Obama Lays Out Plan to Cut Deficit

President Obama offered his deficit reduction program today: $4 trillion over 10 years. In a White House speech full of passion and political talking points, he wants to cut federal taxes for middle class workers and increase them on the wealthy, a move Republicans call "class warfare." To reduce the deficit and invest in education, medical research, and transportation he demanded an end to tax loopholes for corporations and people "who've done extraordinarily well." Jamie Tarabay is White House Managing Editor for the National Journal.