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In a discussion with Tom Brokaw on Tuesday's NBC Today, co-host Meredith Vieira turned to the ongoing budget fight, asking in part: “Republicans are calling for the privatization of Medicare. Could they overstepping here?” The headline on screen throughout the segment read: “Debt Diet; Do White House & GOP Spending Cuts Go Too Far?” In response to Vieira, Brokaw actually acknowledged the importance of reform: “You know, it's hard to say. I think what we're going to do – and It's long overdue, by the way – but we're going to have a real debate about Medicare, about how it has to be reformed. You can't get to where we need to get to in all these areas just by cutting alone. There have to be profound changes in Social Security, and Medicare, and health care delivery systems.” Earlier, Vieira touted President Obama's upcoming 2012 budget proposal “to reduce our debt, including cuts in defense, Medicare and Medicaid.” She noted that, “Republicans have accused him of waiting too long to jump on this bandwagon. Is that a fair criticism?” Brokaw dismissed it: “I don't think so. I think what we're seeing, frankly, Meredith, is we're seeing the battlefield being prepared for 2012.” Later, after discussing the need for entitlement reform, Brokaw portrayed Obama as a deficit hawk when it came to cutting defense spending: “…the military budget, the President's going to put that on the table in a way that the Republicans have not yet quite stepped forward in the same fashion.” Here is a full transcript of the April 12 exchange: 7:17AM ET (…) MEREDITH VIEIRA: I want to talk about the situation back home. On Wednesday, the President is expected to make a big speech announcing his plans to reduce our debt, including cuts in defense, Medicare and Medicaid. Republicans have accused him of waiting too long to jump on this bandwagon. Is that a fair criticism? [ON-SCREEN HEADLINE: Debt Diet; Do White House & GOP Spending Cuts Go Too Far?] TOM BROKAW: I don't think so. I think what we're seeing, frankly, Meredith, is we're seeing the battlefield being prepared for 2012. With Paul Ryan and his budget, what happened over the weekend, with the compromise that was worked out. Both sides now are getting ready for the election year, which is coming up very quickly. And barring any unforeseen events, I think next year will be a lot about the role of the federal government, about government expenditures, and about how we pay down the debt we have and what we expect from our government in terms of Medicare, health care, and Social Security. So what the President is doing, he's putting down his marker, the Republicans have put down theirs. We'll hear a lot more about it. VIEIRA: Yeah, the Republicans are calling for the privatization of Medicare. Could they overstepping here? BROKAW: You know, it's hard to say. I think what we're going to do – and It's long overdue, by the way – but we're going to have a real debate about Medicare, about how it has to be reformed. You can't get to where we need to get to in all these areas just by cutting alone. There have to be profound changes in Social Security, and Medicare, and health care delivery systems. And also in the military budget, the President's going to put that on the table in a way that the Republicans have not yet quite stepped forward in the same fashion. Although, Paul Ryan, to his credit, is saying everything is up for grabs here. VIEIRA: Alright, Tom Brokaw, as always, thank you very much. BROKAW: Great to be here, Meredith. VIEIRA: Thanks. — Kyle Drennen is a news analyst at the Media Research Center. You can follow him on Twitter here.