Detailed text transcripts for TV channel - CNN - 20110224:22

at home, including the soaring deficit. that's on jack's mind. he's here with "the cafferty file." >> the house of representatives has passed more than $60 billion in cuts to federal spending, the first sign that republicans are trying to make good on the campaign promises to close the deficits and cut government spending. it's worth pointing out that 60 billion is less than 3% every this year's projected definite session of more than $1.6 trillion. the house bill cuts federal funds to planned parenthood, the environmental protection agency and education programs like pell grants and headstarts. what it does touch is social security, medicare and medicaid. those three entitlement programs total about 57% of the federal budget so far not a single dime has been cut from any of those programs. according to a recent cnn

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