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Math is at the center of our next story. democrats are claiming they have already voted to take a trillion-dollar bite out of the budget deficit through spending cuts. tonight, correspondent doug mckelway tells us whether that claim really adds up. >> we're still waiting for the white house to identify what spending cuts the president is willing to make. >> yet again today, republicans asked where is the democrats' end of the bargain. they accused democrats of ignoring the spending side of the negotiations. accusation democrats object. >> the president signed into law a million trillion dollar...

>> well, bill you know that and i know that in part because we watch fox news, and fox news reports it that way which is the straight forward way to report it. you can find that out from the other media, but you have to read it carefully because it's not apparent. all the conversation, all the discussion, all the news that's made in this whole discussion since the end of the election has been about what? it's been about tax rates on the rich. >> bill: right. >> that's been the whole story. the fact that the president hasn't come forward with anything meaningful on the spending side, especially...

Graham just has his math wrong. if you look at bipartisan proposals to reduce the deficit over the next ten years like simpson bowls, they had a lot more revenue embedded in them than the amount of revenue the president is talking about and the revenue is a substantial part of trying to get a balanced approach. so to suggest that the revenue is a trivial component here is simply nonsense. with respect to the spending side of the equation the president has been really clear and actually he's laid it out in a lot of detail in his budget plan on how he would achieve additional savings including i...

If you get $80 billion a year in tax hikes, which is what you get from raising the top two brackets back, that's in one year, that pays for government about eight days, maybe nine. so that doesn't solve any problems. the problems are on the spending side. publicly, at least, the president doesn't want to do anything about spending. his idea of a spending cut is to make the higher income people pay more for their medicare and call that a spending cut. just look at november -- october and november's cbc report, about revenue. revenue was up $30 million. i'm sorry, $30 billion in the first two mo...

Need to know what's going on and certainly the caucuses who vote on this. >> speaker boehner's caucus needs to know. >> absolutely. >> i mean, do you think, for example, that the president may have given some where perhaps in relation to, i don't know, qualifying age for entitlements or some other areas they may be seeking some compromise on. >> it's possible. personally, i think that's a really mistaken policy, but having said that, i mean, i think listening to speaker boehner's comments, he forgets the fact that a trillion dollars of cuts was implemented through the budget control act when i...