Debt Cutting News Today : Breaking News, Live Updates & Top Stories | Vimarsana

biden set to lay out his budget proposal to the nation in a few hours. mj lee is following this. walk us through what we believe the president's priorities will be, particularly now since he does not control both houses of congress. >> reporter: we do expect the full details of this budget to come out in a matter of hours but there are major come po ne components of the budget that we know. we know the president is going to propose cutting the deficit by $3 trillion, this is notable because in recent weeks he's been talking about that figure being more like 2 trillion so this is more...

And jonathan, i never understood, i still don't understand politically why the revenue collapse that really exposed how expensive our country is to run is never even part of the debate. >> well, because the republicans don't want it to be. >> what about the democrats? >> well, i mean, the democrats will talk about it. but there is something else you have it add on top of the revenue collapse. and that's costs that were born by the country that people didn't pay attention to. hunk of that, sh tax cuts. i think you showed $16 trillion pz. >> yeah. >> then on top of that, president obama did some...

Government, they should think about this? when they talk about what spending cuts looks like, talking about government spending as government waste this is what we're talking about. by the way, democrats and republicans completely failed to put enough money into the school lunch program and last reauthorization, they will not put anything more than a few pennies, look at the foods these poor kids have to eat. it's the worst waste products we can pull out of our farming system. we're failing these children even giving them free meals. >> and certainly the human side of the debt cutting is impor...

Find out what they're going to do with it. you think we'll get a spending reduction plan in place by 2012? >> voters enormously skeptical. 73% say it's not likely. i want to put this in perspective. it's not just that they don't think a plan will come in the future. congress already they cut spending by a trillion dollars as part of the deal to raise the debt ceiling. most say they don't even think those cuts will be delivered upon. >> heather: so what is next in the debt cutting plan? what do they think? >> most americans would like to see a plan that is mostly spending cuts. they expect if a...

boehner's plan has now checked harry reed's. today those same bean counters are saying, yep, reed's numbers are wrong as well. but they also say that when it's all said and done, reed's deficit cutting trumps boehner's by, listen to this, more a trillion dollars. reed's plan, ten years, $2.2 trillion in net debt reduction. meantime boehner's plan $850 billion. again, six days until default. so what about the white house here? no debt meetings, not today, at least not publicly on the president's schedule. so let's go to washington, to jane small she's a congressional correspondent of ...