Combined cracking and selective hydrogen combustion for catalytic cracking

A process for treating a hydrocarbon feudstrcam comprising simultaneously contacting the feedstream under cracking conditions with a catalyst system comprising (1) at least one molecular sieve component, (2) at least one metal-based component comprised of one or more elements from Groups 1 and 2, one or more elements from Group 3, and one or more elements from Groups 4–15 of the Periodic Table of the Elements, and at least one of oxygen and sulfur, and (3) at least one of at least one support, at least one filler and at least one binder, wherein the hydrocarbon feedstream is cracked and the resultant hydrogen simultaneously combusted, said process further characterized by anacrobic selective hydrogen combustion, wherein the yield of hydrogen is less than the yield of hydrogen when contacting said hydrocarbon feedstream with said molecular sieve component alone under said catalytic reaction condition, to produce liquid and aseous hydrocarbons.