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Detailed text transcripts for TV channel - FOXNEWS - 20110531:17:06:00

secretary timothy geithner said that failure to raise the limit could cause the united states to default on creditors and use the country s aaa bond rating. republicans and even former president bill clinton, a democrat, have suggested there might not be any immediate catastrophic consequences if our debt ceiling is not raised by august 2nd. this vote will require a two-thirds majority to pass, the house presently has 432 members, not including congresswoman-elect kathy hokle of new york, who s not been sworn in. so the magic number is 288, as i say, around 6:30 eastern time, keep it tuned here, we ll be covering it. martha: we ll look for that on special report , thank you very much. thank you. martha: in the meantime, very disappointing housing numbers out today, raising a lot you in questions about washington s efforts to improve our economy. prices to single family homes in the month of march, down, another 3.6% from last year, and that s driving a lot of new fears about a doubl

Detailed text transcripts for TV channel - FOXNEWS - 20110531:18:00:30

Detailed text transcripts for TV channel - FOXNEWS - 20110531:18:00:30
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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 - 20110531:17:05:00

after 6:30 this evening time, well after the markets will have closed for the day. that s the timing. the substance of the vote, even though there is a strong degree of theatricality to it, the gop-controlled house is using this vote to demonstrate how unpopular the idea is of raising our debt limit without accompanying massive and structural reductions in uncle sam s reduction in spending. republicans have chided democrats in budget negotiations for talking about billions in cuts when they should be talking trillions worth of cuts. anticipating this vote tonight, house minority leader steny hoyer, democrat from maryland, told a think tank in washington minutes ago, quote, i think this vote is an unfortunate vote, it is offered for failure. not passing the debt limit would have unfortunate consequences, he says, not allowing us to pay for debts already incurred is not an alternative. and particularly treasury

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