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He tried to make it time all the debt we have been accumulated under president bush which simply wasn't the case. when he listed those specifics that you played, the prescription drug benefit, two wars, tax cuts, important to remember he supports and is expanding the prescription drug benefit. he extended the bush tax cuts and he supported one of those wars he says is responsible for all of thisr debt. jon: he also went on to talk about government programs that don't work. and your point is that if there are government programs out there that don't work, why are they still in existence four ye...

They have delayed this by an hour because of fog over san francisco, as so often happens in that city. they're hoping that the fog will be burned off by the time the shuttle endeavour gets off the ground hire at edwards air force base and gets up to the san francisco bay area. it will also be doing a flyover the los angeles area. we'll keep you updated. arthel: such a great sight when you see it up in the air. jon: that is a beautiful thing to see. i wish frankly it was still flying in space. but that's just me. arthel: i understand. when we come back 16 trillion in debt, $16. no worries but p...

And then we had a massive recession. and so, when i walked into office we had a trillion dollar deficit. debt had mounted and then we had to take a bunch of emergency measures. that cost money. saving auto industry. making sure the financial system got back on track. jon: stephen hayes is senior writer for "the weekly standard" and a fox news contributor and, steve, it is my understanding that you have a little problem with the president's answers there? >> well, i sure do. it was interesting because david letterman asked what was a pretty open-ended question. he pointed out that republican ha...

Conclusion. the bigger point, you mentioned this earlier, the president said there is no problem with our debt in the short term. that is wrong. that is flat-out untrue. we're adding $4 billion per day in new, in new debt. that is a short-term problem. we were just downgraded in fact because we're adding debt at that kind of a rate and because this rating agency, eagan jones, wasn't pleased with qe3 and what the president and what the federal reserve plan to do about it. jon: stephen hayes, the media hasn't noticed much about what the president says. i'm glad you're pointing it out. >> it coul...