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Detailed text transcripts for TV channel - MSNBC - 20110808:11:04:00

The loopholes, cut pentagon spending, drawing down in the war. we are doing that on one side. so the world takes note that we are being fiscally responsible. this is going to be sustainable. at the same time, in the short term, we invest in infrastructure, education, r & d, we make the investment that is the chinese are making now that we have to make. not because it makes us feel good about ourselves morally and not because it will create jobs in the short term, but it will ensure we can stay competitive with china. one of the positive things out of the debate is we have the power to fix these things. a lot of countries, they run into challenge, whether you agree with s&p or not. they are probably more right than wrong. we can fix the entitlement problem. we can fix our energy dependency ....

Vietnam War , Cut Pentagon , R D , S P , Entitlement Problem , Energy Dependency Problem ,