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Detailed text transcripts for TV channel - FOXNEWS - 20111002:22:27:00

2013, $2 trillion in additional taxes over the next decade and going on, beyond that. republicans say, cut spending, cut regulations, get government out of the way ofr. mr. smith, you re a republican, as we said, mr. johnson, you re a democrat. let me ask you both. fred smith, which side s got the better argument? well, entitlements have to be reformed. you can. them by some sort of rationing or regulation. or you can do it by market forces and means testing. that s what congressman ryan has proposed, which based on my experience is far the better answer. but regardless of which side you choose, neither can be successful unless we can get the economy growing at a rate that is able to pay for these entitlements. and absent a more modern, you know, advanced tax structure ....

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