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Detailed text transcripts for TV channel - FOXNEWS - 20110724:17:02:00

what is treasury secretary geithner saying about that in. that s right. there is concern. what happens if we do get to august 2nd and there is no deal. how does the government proceed from there. that is something chris wallace tried to nail down with treasury secretary tim geithner. here is their exchange. our plan is to get congress to raise the debt ceiling on time. chris: that s not a plan. that s their plan too. it will happen this time, too. we do not have the ability, chris, tom protect the american people from the consequences of congress not taking that action. here at the white house can i tell you we have been talking to officials here. they say discussions continue and it s not clear whether we will get to a point of some framework later this afternoon or not, shannon? shannon: all right. mike emanuel live at the white house. thank you, mike. thank you. shannon: cut, cap and balance act would cut federal spending by $111 billion future caps on future spendin

Treasury secretarySecretary geithnerChris wallaceAugust 2ndDebt ceilingChris turnerTom coburnShannon breamMike crapWhite houseMike emanuelCut cap and balance actBalanced budget amendment111 billion11 billion

Detailed text transcripts for TV channel - FOXNEWS - 20110724:16:30:00

philosophy to everybody else on capitol hill. that s what s it is supposed to be. we are supposed to share our belief system in the legislation that we sponsor. so that should not strike anyone as abnormal. but let s look at the merits of it. cut, we re only cutting $111 billion when we have got a 1.5 trillion-dollar problem yet the democrats holler that s too much. that s only a 7% or 8% solution. you have got a cap to try to get the amount of government spending to historical levels. instead of being on spending binge that the democrats have had in play in the last three or four years. balanced budget constitutional amendment that will force washington to do the right thing. that, quite frankly, will give congress the backbone that right now it lacks. shannon: we talked about the fact that maybe you think that a two tiered approach could work here that part of the debt ceiling is approved with the notion that it s a balanced budget amendment will get out to the states. they have

Cut cap and balance actCapitol hillBelief system111 billion11 billionGovernment spending1 5 trillionShannon breamBalanced budget constitutional amendment that will force washingtonSpending bingeDebt ceilingBalanced budget amendment

Detailed text transcripts for TV channel - FOXNEWS - 20110720:01:02:00

house budget chair paul ryan. good to see you. first, let me congratulate you. not only are you dealing this is 111 billion dollars you are going to cut for the 2012 budget. you are dealing structurally with the bill. why didn t you tell us what you passed? we cut 111 billion in the first year, as you say. we also capped spending. we bring spending down to cut six trillion over a 10 year period. then we move into passing a balanced budget amendment with taxpayer limitation and spending limitations. the problem we have is spending. you have to cap spending. we capped total government spending as a share of the economy. so we don t let the government grow on its trajectory. right now government is at its spending levels since we haven t seen since world war ii. we bring it back down and keep it there and prevent the government from doubling in size which is scheduled to do by the time my three kids are

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Detailed text transcripts for TV channel - MSNBC - 20110720:22:04:00

and where you have the cuts in that bill. oh, absolutely we have cuts. we have cuts of a hundred plus. gang of six has a hundred billion worth of cuts. the president is talking about $4 trillion deal supposedly that i haven t seen in writing and we would like to see it in writing. those have cuts of $3 trillion. so the bottom line is, to get washington under control, we have to cut the spending. because once we demonstrate to the american world markets that we are serious about getting our fiscal house in order the private sector will invest. u.s. chamber of commerce has a survey, survey of businesses. uncertainty is the number one reason why many businesses are not bringing people back to work. but the shared sacrifice, clearly is not in your bill when you finally admit it here, that your bill has $111 billion in cuts but all of the cuts are social security, medicaid, medicare. not on the other side. let me give you an example. . talk about shared sacrifice. look at this gentleman

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Detailed text transcripts for TV channel - MSNBC - 20110720:19:00:00

Detailed text transcripts for TV channel - MSNBC - 20110720:19:00:00
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Democrats first and republicans secondChuck schumerRef gnawDead on arrivalWhite houseDoesn tTea party111 billion11 billion