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tv   Your World With Neil Cavuto  FOX News  September 4, 2012 1:00pm-2:00pm PDT

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if he had not done that, think about it, if high stay ready and waited and no one came, they who is found his body down there some day. they may have to cut off his leg but he will live. we will be back for the fox report, and here comes neil cavuto. >>neil: here comes potentially a milestone. welcome, everyone, from the convention center in charlotte, north carolina, on a day, maybe in minutes, if you look at the lower right screen, as democrats kickoff their convention, the number not able to comprehend, $16 trillion, the amount we owe. this was the same debt clock, if you will, that republicans were showcasing last week, democrats are not doing that. but, it is very close to touching the $16 trillion level. you will notice this goes back-and-forth a lot, and it
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keeps track of government receipts coming in and it goes down and going out, so it goes up, but our mathematicians say in the next hour or two it will cross $16 trillion. whether you blame this president or not, for it, he has just added to it. he is not totally responsible but more than $5 trillion of that is his on his watch and republicans are pointing that out, this is mostly president obama debt. but the fact of the matter is, this has been a bipartisan issue we have been raising on this show, the fact that we as a nation have collectively been spending a lot more than what we are taking in. putting this in other perspective on the debt clock, when it hits $16 trillion, just to carry that, our national visa bill, it costs $240 billion a year in finance charges, without paying a deficit it off, just the finance charms to carry that
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sum. that is the big debate between the two parties as to how to get this under control. we will hear a lot about, are you better off four years ago, versus today? democrats have been arguing that the trend is their friend, you can take snapshots all you want but they have had 29 steady months of job growth and things are going their way. there was a wrinkle on that today with americans not feeling so optimistic and they are worse off by a margin of 2-1 than better off, in their eyes. now, austin joins me, the president's former top economic adviser, you never like to be the guy under whose watch a milestone is hit. what does it mean when we do? >> well, the milestone of the government debt has virtually nothing to do with the reasons that the deficits have been large in the last two years, the long run fiscal challenge facing
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the country as you have highlighted many times, are associated with the aging of the population, the rise of health care costs and the choices we have made about tax rates. >>neil: but $5 trillion added on to this president's watch, a third of it, this are ways to explain it, but it is not something you want to showcase at your convention. >>guest: yes. the fact that the congressional budget office is saying that deficit is going to be record-breaking before obama has gotten into office is indicative of what the true reasoning of the increase in the deficit is, which is, we had the worst economic downturn of our lifetime. >>neil: how do you address it? are you surprised? since you left washington, a couple trillion more has been added and maybe this is the direction and mitt romney cannot slow it, but do you think
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democrats should tackle it head on? >>guest: they are not hiding from it. rather than engaging in gimmicks, let us engage on what should done. >>neil: i don't want do interrupt you, the treasury has made this official, and it does seem ironic that we have, according to the united states treasury, eclipsed $16 trillion debt level collectively, what we owe as a nation, now, going over $16 trillion. now, republicans are, they were itching for it last week, but they are probably just as happy to see it as the democrats have it happen here. if you are just tuning in, $16 trillion, a new milestone, it is a huge sum as we have been reminded by many times like
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spending $900,000 every hour since jesus christ was born and you would still not come up to $16 trillion. what do do you to get it under control? >>guest: the mitt romney plan they have outlined, that would make that substantially worse at $3 trillion to $5 trillion of tax cuts that you try to pay for in addition to whatever deficit reduction you have. >>neil: you are not part of the ronald reagan school this activity brings revenue to the government. >>guest: tax cuts do not pay for themselves. we have decades of evidence. >>neil: they do spur growth? >>guest: depending which rates they are, they can spur some growth but they do not in any way create a laffer curve that generates its revenue. >>neil: if you were the president, would you -- would you make a big deal of this?
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not a big deal? >>guest: i would do something like the grand bargain that the two parties almost do and i hope they can revisit that and do it in 2013. to do that, you have to have revenues and you have to have a last spending cuts, and you have to address entitlements and discretionary, and a bunch of things. >>neil: but they abandoned the debt commission. >>guest: not true. not true. >>neil: and republicans are no better. >>guest: i believe, in reality, the republicans were far worse. it did not do everything --. >>neil: but it was the president's commission. >>guest: it was his commission, the republicans voted in the house of representatives unanimously against it preventing it from being able to certify --. >>neil: but don't you think if the president was pushing it saying we will jump off the cliff at the same time, it could be different? >>guest: i don't think so. the president said, the president embraced $3 in cuts and $1 in revenue and the amount
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coming out of the simpson-bowles and it felt like the republicans said we will not tolerate any revenue. if you have no revenue do you not have a balanced plan. >>neil: it is what it is. you do not think this is a serious issue for the president to worry about? >>guest: it is serious. it will lead the president most likely, to say i'm still up for doing a great bargain if you want to do it. we almost had it. i hope that the two parties can come together and do it. >>neil: thank you, former chairman of the economic advisers. we crossed a milestone today, $16 trillion on what we as a nation owe. it will come up in republican arguments: are you better off than you were four years ago? paul ryan has it doubts. >> remember ronald reagan talking about jimmy carter? are you better off now than you were four years ago? well, you know what? we knew it then, we know it now,
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they fired cater and they hired reagan and we will do the same thing this time. >>neil: that is a good point. we have to stress, foes, this is a bipartisan collection of spending hits and misses. we forget under the last president, it took eight years to acquire almost $4.9 trillion in debt. bill clinton although he significantly hacked the deficits and turned them to surpluses, over eight years, he still had $1.5 trillion more in debt than he had coming in but he dramatically cut it down. and bush 41, $1.5 trillion in four years, but, president obama has the distinction for good or bad being the president if whom a third of that was amassed. well look at this number and what it means as democrats kick things off. is this a number they confront? or a number they runaway from as
