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Detailed text transcripts for TV channel - FOXNEWS - 20110806:22:04:00

earlier today that the u.s. credit rating could go from aa plus down to aa in at least six months time if the u.s. has not come up with at least $4 trillion in total package of cuts. s & p's john chambers has already told investors on a conference call that we listened to last week that the reason why they put the country at a fast track for a downgrade was because of the acountry moanious fighting going on that the u.s. government could come up with the $4 trillion plus in cuts. he said at that time the $4 trillion was at least a down payment. so this puts the onus on that new 12-member bipartisan committee to come up with the additional cuts by november. and so this is what s & p is watching. the further downgrade could come between at least six months or 24 months span of time. back to you. >> arthel: liz, the s & p, they're watching what's going on with this new committee, this new commission. however, the folks watching

Cuts , Credit-rating , American , To-aa-plus , Package , Down-to-aa , Six , 4-trillion , -trillion , Country , Downgrade , Investors

Detailed text transcripts for TV channel - FOXNEWS - 20110806:17:01:00

worldest safest investments and allowed uncle sam to borrow at extraordinarily keep rates. savings pass on to you when you buy a home, car or credit card. >> reporter: white house press secretary carney put out a statement that did not mention the downgrade but talked about the circumstances that lead to the downgrade. carney said, the bipartisan commission on deficit reduction or the bipartisan compromise, i'm sorry, was an important step in the right direction. yet, the path to getting there took too long and at times too divisive. he says we must do better to make clear our nation's capacity to work together to tackle our challenges. that's the reaction of the white house coming this morning. >> we stand the white house is upset over this. there's a flood of reaction from capitol hill. what are we hearing from members of congress so far?

Car , Home , Savings , Investments , Rates , Worldest , Uncle-sam , Sp-downgrade , Reporter , Statement , Credit-card , Deficit-reduction

Detailed text transcripts for TV channel - FOXNEWS - 20110805:22:51:00

gang of 12 ultimately. >> chris: charles? >> i said i think they will appoint hardliners, coburn on the republican side who agreed to slight increase in taxes will not be on, but it won't matter. they are going to have six people lying on either side who won't give an inch on their own. if they were independent commission. but they will be subject to whatever the leadership in the end decides. it's not independent out there commission. you know, hanging in the sky. i think if the leadership, you have boehner who agreed to $800 billion in increase in revenue and he is pretaried to do it. which he was with obama. he works out a deal with the democrats on entitlements and tax reform which i think is the way out. you could easily have a deal no matter who is on the panel. >> chris: so maybe a backdoor grand bargain. >> exactly. >> chris: let's move on to the second subject. the senate agreed today to extend short-term extension of funding for the faa.

People , Chris-wallace , Side , Charles-krauthammer , Increase , Taxes , Republican , Wont-matter , Gang , Hardliners , Coburn , Six

Detailed text transcripts for TV channel - MSNBC - 20110805:00:58:00

senator reid, do not appoint anybody to that commission who will cut social security, medicare, and medicaid. the goal must be at the very least to start making significant cuts in military spending, which has tripled since 1997. >> now, leon panetta, the new secretary of defense came out saying today that the automatic triggered cuts to defense spending would be very, very difficult for the defense department to handle, for him to handle. was that in effect the administration trying to put pressure on the super committee to actually reach some kind of agreement, and not rely on this trigger? >> well, first of all, i don't agree with leon on that. the reality is that if you extrapolate over a 10-year period, you're looking at a military budget of probably somewhere near $7 trillion. $500 billion is less than 1%.

Harry-reid , Medicaid , Social-security , Medicare , Commission , Goal , Anybody , Cuts , Defense-spending , Military-spending , Leon-panetta , Defense-department

Detailed text transcripts for TV channel - FOXNEWS - 20110805:16:20:00

figure -- well they are just not there. and this is what everybody -- this is what the president said, 4 trillion in 12 years. it's what our commission said, 4 trillion in ten years. to short sheef this thing. and everything is happening globally. we've never been connected like this globally, this is all different. jenna: we've certainly had on our shows and many shows questions about political courage and what it's going to take and how we are going to fix this problem. someone said to me this week it's not just a $4 trillion plan, we need several 4 trillion-dollar plans to get this country back on track. but we don't talk about the courage it's going to take from the american people. when people are asked in polls whether or not they'll give up some of their medicare benefits or social security there is an apprehension on the public public's part too. what would your message be to the public, to us about what decisions and choices we'll have to make to be a partner in this

