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Detailed text transcripts for TV channel - FOXNEWS - 20110719:08:09:00

aimed at a compromise to avoid a government shutdown. talks failed. so republicans who controlled both house and senate passed a bill to keep government open. they attached a significant package of spending cutting. mr. clinton though he said he favored cuts insisted programs dealing with things like the environment, education and medicare had to be protected. sound familiar? the president vetoed the bill. which left the government short of funds and unable to borrow. the result was a partial shutdown. which to the coner the nation of the republicans -- consternation of the republicans -- public hated. the media coverage at the time you wouldn't know the precipitating event was the president veto. as far as you could tell the republicans simply shut the government down. in the end, they were forced to give the president everything he wanted. the situation now is not at the point yet there are differences. economy is weaker now. public alarm about spending and debt are stronger. parallels to 1995 are striking and the danger signs for republican congressional leaders are unmistakable, as

Republicans , Government , White-house , Talks , Cuts , Senate , Bill , Mr , Programs , Package , Government-shutdown , Compromise

Detailed text transcripts for TV channel - FOXNEWS - 20110719:02:47:00

postal says gdp, the gross domestic product percentage government can spend is a teen%. we can go 18 1/2%. maybe that's a compromise. maybe higher. the house is thinking of going higher. there are thing -- there are things we can do within the balanced budget debate to get in ball across many we did it we i was in the senate, i negotiated welfare -- when i was in the senate, i negotiated welfare reform. requiring work and putting a time limit on welfare. transportation to help people get to work, childcare we negotiated and got half the democratic caucus to join us. but we stayed true to the principle. the principle here is balancing the budget with limited government. if we stay in the area of less than 20% we are going to be in the area where things like obamacare can never happen. you can't keep the -- those are the kinds of things that

Government , Teen- , Compromise , Gross-domestic-product , Gdp , 18-1-2 , Things , Debate , House , Thing , Senate , Ball

Detailed text transcripts for TV channel - FOXNEWS - 20110719:01:55:00

>> sean: we continue with our great american panel. this debate has gotten hot and furious at moments insane in washington. here's congresswoman sheila jackson lee. >> why is he different? in my community, that is the question that we raise. in the minority community that is the question that is being raised. why is this president being treated so disrespectfully? why has the debt limit been raised 60 times? why does the leader of the senate continually talk about his job is to bring the president down to make sure he's unelected? it is 2011, it is not 2012. you need to play those politics in 2012, not now.

Sean-hannity , All , Panel , Great-american , Community , Sheila-jackson-lee , Debate , Moments-insane-in-washington , President , Debt-limit , Question , Times

Detailed text transcripts for TV channel - FOXNEWS - 20110719:08:10:00

the latest polling makes clear. >> bret: what do you make of what republicans are doing now with the "cut, cap and balance" movement in the house tomorrow? >> it may be a fine idea but political terms it's pie in the sky. they may be able to pass it through the house but i don't see how in the world it gets through the senate. i think it will fail there. the balanced budget constitutional amendment is a nonstarter. the president is says he will veto the thing so it doesn't go anywhere. if the result of that is that the, we have parial shutdown, it will be bigger than the shutdown in 1995. the way things are going the republicans get the blame. >> bret: we'll follow it. thank you. stocks were down. dow sunk 94-1/2. nasdaq gave back 11. nasdaq dipped 25. is president obama getting the small money donations that made his 2008 campaign so successful? the answer later in the grapevine. but first, republican 2012 hopefuls and their strategies in iowa. thanks to the venture card from capital one,

Republicans , Bret-baier , Cut , White-house , Balance , Cap , In-the-house , Pie-in-the-sky , Polling , Idea , Terms , Fine

Detailed text transcripts for TV channel - FOXNEWS - 20110719:18:33:00

left they don't like and things on the right. it's a tax cut but there is also tax increases. so this might pass the senate bottom line. but i think it would be a problem in the house. this is a brand-new proposal. house republicans haven't endorsed it. they have a plan that's much, much different from this. martha: isn't part of the revenue increase a damage in the corporate tax structure and eliminating loopholes. there have been a lot of republicans who say why not just allow these loopholes. get rid of these loopholes some of these corporations will have -- the government will have an increase in revenues. >> the current tax rate is 35%. this would lower it to 29%. and get rid of some tax

Things , Senate , Bottom-line , Increases , Tax-cut , Right , Martha-maccallum , Plan , Problem , House , Revenue , Proposal

