Detailed text transcripts for TV channel - CNN - 20101201:18

Detailed text transcripts for TV channel - CNN - 20101201:18:13:00

alchemy. and making promises we can't possibly keep. >> i will spare you the figures and the math because quite simply it makes my eyes glaze over. here's the situation. the government like your household takes in money every month and spend it on necessities. luxuries, whatever. if the money runs out the government and many households use credit to keep on spending. and that works for a while but at some point if nothing changes every dollar that comes in goes to the payment of the debt. every other expense, food, shelter, cable is cut out or paid for with more debt. in 15 years if nothing changes, every dollar the federal government takes in will go for social security and medicare. the so-called entitlements and also for the interest on the debt. there will be no money for anything else. even before that happens the

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