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Detailed text transcripts for TV channel - MSNBC - 20110805:03:58:00

senator reid, do not appoint anybody to that commission who will cut social security, medicare, and medicaid. the goal must be at the very least to start making significant cuts in military spending, which has tripled since 1997. >> now, leon panetta, the new secretary of defense came out saying today that the automatic triggered cuts to defense spending would be very, very difficult for the defense department to handle, for him to handle. was that in effect the administration trying to put pressure on the super committee to actually reach some kind of agreement, and not rely on this trigger? >> well, first of all, i don't agree with leon on that. the reality is that if you extrapolate over a 10-year period, you're looking at a military budget of probably somewhere near $7 trillion. $500 billion is less than 1%. so i think as we move forward, toward serious deficit reduction, and as we try to protect education and health care and environmental protection and nutrition and all

Cuts , Harry-reid , Medicaid , Social-security , Military-spending , Medicare , Commission , Goal , Anybody , 1997 , Effect , Defense-spending

Detailed text transcripts for TV channel - MSNBC - 20110805:07:58:00

senator reid, do not appoint anybody to that commission who will cut social security, medicare, and medicaid. the goal must be at the very least to stop making significant cuts in military spending, which has tripled since 1997. >> now, leon panetta, the new secretary of defense came out saying today that the automatic triggered cuts to defense spending would be very, very difficult for the defense department to handle, for him to handle. was that in effect the administration trying to put pressure on the super committee to actually reach some kind of agreement, and not rely on this trigger? >> well, first of all, i don't agree with leon on that. the reality is that if you extrapolate over a 10-year period, you're looking at a military budget of probably somewhere near $7 trillion. $500 billion is less than 1%.

Harry-reid , Medicaid , Social-security , Medicare , Commission , Goal , Anybody , Cuts , Defense-spending , Military-spending , Leon-panetta , 1997

Detailed text transcripts for TV channel - MSNBC - 20110805:06:09:00

they're looking. looking for signs. nervous about what's overseas, nervous about what's happening here. >> you know, i look at this, look at what the president's done. signed on to a debt ceiling bill that reduces spending. going the wrong way, you could argue. talks about creating jobs, green jobs, perhaps with korea, something to do with infrastructure and none of it sounds right to the me. the word bank jumps out at me. that's not a solution. what, another commission? john, seems to me he's got to decide, like a kid riding a bike up on the curb. either go into the ditch, into the sewer when, what do you call it, the sewer drain, or stay up on the sidewalk. he's riding along the edge not doing anything. we've all been in that situation. i was a paper boy. reminds me of a guy on the bike afraid to do anything but go straight and eventually he's going to go over the side. why doesn't he come out with a big jobs bill? the deficit's going to go up anyway. it's going to go up because of unemployment. bring the deficit up positively

President-obama , Way , Spending , Jobs , Debt-ceiling-bill , Green-jobs , Signs , Done , Talks , Something , Word , Solution

Detailed text transcripts for TV channel - MSNBC - 20110805:15:45:00

three of the republican candidates for president are signing on to a new marriage plans that says if elected they'll send a federal con constitutional amendment defining marriage between a man and woman. defend the defense of marriage in fact court and appoint a commission to investigate any defense. michele bachmann, mitt romney and rick santorum have signed on to this. joining me is john and rick. gentlemen, good morning, your organization is about to kick off a bus tour in iowa to promote family values. in the pledge that you have these three gop hopefuls sign, it didn't say anything about divorce which is a big factor in something that is an enemy of marriage. the general figure for the divorce rate is between 40 and 50%. why didn't you have anything in this pledge to prevent divorce?

President , Republican , Candidates , Marriage-plans , Federal-con-constitutional-amendment-defining-marriage , Three , Fact , Defense , Marriage , Mitt-romney , Woman , Man

Detailed text transcripts for TV channel - MSNBC - 20110804:23:09:00

business, hate, instability. we learned in the default, congress might do something nuts to default at some point or might not do the right thing in getting the balance sheets in order. they're looking. looking for signs. nervous about what's oversea, nervous about what's happening here. >> you know, i look at this, look at what the president's done. sign on to a debt ceiling bill that reduces spending. going the wrong way, you could argue. talks about creating jobs, green jobs, perhaps with korea, something to do with infrastructure and none of it sounds right to the me. the word bank jumps out at mere. that's not a solution. what, another commission? john, seems to me he's got to decide, like a kid riding a bike up on the curb. either go into the ditch, into the sewer when, what do you call it, the sewer drain, or stay up on the sidewalk. he's riding along the edge not doing anything. we've all been in that situation. i was a paper boy. reminds me of a guy on the bike afraid to do anything but go straight and eventually he's going to go over the side. why doesn't he come out with a big jobs bill? the deficit's going to go up anyway.

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