now they’re waiting for a counter offer. He said Democrats haven’t put up a plan to deal with Medicare, Medicaid and health care costs. Patty Murrah, the Democratic co-chair, said he wasn’t being very helpful. More from Parkinson and Sunlen Miller, who have been all over the supercommittee: http://abcn.ws/uWFufk

Some Millionaires Hit the Marble in Congress today, Asking for Higher Taxes – They call themselves Patriotic Millionaires for Fiscal Strength – http://abcn.ws/tDJFLC

Puny Committee - Ron Paul said he’s not optimistic about the Super Committee. During a speech to the CATO Institute’s Monetary Policy Conference in Washington, D.C., Paul saved special rebuke for the Congressional Super Committee, calling the committee’s $1.2 trillion in mandated cuts “puny.” “Politicians are fiddling around the edges as the country burns,” said Paul. More from Jason Volack: http://abcn.ws/vI5TEg

Uproot America - Rick Perry took his new plan to totally recast government on the road. “We the people are not the subjects of government. Government should be the subject to the people,” Perry said in a town hall meeting at Granite State Manufacturing, according to our Arlette Saenz. She adds: “Perry repeated his plan to organize a part-time citizen Congress, institute term limits for federal judges and upend the bureaucracy in Washington, D.C.” http://abcn.ws/vkDX8s

Rick Perry “Relishes” Prospect of Debating Obama - http://abcn.ws/sB5dDM

Henry Kissinger isn’t interested in being Herman Cain’s Secretary of State - http://abcn.ws/vf4mFr

WATCH Cain on Kissinger, who he called a “wise sage.” – : http://abcn.ws/t3r5Pa http://abcn.ws/uF7te0

Romney v. Obama, N.H. Edition - Granted, he owns a house there and was governor of the state next door. But Romney leads Obama by a decisive 10 points in New Hampshire, a state Obama won in 2008. (Recall: Gore would have been president had it not been for losing New Hampshire.) http://abcn.ws/w1TKrv

Recusal? Groups Target Elena Kagan, Clarence Thomas - Liberal groups and conservative groups each have their respective bogeymen on the coming health law arguments. Some conservatives say Kagan shouldn’t be a part of the decision. Some liberals say the same about Thomas. Ariane de Vogue took an in-deth look and suggests that neither side is going to be happy. http://abcn.ws/sTeSvJ

Read the emails Kagan wrote around health reform passage – http://abcn.ws/w1TKrv

TV in the Courtroom! - More calls for a televised Supreme Court arguments on health reform. When Chuck Grassley talks, will John Roberst listen? http://abcn.ws/vwfOph

Biden Gives Regis A Bag of Balls - http://abcn.ws/vRZOmY

Clinton’s Motorcade Gets Hit by Paint-Filled  Balloons  - http://abcn.ws/vZKDJZ

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