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Costs by $65 billion. those mandatory cuts to defense and to general spending include items like education and veterans benefits. a third cost reduction, the payroll tax holiday, that expires. $95 billion is saved there. finally, the other category here on top, that includes a mix of emergency employment benefits, health care and tax cuts, and benefits. all of those end. that saves the largest chunk. if all of that happens, next year's deficit improves $607 billion. the deficit would go down almost 40%, but it's only good on paper. it would come at a price, a great price that the economy would...

Entitlements in the near term. >> well look. entitlements are a big question but i think what you see in the president's budget are serious cuts. not light cuts. there was a lot of push back. those were not light cuts. >> still only 12%, i mean, what, david and michael, what both sides are dealing with is on the margins. it's 12% of the budget. and until they start really talking about defense, which the republicans are refusing to talk about, and talk about medicare and medicaid, nothing much is going to happen. >> one of the biggest problems the president has and this is in his own budget re...

Okay here is the middle of the decade. we're still $607 billion away from that. here is what we're taking in and here is what we're spending, this should be zero and these two must match. he must have meant 2016. 2017, no no, it's down from the year before but 2018, 2019, 2020 -- oh, boy, it's getting bad. mr. president, i could be missing something or, what is the old-fashioned word, lying. which is it? deficits through 2020. his explanation for this obvious discrepancy was. [ laughter ] >> glenn: the interested on the debt, i know. here i thought we were being honest. my goodness, that is so...

>> thank you, mr. president. actually, i'm going to have to get my glasses out to read these. >> that's a bad sign there, chip. >> a little fine print from the budget, mr. president. you said that this budget is not going to add to the credit card as of about the middle of the decade, and as robert gibbs might say, i'm not a budget expert and i'm not an economist but if you could just explain to me how you can say that when, if you look on page 171, which i'm sure you've read, the central page in this, the definite deficits go from 1 the $1 trillion and down to 607 billion in 2016 and they cre...

Okay here is the middle of the decade. we're still $607 billion away from that. here is what we're taking in and here is what we're spending, this should be zero and these two must match. he must have meant 2016. 2017, no no, it's down from the year before but 2018, 2019, 2020 -- oh, boy, it's getting bad. mr. president, i could be missing something or, what is the old-fashioned word, lying. which is it? deficits through 2020. his explanation for this obvious discrepancy was. [ laughter ] >> glenn: the interested on the debt, i know. here i thought we were being honest. my goodness, that is so...