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Detailed text transcripts for TV channel - CNN - 20101213:23

Detailed text transcripts for TV channel - CNN - 20101213:23:10:00

cafferty is here with "the cafferty file." >> when president obama announced the formation of the deficit reduction committee, he said he was serious about tackling the country's skyrocketing deficits and $13 trillion-plus national debt. well, apparently that was just another feel-good moment that meant absolutely nothing. to wit, in addition to agreeing with the republicans to add another $900 billion or so to the national debt, by extending the bush tax cuts, president obama is refusing his own deficit reduction commission's call for a summit meeting with congressional leaders to tackle the debt crisis. one person, who attended the deficit meeting last week, tells politico that members of the administration who attended including white house budget director and treasury secretary tim geithner, quote, didn't exactly jump at the idea. the commission recently voted 11-7 to cut nearly $4 trillion in deficits over the next nine years through spending cuts and

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