Detailed text transcripts for TV channel - MSNBC - 20110412:14:26:00
Which will probably hit around july they make clear through legislation, the first dollars spent will be spent toward servicing the debt, paying the interest on the debt. it is incredibly important our creditors around the world understand that those obligations will be honored but it's a bit of a red herring to say that simply because we stay within our current debt structure that the whole thing is going to fall apart. when i was in congress, i served on the budget committee. we passed a balanced budget. we balanced it in 1997. we didn't have to increase the debt ceiling again in 2002 so the...
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