Federal Deficit to Hit $1.5 Trillion

The federal deficit is set to top $1.5 trillion this year. It’s a huge number, but does it even mean anything anymore? Takeaway Washington correspondent Todd Zwillich says that competing budget plans are popping up all around the Capitol as lawmakers try to find ways to cut as much as possible. The Republican leadership in the House says they will cut $100 billion from the budget this fiscal year. Meanwhile, President Obama has proposed a $400 billion cut over ten years. As the Republicans look for deeper and deeper cuts, the Democrats warn that this could shock the economy back into a recession.