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CNNW The Situation Room With Wolf Blitzer July 13, 2011

investigation of rupert murdoch s media empire as the company pays a new price for its phone hacking scandal. could a massive probe now under way in britain happen here in the united states? and the obama money-maybing machine. who s behind the cash and can the republicans compete? president obama and the congressional leadership are under enormous pressure right now, about 40 minutes into their latest round of debt crisis talks. they haveless than three weeks until the deadline to raise the legal limit on the federal debt. and by all accounts, they re still very far apart. what if anything emerges from this meeting? consider the very dire warnings from the chairman of the federal reserve. ben bernanke using very strong words today, telling congress that the global financial system would be thrown into enormous disarray. that s a direct quote, if the u.s. treasury is deadbeat on its debt. ff we went so far as to default on the debt, it would be a major crisis. the t ....

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Detailed text transcripts for TV channel - MSNBC - 20110426:03:05:00

Pay. david gregory pointed out that if senator coburn supports a gang of six plan that raises net tax revenue, he would violate grover norquist s pledge. senator coburn is obviously ready for that fight. well, i think, which pledge is most important, david? is the pledge to uphold your oath to the constitution of the united states or a pledge from a special interest group, who claims to speak for all of american conservatives when, in fact, they really don t. joining me now, the founder and president of americans for tax reform, grover norquist. grover, thanks for joining me tonight. hey, lawrence, good to be with you. i just wanted to get it out there, exactly what republicans are up against in this tax dialogue. i know you and i won t have any areas of agreement here, there ....

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Detailed text transcripts for TV channel - MSNBC - 20110426:07:13:00

well, i completely agree with you on your description of the ethanol tax credit, but the idea that, you know, getting rid of it isn t good enough, and if you get rid of it, you then have to i don t want to raise taxes to pay for obama s big government. i get it. don t pretend it s about ethanol, it s about your wanting to pay for obama s big government! no, it s about two things, on my end, it is about ethanol. i agree with you completely, let s get rid of it. but i m happy to say get rid of it period and let the treasury collect the additional revenue. why?! they d just spend it on too much government. spend it on health care for people who need it. grover, we re out of time. grover norquist, americans for tax freedom or for tax reform, sorry. thanks very much for joining me tonight, grover. thank you. coming up, rush limbaugh asks, what would jesus take from the rich? jesus answers rush in tonight s rewrite. and the people s alternative ....

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Detailed text transcripts for TV channel - MSNBC - 20110426:03:33:00

Donald trump. i don t know if he s the man, but somebody like that with his experience. have you ever voted for a democrat for president? no, i ve never voted for a democrat for president. i have voted here in north carolina on the state level for democrats. we ve got some wonderful people in this state. and maybe a good democrat will come down the road, who can lead this nation out of the problems we re in. i certainly would vote for him or her if they had that ability to lead us once again to a nation of prosperity. okay, but in a lifetime of voting, there s never been a democrat you voted for. i want to go to something you said on abc yesterday that has attracted all the attention in this news cycle and why you re here tonight. let s listen to what you said on abc yesterday. well, the president, i know, has some issues to deal with here. he can solve this whole birth certificate issue pretty quickly. i don t i was born in a ....

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Detailed text transcripts for TV channel - MSNBC - 20110426:03:08:00

Passing a tax increase in the next two years. and after the next presidential and senate elections, when we have a different senate, and one hopes that a pro-taxpayer president, we ll be able to get significant spending and tax relief. and what happens politically to someone who violates their pledge? you can mobilize against them in a republican primary, can t you? well, i think if you d ask george herbert walker bush how his second term went, that was the first president who took the pledge and then broke it two years later and couldn t, after a fairly successful president, george herbert walker bush managed the collapse of the soviet union, he got iraq out of kuwait without getting stuck, occupying the place for a decade, and yet when he raised taxes, he d broken his commitment to the american people and was not able to get re-elected. so the pledges between candidates and the people and the american people have said several times in elections, they re not particularly happy to ....

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