Detailed text transcripts for TV channel - FOXNEWS - 20110719:18:30:00

than 4 days to the friday deadline. a bipartisan group of senators announced a plan that includes trillions in budget cuts and a major overhaul of the tax code. we are waiting for a key vote in the house on cut, cap and balance. it requires the federal government to balance its budget every year. it limits spending to 20% of the gross domestic product and it requires a super majority to raise taxes. republicans believe they have enough votes in the house to pass that. but the president spoke to reporters at the white house, he says that will be no deal, if fit lands on his desk he will veto that. he sounded like he was getting behind this new plan from the senate. >> the good news is today a group of senators, the gang of six, democrats and republicans. it's now gang of seven. one additional republican

Group , Plan , Senators , Tax-code , Budget-cuts , Overhaul , Trillions , 4 , House , Budget , Spending , Majority

Detailed text transcripts for TV channel - FOXNEWS - 20110719:03:03:00

he took over. significantly higher. we have not had unemployment this high for this long since the great depression with no signs of it getting better. >> bill: that's true. the presidents had s. having a very hard time moving the economy forward. why? senator rubio thinks he knows. >> he proposed a budget that was so ludacris not even the democrats in the senate would vote for it budget that increased the debt, not solved it there was a strategy to leave this to the last possible moment so there would be a take it or leave it scenario like what some are painting right now. >> bill: with economic chaos facing the country, you have to do more than just criticize. you have to put forth a plan. so mr. rubio did. >> i think a credible solution to our debt problem has to have two components it has to have budgetary reforms, in essence a decrease in spending of at least $4 trillion or more and it has to come with some sort of growth enhancers, something that helps grow our economy. by the way, i don't trust washington because they have shown time and again that any time they get their hands on more money they don't use it to

Economy , Senator , Unemployment , Presidents , O-reilly-factor , Signs , Depression , Debt , Budget , Senate , Democrats , It-budget

Detailed text transcripts for TV channel - FOXNEWS - 20110719:17:38:00

agree in principle with a range of issues with six senators, or seven senators, that doesn't get us out of the house of representatives, that doesn't get us out of the senate. there is going to have to be a broader agreement on the part of awful the leadership that we're going to get this done in a serious way and we've got a tight deadline to do it. all right. thanks, guys. martha: it looks like he wasn't going to take any questions. then he ended uptaking one at the last minute there. what is getting all the attention this afternoon is this gang of six that's got even together in the senate and has put their arms around a plan that would basically have 3.7 trillion in cuts and one trillion that would come back into the coffers due to revenue changes and eliminating tax loopholes. a lot of specifics on this. we will get this on "america live" from senator tom coburn who is the one who just rejoined this group and that really put all of this in motion the fact that he rejoined the group and it gets very serious now in terms of a possible plan.

Senators , Issues , Senate , House , Doesn-t , Range , Principle , Seven , Six , Martha-maccallum , Questions , Part

Detailed text transcripts for TV channel - FOXNEWS - 20110719:05:07:00

profits. take capital gains rate to zero. make them permanent. for the inner city, empowerment zones. this was a concept that had been talked about years ago but never implemented. >> greta: jack kemp did that. >> exactly and he was right. if we do it the right way, i believe in addition to these tax changes that i've talked about which is going to put fuel in the economic engine. empowerment zones is how i propose we do something about these inner cities that have been devastated. >> greta: mr. cain, thank you. >> thank you greta. >> greta: if you think -- if you think we are anywhere near a deal on the debt you are dead wrong. there is so much dissention in washington. tomorrow some house republicans are perhaps going rogue demanding a vote on cut, cap and balance. if house republicans are successful and it passes in the house it is dead on arrival at the senate, most people think. and dead on arrival if it gets

You-greta , Concept , Jack-kemp , Empowerment-zones , Profits , Capital-gains , Permanent , Inner-city , Zero , Something , Way , Cities

Detailed text transcripts for TV channel - FOXNEWS - 20110719:05:13:00

democrats in both houses and i'm optimistic we will get votes in the senate and house. >> greta: senator hatch, do you support him for reelection? >> i've known orrin hatch for a long time. i work with him everyday. i like the man. i wish him well. at this point he doesn't have a primary challenger. >> greta: there's a lot of noise he is going to get challenge from the tea party. will you support him? >> i will support whoever is the republican nominee at the end of the day. the voters of utah will make the right decision. i will support our nominee. >> greta: would you endorse him going into any primary? >> i don't plan to get into any primary. i think voters can take care of that women. >> greta: i don't get an answer on that? >> i'm happy to talk about the freedom agenda. >> greta: good luck on your book. >> thank you.

You-greta , Senate , House , Senator-hatch , Houses , Votes , Democrats , Reelection , African-american , Lot , Point , Challenge