In an effort to eliminate deficits, governors across the country are proposing state budgets with spending cuts and almost no new taxes.
Florida Governor Rick Scott, a newly elected Republican, is following suit. Gov. Scott has issued a state budget that cuts $5 billion in spending and overhauls public employee pensions. Gov. Scott calls his plan the "7-7-7 plan"– 7 steps to get 700,000 jobs back in Florida in 7 years– and explains it to T.J. Holmes on American Morning.