Detailed text transcripts for TV channel - MSNBC - 20110916:

Detailed text transcripts for TV channel - MSNBC - 20110916:04:32:00

year. >> substantively, do you think that the policy will work to improve the economy? >> i think it will have a minimal impact but a positive impact. limited but positive, yes. ultimately, we've got to deal with the enormous debt. i basically had a balanced budget, very slight deficit. and of course president bill clinton had a positive budget as well. but when ronald reagan came into office, he spent like a profligate and developed an enormous indebtedness, a deficit, and other presidents have done the same except for bill clinton. so now we owe about i think $14 trillion to american investors in bonds and also to foreigners like the chinese in particular. and that's -- and it's destined now if nothing changes to go up to more than $20 trillion in the next ten years. that's almost an unbearable burden of debt and interest 80s payments on the debt. so something's got to be done about that. but eventually, i think the congress will come to its senses. working with the president. and have a package both of

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