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Detailed text transcripts for TV channel - CNN - 20101201:23:30:00

And the question is, could the same thing happen to the u.s.? even leading fiscal experts say it is impossible to predict, but the whole world is watching right now and the wall street and the people who lent money around the world are watching what we will do and see if we get our fiscal house in order. reporter: the head of the nonpartisan committee for responsible federal budget says we don t have much time to act. the u.s. economy is dependent on foreign lenders, especially china, and if they don t see it as a safe haven, they will stop. and the outspoken proponent of the debt was a guest on fareed sa care ya. we are going into a noncon flag ration, and if the u.s. bond market ever gets under way, it is traumatic. it will be, um, a real ....

Wall Street , Safe Haven , Fareed Sa Care Ya , A Real Armageddon Situation , Bond Market , Flag Ration ,