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Political fauder. that it cuts $1.5 trillion in predicate, $845 billion from medicare, and $25 billion from securi social security. is anyone concerned that the president just gave democrats their argument? >> i think it is a good question. republicans will not embrace this either. looking like they're cutting entitlements, there will be some aspects of this they will want to embrace particularly the military spending increases, but you're right i think they will craft their own budgets and in the senate because the democrats have a certain degree of influence there. i think the plan that you ...

Lawmakers battling how to deal with the debt crisis on the hill. this year alone the federal government will run a budget deficit of $845 billion. are there any programs that could be cut to save money? doug mckelway live on the story, live in washington kicking off on what to cut, our new series here. good morning to you. >> reporter: good morning, bill. almost every president in the last 30 years tried to shrink or make the government more efficient. >> government is not the solution to our problems, government is the problem. >> the era of big government is over. >> reporter: but, the gover...

Trying to convince the american people that everything is a.o.k. and new york times economist paul krugman. >> it's a remarkable document that came out yesterday. about the budget and what it said it is projecting a deficit of $845 billion this year. with a fully recovered economy the budget would be down to $420 billion which is a level that is consistent with stable situation. >> it's adjusted. >> it's back to what it was back in 2006, that is what it was during the height of the housing bubble. so we have basically brought the budget under control but nobody noticed. >> eric: sorry pablo,...

There was jobs created last month. there is all kinds of information. unemployment rate fell. the economy is getting stronger. in the meantime, conservatives and republicans, all they can do is moan about it. >> $845 billion in new debt in brand-new debt we're going to do that. >> bob: how much do you think is entitlement. >> eric: here is the problem. krugman was saying everything is fine. we are cool. almost a trillion dollars again. >> kimberly: i don't think it's cause for celebration. sorry bob. this is just reality. we're not going to sit there and heads in our cloud to listen to this no...

I guess you need a noble prize to figure it out. i was watching that live. he went from $845 billion to $420 billion and where did it go? >> greg: i thought matrix was an alternate universe. but what is it with nancy pelosi and krugman, this iser crazy eyed. that drug is our money. anybody that can think they can have 850 -- on whatever is the deficit is like telling a junkie well done for doing one less speed ball. it's still an addiction. dirty secret. they are saying deficits don't matter. why do we have taxes? >> bob: i want to know what drug you are taking to get yourself oh soe depressed...