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CBS Evening News-20110717-01:02:00

says chief washington correspondent for bloomberg tv, peter cook. >> at the end of the day, it's their name on these ratings. their own reputation. they have to make the judgment call that they believe is right. >> reporter: what worries the treasury is any change in the gold-plated credit rating that would spike interest rates on u.s. debt. just a half percentage point increase on a $14 trillion debt would cost taxpayers roughly $850 billion over the next decade. low-risk investors, like those who run pension and retirement funds, would be forced to dump u.s. bonds. a massive hit to america's reputation and the rock-solid investment. >> they have to have something triple a rated. if it's not triple a rated, they can't hold it. they'd have to sell those treasuries. >> reporter: this mounting pressure from the credit agencies is another reality check for democrats and republicans struggling to find common ground. >> if we go into next week and we haven't seen any action by the president or congress, i think financial markets are going to grow increasingly unrestful.

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Detailed text transcripts for TV channel - FOXNEWS - 20110717:18:37:00

waiting for the final two weeks? >> i think it would have been better if house republicans pushed cut, cap and balance a month ago. i'm extremely sympathetic to the dislike of giving the federal government more money. no one has a proposal to cut $1.4 trillion right away which is what you have to do. i think it is very important on tuesday that they will now pass a debt ceiling increase with spending cuts and spending caps and a balanced budget amendment added to it. it can no longer be said that the house republicans have their heads in the sand. they have passed the debt ceiling increase and then it is incumbent upon the democrats and president obama to say what version are you for? dense the spending cuts? against the spending caps? against the balanced budget amendment? >> chris: and gets us to the big republican argument about the democrats and especially this president why is that he keeps talking about a big deal

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Detailed text transcripts for TV channel - FOXNEWS - 20110717:19:43:00

>> john: today there is something new in america. a few politicians, like governor chris christie, governor rick scott and john kasich in ohio. but there is another governor you may not have heard of and faced angrier protests. this happened in puerto rico two years ago. the houses of union members clashed with police for days. they went in front of the governor's mansion because the governor proposed cuts far bigger than wisconsin but the governor just smiled. they say he had to make cuts because puerto rico's economy was a mess. >> we didn't have enough money to make our first payroll. >> his predecessors had grown the government point that one

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Detailed text transcripts for TV channel - FOXNEWS - 20110717:19:47:00

even though her business is in the room government rules required having an acceptable bathroom. and this person help restaurants wade through the maze. now, the new permit office says rules are much easier. >> it's helpful to have it all in one place. >> now it only takes two weeks to open a small store. >> this is my version of that. this one was in delaware. >> delaware was said to be the most busy friendly state but it took me a week to get permission to do this. in hong kong it took one day. so the two week wait in puerto rico is still a handicap but much faster. >> do you hear from businesses responding to that? >> of course. it's expanding significantly. >> john: 600 construction

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Detailed text transcripts for TV channel - FOXNEWS - 20110717:03:21:00

determined effort to limit the franchise that we see today. >> paul: for more i'm joined by opinion journal.com editor james toronto and editorial board member mary kissle. so our viewers understands, what does a voter i.d. law require. >> usually government issued i.d., a driver's license or passport or something like that. >> that's all, you have to show them you are who you say you are. >> that's right. if you don't have an i.d. rhode island passed a law last week we'll give you i.d. for free if you can prove you are who you say you are. >> give you an i.d. for free. >> paul: on the spot? >> if you bring a birth certificate and prove you are who you say you are. >> you don't have to have a driver's license, you need to show some sense, in some way that you're not somebody who-- you're not an imposter. >> or a british citizen.

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Detailed text transcripts for TV channel - FOXNEWS - 20110717:18:54:00

happen? >> the republicans will pass on tuesday and then pass the prioritizing of federal ex-pen tithers. if there are a few days or couple of weeks where the debt ceiling goes past august 2. they will also pass i believe next week a short-term increase, maybe a month. $100 trillion. >> chris: which the president says he will veto. >> let him explain that to the american government. the president himself endorsed and he will veto it? why? because it doesn't accord with his decision of what he thinks should happen. >> i don't like it but i think it is probably some version of mcconnell which is a cut that the deficit now by $1.3 trillion or $1.4 trillion. get this passed and get the debt limit passed. the election and then fight it out next year in the election. president obama will bring it and the republicans can answer. >> chris: you have 30 seconds. what is going to happen? >> the president is going to louisiana the election.

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Detailed text transcripts for TV channel - FOXNEWS - 20110717:23:07:00

more on the bonds to get investors in. lons tied to the ten year notes, their rates would go up. rates on mortgages, rates on credit cards and rates on car loans, nobody is-- the bond market has been reacting nonchalantly. not seeing a lot of action in the yields going up. it could be a short-term problem for the average joe in terms of their interest rates going up. because s & p and moody's is saying that the u.s. government will fix the problem and they'll start paying out, once again and an immediate 45% cut in cash outlays, if the debt ceiling is loan passed, but you know, the bond markets essentially saying, they expect the government to meet its obligations, but the big picture story, quickly, harrison, those two, the s & p and moody's are saying the two credit ratings, you've got to get a grip on the broad zoom. it's problematic, they don't like the long-term spending, they don't like it at all. they want it to be cut.

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ABC World News With David Muir-20110717-00:39:00

debt ceiling. there, you see the clock. 16 days and counting. all week, you've been weighing in on "world news." telling washington you are done. you are fed up with the gridlock. tonight, abc's david kerley, in the hometown of one of the republicans who has drawn a line in the sand. but what do the voters there say? >> reporter: after five meetings in five days, the president is still pleading for compromise. >> so, i've put things on the table that are important to me and democrats. and i expect republican leaders to do the same. >> reporter: the president asked for a plan this afternoon that both sides could support. tonight, the white house seems to be satisfied. saying they've been in touch with congress about various options. taxes have been the sticking point. >> it's not just democrats who ththk we need to take a balanced approach. it's republicans, as well. >> reporter: the latest polls show two-thirds of americans say there needs to be cuts and tax increases to reduce the deficit. but house republican leader, eric cantor, a player at the bargaining table, has refused to

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CBS Evening News-20110717-01:06:00

both murdochs face parliament on tuesday. one of those to grill them is tom watson. >> i want to know was he aware a crime had taken place, who gave him the advice, those kind of things. i would like rupert murdoch to tell us what he knew as well. >> reporter: and finally, scrambling on high ground is britain's prime minister, under pressure to showing the extent of his relationship of his relationship with the murdochs, he was forced to release records showing 26 meetings with them or their employees since they took office. he also hosted james murdoch and rebekah brooks at his official country residence. cameron like most british politicians, courted the murdochs because the newspapers could make or break their political careers. no longer. as criminal and judicial investigations are under way, murdoch's spell is broken. dana lewis, cbs news, london. >> mitchell: it is the weekend drivers in los angeles have been dreading for weeks. what is being called carmaggedon is now under way. a stretch of the 405 freeway, one of the busiest highways in

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Detailed text transcripts for TV channel - FOXNEWS - 20110717:22:51:00

get through the initial crisis so he could spend more on infrastructure it is an insatable appetite for spending! it is irresponsible. and i think that is so fundmentally wrong on the facts. president obama proposed to take the domestic government down to the size of the eisenhower administration. that is in his budget. we have taxes that are lower than they have been since 1950. >> but we are in a recession . >> but the bush tax cuts contributed to that particularly for the high end. what are the republicans proposing? go further than that. with and now we are in a hostage taking situation on the debt limit that will be catastrophic, if we go over the deadline. this is crazy hostage taking

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