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Detailed text transcripts for TV channel - FOXNEWS - 20121127:07:08:00
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these numbers are unheard of when you look at it historically. there was so much talk about how much needed to be cut, line by line, we were supposed to be a tightening of belts and here we are. bill: now questions where all that money is spent. stuart varney, first the report, what does it say? we spent 3 trillion, $600 billion in the financial year just ended, unfortunately, we only took in $2,300,000,000,000, that means we had a decifit, again, second year running, of 1 trillion, 300 billion-dollars. now, what we do not there was no spending cutting, okay? spending cuts overall did not happen. we actually spent more in the year just ended than the year before that. in fact, medicare spending went up, and the big increase was in the payments for interest on our debt. that was up 16 percent. so bill: so when we ask the question, what you get for all that, what you get is more decifit spending, what
aimed at a compromise to avoid a government shutdown. talks failed. so republicans who controlled both house and senate passed a bill to keep government open. they attached a significant package of spending cutting. mr. clinton though he said he favored cuts insisted programs dealing with things like the environment, education and medicare had to be protected. sound familiar? the president vetoed the bill. which left the government short of funds and unable to borrow. the result was a partial shutdown. which to the coner the nation of the republicans consternation of the republicans public hated. the media coverage at the time you wouldn t know the precipitating event was the president veto. as far as you could tell the republicans simply shut the government down. in the end, they were forced to give the president everything he wanted. the situation now is not at the point yet there are differences. economy is weaker now. public alarm about spending and debt are stronger. parallels
reporter: remember what happened weapon bill clinton faced a republican congress, he shifted policies and says the time of big government is over and president obama said the time of big government is back. the question is, if personnel departures and new people coming in will lead to a shift in policies, as well. but a change in policies depends on what the president thinks. shepard: thank you from washington, dc. good to see you. republicans in the house of representatives have revealed what they call, have revealed a campaign pledge. today a dozen congressman and women joined other g.o.p. players at a company in virginia which is an example of the small business mentioned 20 times at the event to roll out the pledge to america, as republicans are calling it. it is 21 pages and promised principles from the house of representatives including tax cutting, spending cutting, rolling back government regulations, repealing health care reform, which goes into
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