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AC 360 Later-20131022-02:24:00

to solve that. the one thing in defense of obama care is it gives people a chance. people like you and me with preexisting conditions, to know that we have some kind of baseline security. >> if i were the -- >> why is that the worst thing ever to happen to america? >> i don't think it is. >> that's what you have been saying for the last several weeks. you want to shut down the global economy to stop this. you felt strongly about it recently. >> i think it will be a disaster for people who need health care as this goes on. i think that is true. >> you think our current system is a great thing? >> no. the current system is broken. >> why do you think it's going to be a disaster. i'm struggling to figure out this rationale. what -- how are you judging it's going to be an absolute disaster for america? can you explain it to me in two

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Erin Burnett OutFront-20131022-06:24:00

and those with preexisting conditions are going to have a hard time getting insurance policies and you propose nothing to solve that. the one thing in defense of obama care is it gives people a chance. people like you and me with preexisting conditions, to know that we have some kind of baseline security. >> if i were the -- >> why is that the worst thing ever to happen to america? >> i don't think it is. >> that's what you have been saying for the last several weeks. you want to shut down the global economy to stop this. you felt strongly about it recently. >> i think it will be a disaster for people who need health care as this goes on. i think that is true. >> you think our current system is a great thing? >> no. the current system is broken. >> why do you think it's going to be a disaster. i'm struggling to figure out this rationale. what -- how are you judging it's going to be an absolute disaster for america?

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Detailed text transcripts for TV channel - MSNBC - 20110716:12:21:00

can no longer borrow money. still going have about 60% of utes revenue coming in through taxes and other ways. it means it has to cut spending by about 40%. default means it stops paying interest on its debt. that only accounts for about 5% of the federal budget right now. the u.s. government can still pay the interest on the debt so it will not default but have to cut 40% of its spending. >> might default on some of those items. >> it won't default p.m. have to stop sending out checks to certain people. that's what the government would have to figure out if this happens. who won't get paid is basically the question. it looks as if it's going to be social security recipient, people who get unemployment benefits and things like that. >> fact or fiction, default is not a big deal? >> i think that's fiction. if we actually got into a situation where the government did default on its debt, which meant it didn't pay interest on that debt it would be extraordinary. u.s. treasury securities are the baseline security for investments all around the

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