```GOVERNMENT CUTS
Authors: Dave Tuller, Construction: Ray Jones

Each of the words represented by a picture in the right column can be
derived from a word represented by a picture in the left column by (a)
deleting a letter and then (b) switching the order of the resulting
halves. For example, TELAMON, the first picture on the left, becomes
MONTEL when you remove the A and switch TEL and MON.

The dots and vertical line suggest that you want to draw lines between
the dots of matching pictures and note where they cross the vertical
line. Taking the deleted letters in order of where their pair lines
who hate drawing lines can simply average the positions of the dots to
get the intersection height

The pairs, in order of where they cross the line are:

TELAMON (1) - MONTEL (3) = A (2)
BERTINELLI (5) - LIBERTINE (1) = L (3)
MORTAR (3) - ARMOR (5) = T (4)
DINERO (8) - RODIN (2) = E (5)
CAPRICE (2) - ICECAP(9)= R (5.5)

KINGPIN (4) - INKING (8) = P (6)
CARAPACE (7) - PACECAR (6) = A (6.5)
TARNISH (11) - ISHTAR (4) = N (7.5)
VERTICAL (6) - CALVERT (10) = I (8)
MARACAS (10) - ASMARA (7) = C (8.5)
MINISTER (9) - TERMINI (11) = S (10)

The only way to alter PANICS in the way above and get something that
makes sense is to remove the I, which gives C-SPAN, your answer.```