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Detailed text transcripts for TV channel - MSNBC - 20110721:13:10:00

Marginal rates and elimb nat the ant and close the deduction breaks and loopholes. i think a lot of us are there, that we want to see those deductions eliminated, many of them eliminated, breaks and loopholes closed but in exchange we see lower marginal rates. i think that s where most of us are on the republican side of the aisle and want to keep this as close to revenue neutral as possible. but if it s not, if revenue goes up and if a lot of members of the senate, even a handful of republicans are, you can support something like that if overall rates are coming down? let s see what the spending reductions are. i d like to keep this revenue neutral if possible. but we ll also balance that against any spending reductions that would be contained in the final agreement. how hard would it be to win the election if there was default for you? i suspect for every member of ....

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Detailed text transcripts for TV channel - MSNBC - 20110721:13:21:00

revenue as part of tax reform. i think if we can get shared sacrifice, if we can get a mix of savings from across pentagon spending, domestic discretionary spending, entitlement spending and revenue, we ve got a much better chance of sustaining those elements of the progressive legacy that we all want to see sucks seceed going forward. do you think harry reid is right, there s not enough time to make gang of six happen? there is enough time to put some of the elements of the gang of six into the mcconnell-reid vehicles that s going from the senate to the house and help us, i pray, avoid default, but it will take months for the framework that gang of six has hammered out to then get turned into legislative action that will actually achieve real spending reductions and stabilize our economy. senator chris coons, freshman democrat from delaware, thanks for coming on this morning. all right. over and out. the end of an era at nasa and the end of the line for thousands of workers. ....

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Detailed text transcripts for TV channel - MSNBC - 20110721:13:08:00

Of distrust of some of these house republican freshman when they hear these dire warnings from wall street, from the treasury department, about default and this idea that they don t quite believe what they re hearing. how real is this have you noticed in the caucus? i think most members of the republican conference, whether freshmen or upperclassmen, they all understand this is very serious matter. people are worried, they re concerned and default and downgrade are not an option. so i think that again there s been an education process for those newer members particularly that as a majority party in the house that we have an affirmative obligation to govern. that means we ll have to move the bill. i believe that s important once we get through this cap trade debate in the senate, everyone tells me over there it is not likely to pass but we have to move another plan. i think we have to move it rather quickly and i suspect something closer to the biden framework is where this will end u ....

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Detailed text transcripts for TV channel - MSNBC - 20110721:13:07:00

Default and downgrade are not an option. that s very clear. i think at the end of the day we all understand that we have an affirmative obligation to govern. we re going to have to come to an agreement. i think the gang of six has presented a proposal that s worthy of very serious consideration. i mean i like the general outline. i need more details but again, that s not a debt ceiling plan. that is frankly dealing with fiscal reform and the long-term debt and defenicits of this country. i think at the end of the day though you ll probably see something like an intermediate deal. what i mean is perhaps something closer to that biden framework. i m not sure just how much in debt ceiling increase and how much in spending reduction but maybe somewhere on the order of $1 trillion. and again, the question is how much time does that get you on the debt ceiling. it wouldn t take you through the election of november 2012. walk me through this. how real is this issue of sort ....

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Detailed text transcripts for TV channel - MSNBC - 20110721:13:21:00

To get republicans to the table and get them to be willing to make revenue a part of the solution is to ignore our current fiscal reality. as you heard from congressman dent who was on before me, one of the things about the gang of six that has broken some of this logjam is it s getting republicans to say the word revenue as part of tax reform. i think if we can get shared sacrifice, if we can get a mix of savings from across pentagon spending, domestic discretionary spending, entitlement spending and revenue, we ve got a much better chance of sustaining those elements of the progressive legacy that we all want to see sucks seceed going forward. do you think harry reid is right, there s not enough time to make gang of six happen? there is enough time to put some of the elements of the gang of six into the mcconnell-reid vehicles that s going from the senate to the house and help us, i pray, avoid default, but it will take months for the framework that gang of six has hammered out ....

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