President Obama Lays Out Vision For Cutting Deficit

President Barack Obama is laying out his plan today to deal with the ballooning debt, by cutting spending in Medicare and Medicaid, reducing defense costs and raising taxes on the wealthy. Republicans say any tax increase is a non-starter for them.

The president is drawing on the December recommendations of his bipartisan fiscal commission, which proposed $4 trillion in deficit reduction over 10 years. We speak with Howard Gleckman, resident fellow at the non-partisan Tax Policy Center, and author of "Caring for Our Parents: Inspiring Stories of Families Seeking New Solutions to America's Most Urgent Health Crisis."