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Detailed text transcripts for TV channel - CNN - 20110105:01:41:00

As soon as they re sworn in tomorrow, the clock starts ticking for the new congress to do something about a rapidly-growing issue. will the congress vote to raise the debt ceiling to pay the bills? from the heated rhetoric coming out of washington, it s clear the question will dominate the new session. so to make sense of it all, we turn to ben stein and joining us from l.a. welcome. my pleasure. ben, our debt. it s almost as $14 trillion and inching mighty close to that ceiling which is nearly $14.3 trillion so the big picture, what does all this mean? they re not going to be able to keep the debt from rising. congress threatens they won t approve it. they always approve it otherwise ....

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Detailed text transcripts for TV channel - CNN - 20110105:07:43:00

Giant cuts would come from and the sad fact is even if they cut 100 billion, it would still leave us with a enormous is deficit, a budget deficit growing like mad. we ve gotten to the realm where we re in such levels it won t affect it that much. we re so far up a certain kind of creek without a paddle that drastic surgery is going to be necessary and i don t think this country or this congress has the guts to do it and i don t think the american people have the guts to face up to it. if nobody has the guts to do the things that need it, we just go belly up? well, no. i mean, my father, a very smart guy, used to say if a thing cannot go on forever, it will stop. so it will stop. there ll be some kind of drastic cuts in social security for upper and middle class and upper class people. there will be a rise in taxes once the recovery rebounds. ....

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Detailed text transcripts for TV channel - CNN - 20110105:09:41:00

As soon as they re sworn in tomorrow, the clock starts ticking for the new congress to do something about a rapidly-growing issue. will the congress vote to raise the debt ceiling to pay the bills? from the heated rhetoric coming out of washington, it s clear the question will dominate the new session. so to make sense of it all, we turn to ben stein and joining us from l.a. welcome. my pleasure. ben, our debt. it s almost as $14 trillion and inching mighty close to that ceiling which is nearly $14.3 trillion so the big picture, what does all this mean? they re not going to be able to keep the debt from rising. congress threatens they won t approve it. ....

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Detailed text transcripts for TV channel - CNN - 20110105:09:01:00

You ve got to have skin in the game. this is conservatism to the hilt and that s why i m amazed that the republicans don t support it. that s hard core. this is economics. one of the guests tonight, senator-elect lee from utah is going to talk about that. he, of course, is one of the staunch republicans who want to repeal. we ll see what he has to say. it will be interesting. the repeal movement itself is interesting to watch because the bottom line is they re not going to be able to repeal it most likely. the house will try to defund it. the president can veto and the senate will do nothing with it. look. that doesn t bother me. a lot of politics is theatrics and symbolism. the republicans saying we re opposed it. more interesting is on the budget and where having run on a balanced budget campaign, they have to go into congress and pass a budget that puts their mouths where their rhetoric was and interesting to see who they cut and when. ....

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Detailed text transcripts for TV channel - CNN - 20110105:01:42:00

The government comes screeching to a halt. that s not going to happen. almost all the promises coming out of the congress are not going to happen. they re not going to be able to cut $100 billion. they re not going to be able to drastically cut the growth of federal spending within our lifetimes or at least my lifetime. i m 66. it s all a blt of political blarney at this point. ben, you know, i think that there are some republicans and i ll give them credit for this to follow through on their pledges and rapidly ratchet back some of the spending. would that be a good idea in your view just a matter of pure economics? do you think they should do that? no, i don t think they should be doing it right now until the recovery is stronger than it is. eliot, i m following this for a long time. man and boy for a long time. congress always promising to cut spending. they never do. except when there s the build up ....

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