Billion, Trillion, What's The Difference

Don't know if this is the reporter's mistake or Schumer's.

“We need a willingness on both sides to give a little,” said Senator Charles E. Schumer of New York. “We’ve given a lot. The vice president has said more than $1 billion in cuts has already been identified. And that would put us far down the road towards an agreement. The question is how to make up the rest.”