Detailed text transcripts for TV channel - FOXNEWS - 20110606:10:46:00 : vimarsana.com

Detailed text transcripts for TV channel - FOXNEWS - 20110606:10:46:00

>> welcome back. dangerously close to default as you know as republicans and democrats continue to play tug of war over raising the debt ceiling. former congressman connie mack and his wife, mary bono mack say they have the solution. good morning. >> thanks for having us. >> let's talk about the 1% solution. it is? >> amazing. imagine -- >> you like it. you're behind it? >> yeah, yeah, yes. imagine balancing the budget one penny at a time. so what we're talking about doing is taking 1% or one penny out of every federal dollar a year for six years. and at the end of seven years, we cap spending to 18% of gdp. balance the budget in eight years and in 10 years, we cut

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