Detailed text transcripts for TV channel - CNN - 20110424:19:03:00
Government would default on its debt, the probability of that is very close to zero. the u.s. debt is still the one place that investors go whenever the world gets in trouble. so i don't think we're looking at an imminent default on debt, but i think the answer to your question, ali, about why these deficits and this enormous trillion and a half deficit per year matters to americans is it's like termites in the basement. they're eroding the economic foundation, and it collapses after a while. i think the longer implications would be higher interest rates and those have impacts on the american ...
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