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Detailed text transcripts for TV channel - KGO - 20110715:10:08:00

On us and the eyes of the world are on us. reporter: next month the government will take in $172 billion in taxes. but it will owe $307 billion. after paying the interest on the debt, the government could pay for social security, medicare, medicaid, troop salaries and veterans benefits, homeland security, unemployment insurance, tax refunds, education, and the faa. but that means it could not fund the centers for disease control, food stamps, aid for needy families, federal housing, energy and highway programs, the fbi, and much more. as the clock winds down on the nation s credit, a war of words is boiling over. if they bring this economy down, they ve broken it and they own it. republicans will not be reduced to being the tax collececrs for the obama economy. reporter: democrats have found their villain. house majority leader eric cantor has shown he shouldn t even be at the table. it s time for leader cantor to make some concessions. it was childish. reporter: canto ....

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