Obama Deficit Speech Revs Up Budget Battles, Jump Starts 2012 Campaigns

With the 2012 Presidential and Congressional elections looming, both Republicans and Democrats are reacting strongly to President Obama's speech yesterday on cutting the long-term deficit.

The president drew sharp contrasts between his proposals and the long-term budget plan written by Republican Congressman Paul Ryan of Wisconsin. We look at how the debate is shaping the consensus on the deficit in Washington, and the upcoming political season with Rick Klein, senior Washington editor for ABC World News, and host of the ABC News political webcast “Top Line.”