Obama Says He'll Call GOP's Bluff On Deficit Talk

President Barack Obama has a warning for Republicans who denounce the federal deficit but reject proposals to cut it.

Obama tells CBS, "I'm going to call them on their bluff."

The president promises to have "a bunch of ideas" for deficit reduction, but he didn't specify them in the broadcast interview.

Many analysts say both spending cuts and tax increases are needed to tame the soaring deficit.

Republicans in Congress oppose almost any form of tax increases, as do some Democrats. Lawmakers in both parties call for spending cuts, but they often hedge when cuts are proposed to specific programs.

Obama's interview was taped Friday, and will air on CBS's "Sunday Morning" and "The Early Show" on Monday.