Detailed text transcripts for TV channel - MSNBC - 20110801:06:01:00
Economy. the first part of this agreement will cut about $1 trillion in spending over the next ten years. cuts that both parties had agreed to early on in this process. the result would be the lowest level of annual domestic spending since dwight eisenhower was president. but at a level that still allows us to make job creating investments in things like education and research. we also made sure these cuts wouldn't happen so abruptly that they'd be a drag on a fragile economy. i've said from the beginning that the ultimate solution to our deficit solution must be balance. despite what some rep...