VIDEO: Sen. Gillibrand Chats Balancing Budget on CBS THIS MORNING

Sen. Kirsten Gillibrand (D-NY) said the Senate Democrats will "present a very balanced budget" that will cut spending in "reasonable" ways, in an interview that was broadcast live today, March 13, 2013 on CBS THIS MORNING (7:00 AM-9:00 AM) on the CBS Television Network.

Gillibrand told co-host Gayle King and CBS News Senior Business and Economics Correspondent Anthony Mason, "I think that what Paul Ryan has offered is a cuts-only approach that will put us back into a recession." Watch the appearance in its entirety below!

Below are excerpts from the interview:

MASON: Senator, I understand the President told Democrats yesterday that you're going to have to embrace some changes to entitlement programs, if you want to get a deal. Are you ready to do that?

GILLIBRAND: The Democrats are going to present a very balanced budget, one that can certainly cut back spending, but in reasonable, appropriate ways, can also begin to strengthen our entitlements in a way that keeps them there not just for this generation, but for the next generation, and make sure it's balanced, so that there are some revenues. I think that what Paul Ryan has offered is a cuts-only approach that will put us back into a recession. I think it's an approach that will change Medicare as we know it. It's one that does not protect the seniors, does not protect The Middle class.

KING: Senator, we heard that the meeting ran long. I'm wondering if that's a good sign, and why has it taken you all so long to get your budget together, four years and counting?

GILLIBRAND: Well, we had a budget; it was the Budget Control Act. And that's unfortunately-some of the cuts we are looking at right now are ones we have to make. But this budget will be better because it will be a balanced budget. And it will have an appropriate amount of revenues to cuts, and to strengthening our social safety net.

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