Detailed text transcripts for TV channel - FOXNEWS - 20111228:03:33:00
Legislation. even though they are calling for some $4 trillion range which is previous debt commissions has recommended there is no legislation to go along with that. it's hard to say right now if there is any genuine effort of dealing with it this year. it looks like with the election coming up so quickly and with people focused on millionaire is your tax 1st other ways of paying for the payroll tax cut, the debt has sort of gotten lost in the conversation. there is not really a moment that lawmakers will seize in order to tackle it. >> shannon: we'll see if $1.2 trillion goes through. great ...