Detailed text transcripts for TV channel - MSNBC - 20110720:

Detailed text transcripts for TV channel - MSNBC - 20110720:06:02:00

i read through the text. here's what i learned. the plan doesn't say exactly what exactly has to be cut, but it has a special exemption for war on terrorism spending. the cap reduces spending to 19.9% by the year 2021, ten years from now, and both the house and senate would need a two thirds vote on a constitutional amendment to balance the budget. and if the house and senate both did not get the two thirds vote, the debt ceiling could not be raised let me ask you the most fundamental question. your side, let be grover nor quist has criticized the president for not calling for specific budget cuts. why is the bill you're voting on today not mention any specific cut? >> i'm not an artist and grover nor quist, a great guy, isn't leading my side? >> he isn't?

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