Detailed text transcripts for TV channel - FOXNEWS - 2011071

Detailed text transcripts for TV channel - FOXNEWS - 20110712:14:05:00

borrowing costs will skyrocket. the u.s. dollar -- here's another possibility, and i keep saying could because, again, we don't know, but the u.s. dollar could lose its standing on the international, global stage, so our dollars could become weaker. bill: i understand all that. revenues are still coming into the government, there would be pain, you just can't pay everything. now, we're getting a lot of questions about this from viewers, he's one right now -- here's one right now. why doesn't anyone repeat how much interest we pay on debt? >> last year the interest that we paid on the debt, $413 billion. so far this year up until now, it's tacked at about $385 billion. china holds 1.15 trillion of our debt in treasuries, and that's actually helpful to us, certainly, because they're buying it, and then we can borrow. it's pretty much a vicious cycle. but they're not liking us so

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