The new budget will help chip away at our massive $1.65 trillion deficit. >> we do this by eliminating waste and cutting whatever spending we can do without. as i start, as a start i have called for a freeze on annual domestic spending over the next five years. this freeze would cut the deficit by more than $400 billion over the next decade bringing domestic discretionary spending to the lowest share of our economy since dwight eisenhower was president. >>shepard: that is discretionary spending. what about the important things that can really dig into the budget deficit. things like medicare a...