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Detailed text transcripts for TV channel - FOXNEWS - 20110531:17:04:00

to avoid federal scrutiny. illinois, maryland, and massachusetts are studying this as well, they may allow counties to opt out of this program that is an obama- obama-approved program. coming up, we re going to hear from both sides about this hot button immigration issue. we ll have a fair and balanced debate coming up on that just minutes away. and it is a very big afternoon on capitol hill, as house lawmakers are set to vote on raising the country s maxed out credit limit. right now the plan is to raise the debt ceiling from 14.3 to $16.3 trillion, try to wrap your head around that number, and that is without in its current form, this bill, any spending cuts that would be incumbent upon that. analysts say that the measure is doomed to fail in congress. so what is next? james rosen joins me now live from washington. this is one of those votes, you wonder why have the vote, james? reporter: there s good reasons, depending upon which side of the aisle you re sitting on. good afterno

Detailed text transcripts for TV channel - FOXNEWS - 20110215:02:08:00

them, we are going to show the country what a liberal big spender he is and stop him from doing what clinton did, move to the center. sean: this is going to bankrupt the country. he gets another four years, the damage is i don t know literally, it would be over. sean: what do you mean by over? the united states will be at a level of debt it can t possibly sustain and the bulk of our budget will have to pay the debt service. we are not going to let it get that far. sean: our gross debt by the end of the decade with his new spending as projected even with the rosey scenarios in terms of interest, 26.3 trillion. annual interest payments by the end of the decade, 844 billion total interest payment on the debt that he s accumulating, 5.7 trillion. that assumes only a 4% interest rate. the total of the personal income tax clicks combined is a trillion. it will be like the family that has to take their paycheck and pay the mortgage.

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