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Daily Buzz Live claims:

The fact that McDonald’s uses cow eyeballs and worm fillers does not stop them from legally using the claim that they served 100% beef. McDonald’s has assured its consumers that its product contains 100% beef. They are allowed to do this because McDonald’s buys their “beef” from a company called “100% Beef Company”, making it possible for McDonald’s to call beef byproducts and soy products “100% beef”.

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No they don't.

Snopes have covered this rumor already. Beyond the official McDonald's publication and advertising, Snopes also cites the Federal Trade Commission Act which has the power to:

prevent persons, partnerships, or corporations from using unfair methods of competition in or affecting commerce, and unfair or deceptive acts or practices in or affecting commerce.

Also citing the Lanham Act as having provisions that provide remedy for customers against corporations that have deceived them.

McDonald's have admitted that they used Pink Slime in their products and have announced that they will stop using it. (source: ABC news). Pink Slime can constitute up to 15 percent of ground beef without additional labeling in the USA (source: ABC news):

"It disturbs me that USDA made a decision that this filler, up to 15 percent doesn't have to be disclosed," she told ABC News. "Therefore the consumer is at the mercy of each retailer's decision."

In Israel, the patties for McDonald's are made by a company named Of Tov which literally translates as "Good Chicken", in their site they still say that their patties are made from 100% lean beef meat.

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    just as an aside, for those not planning to read the "pink slime" references, that stuff is basically just pasteurized low-fat beef (it's from cows, not any other animal), the primary controversy about it seems to be that it may contain connective tissues (which some object to being called "ground beef") and that it's disinfected with ammonium hydroxide. Its presence in a McDonald's burger would not change the truth of it's claim to be 100% beef. – KutuluMike Apr 20 '14 at 11:59
  • We've had a question about the [safety of pink slime](http://skeptics.stackexchange.com/questions/8737/is-lean-finely-textured-beef-lftb-or-pink-slime-safe-to-eat), but (my) answer turned out to be more related to the quality of the reporting. – Oddthinking Apr 30 '14 at 23:01