Bloomberg TV Report on Obama Budget Proposal

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Feb. 14 (Bloomberg) -- President Barack Obama will send Congress a $3.7 trillion budget that would reduce deficits by $1.1 trillion over a decade, setting up a battle with Republicans who have already deemed the plan insufficient to reduce federal debt. The deficit for the current fiscal year is forecast to hit a record $1.6 trillion -- 10.9 percent of gross domestic product -- up from $1.4 trillion the administration estimated previously, according to documents released this morning by the administration. Bloomberg's Hans Nichols reports from Washington on Bloomberg Television's "InsideTrack." (Source: Bloomberg)

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