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Detailed text transcripts for TV channel - FOXNEWS - 20120322:14:27:00

world. we have the record low interest rates right now, 2 or 3% interest rates on these bonds. imagine what happens if we start to see a hundred or 200 basis increase in interest rates, then the debt situation gets a trillion dollars worse for every one percentage point increase in the interest rate. so bill: you re not making me feel any better, steven. yeah, what i m saying, bill is it s not going to happen in your lifetime or my lifetime. the main thing is, let s take this one step at a time. i would be overjoyed, bill if he could just get to a balanced budget so we are not sometimes people get the deficit and the debt mixed up. the deficit is the amount we add to the debt every year. if we could at least balance the budget at least we won t be adding to the debt year after year as we ve done for the last ten years. bill: steven, thank you, i think. mind boggling question. i had to get mychal khraeute

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