President Obama and "Gang of Six" Take on Federal Deficit

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U.S. President Barack Obama makes a statement to the media after an evening meeting with Speaker of the House Rep. John Boehner (R-OH) and Senate Majority Leader Sen. Harry Reid (D-NV) April 7, 2011.

David Sanger, chief Washington correspondent for The New York Times, joins Brian Zumhagen to discuss the debate over how to reduce the federal deficit.

President Obama is going to lay out a long-term plan to address the deficit later this week. Sanger says the president has no choice but to address the problem, now that the deficit has ballooned to more than $14 trillion. In about five weeks, Congress will have to vote on whether to raise the debt limit, and Sanger says Mr. Obama is feeling the pressure. Meanwhile, a bipartisan group of senators known as the "Gang of Six" will offer up its own debt-reduction package this week.