Detailed text transcripts for TV channel - FOXNEWS - 20110728:08:06:00
>> the tea party hobbits could return to middle earth, having defeated mordor. the reality is that the debt limit will be raised one way or other, and the only issue is with how much fiscal reform and what political fallout. >> now, a top official told me the president spent a good chunk of the afternoon burning up the phone lines to capitol hill. spoke to a number of lawmakers, but still no breakthrough. bret? >> ed henry, live on the north lawn. ed, thank you. wall street is showing its displeasure with the debt struggles. take a look at this. the dow dropped 199 today. the s&p gained back...