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>>neil: how many times have we shown you the debt clock and bemoaned the appearance under democratic and republican administrations and we said under the bush administration, showing the partisan rant, the bailouts for banks and we were entering a slippery slope for bailouts that would need bailouts and rescues that require rescuing and he we are $16 trillion in red ink and $5.4 trillion of it coming under this president. that is not just only blaming him for the fact he acquired a third of that under his watch, three years and seven months, but it is not a good backdrop and could explain why democrats,
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unlike republicans, have no debt clock, not either on the national level or what has been acquired since their convention began that formally kicks off in 45 minutes or so from now. with us right now is the new mexico governor, former secretary of energy, so many other great resume titles, but, i have to ask you as a former cabinet official, there was a cabinet meeting and the news is out, what do you do? >>guest: i think you immediately get the whole cabinet and the president says to the cabinet, look, all of you guys need to participate, everyone of your agencies, i want idea. i think this president has a good outline how he wants to reach some kind of a balanced budget in the next year. i would say, neil, i would not be surprised if during the campaign, maybe even shortly, i'm not an insider, the outlines
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of a simpson-bowles plan comes out that deals with revenues, that deals with entitlements, that deals with spending cuts. we need to make this bipartisan. otherwise it will not work. >>neil: you are right on that what i notice about this, you are right there is enough blame do go around, but this president picked a debt commission and this president would left the co-chairman at the altar association to speak, and let him die on the vine. you know the power of the office and when you have both simpson and bowles saying they could have used him and they were disappointed in him, what? >>guest: if the president had gone and said, i'm with you guys, you need to have some kind of republicans. >>neil: but he is on record as saying, i'm for, even the stuff that hurts my party and he could call the republican's bluff. >>guest: he did, you remember
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the budget negotiations with the speaker? with the majority reader l leader of -- leader of the house of representatives in the president was ready to accept a strong plan even for his party --. >>neil: but that is shot down. so the automatic sequestration and you are right, there is bipartisan blame. but the bottom line, you think about it, governor, we have had more distressing news, construction spending is down .9 percent, and the trend is not the friend of the party. you talk about are things better than they were four years ago because the party will argue things have been improving, they are not, right? >>guest: well, you recall, neil, in my presidential race four years ago and i didn't get farther i went to iowa and was talking about the need for constitutional amendment to balance the budget. in my state --. >>neil: look how far that got.
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>>guest: not far. i was 4th out of 8. my point is i believe voters will send a very strong message both to the congress that whoever is elected president --. >>neil: but you worry about polls, and this is where bill clinton comes in handy, he is the last one that oversaw surpluses. will it hurt this president to be reminded and have folks say, yes, that is what a successful democratic president was? >>guest: no, bill clinton was successful. he balanced a budget. there was a surplus. there was economic growth. >>neil: do you think he will bend over backwards to help president obama? >>guest: he will strongly push the president. >>neil: does he believe it? or setting it up for his wife? >>guest: he believes it. >>neil: come on? look at me. >>guest: i know you and like you. the not rat wing of the democratic party, which i am a member of, the president was the
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architect of that democratic leadership counsel, which, by the way, is not doing too well. >>neil: you think the party has moved too far to the left. >>guest: no, no, this president is a centrist. >>neil: you think he is a centrist? >>guest: yes, a pro growth --. >>neil: what? >>guest: this president --. >>neil: if he is a centrist i am jack lalanne. do you get along with the clintons? when you bolted and supported president obama which was gutsy you were not welcome, right? >>guest: the president is still not happy with me. with secretary clinton we talked and he is still mad. >>neil: you are not mad at him? >>guest: i think, i tried to reach out and he doesn't want to reach back, that's fine. we will both go to the grave with this. >>neil: do you expect him to
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knock it out of the park? >>guest: yes, president clinton will lift everyone's spirit. he was a good president. an economic balanced budget president. and president obama, i believe, has been a very good president and we will get re-elected. you watch. >>neil: you are always a class act regardless of what people say in a heated race. they are ready to kick things off on the floor here, this debt issue will come up and a last other things will, as well. outside the virginia delegation right now, a state that is very much in play, but, little more than a few weeks ago it wasn't. back then the president had, i would not say a comfortable lead but a nice lead of four points and then the vice president's famous remarks, the shackle and change remarks, they caused a problem in virginia. the former governor, governor wilder, on why he is not at all
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>>neil: coming to you from charlotte, north carolina where democrats are ready to respond to republicans in tampa, on a dismal day of news performing a back drop to all of this, a red backdrop of red ink. we will explore this on fox business network at 8:00 p.m. eastern, with michael dukakis, and billionaire investor and personal products maker, all a cast of characters, with coverage you are not seeing anywhere else. we told you abut the debt eclipsing $16 trillion level, to south carolina congressman, who
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confirms you are not better off than you were four years ago, you are deeper in debt than you were four years ago. a lot deeper, right, congressman? >>guest: absolutely. the country is deeper in debt. you look back at inauguration day the debt was $7 trillion, and today we eclipsed $16 trillion of debt. if they call him a centrist president again i will turn your name to "jack." one thing is without question, we need mitt romney in the white house. that's it. >>neil: do you think, the argument that the democrats have against mitt romney is that if you think his tax cuts and whatever plan he has is going to make things better, you hear from former cabinet members from the clinton administration saying it will make it worse. >>guest: that is false. this is in question, i think some of their strategy is to say the same thing over and over again, whether it is true or not, you say it often enough it
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must be true but it is false. we have to citizen the country tax codes as they are and if we do not according to the c.b.o. we will see another 700,000 american out of work. president obama has had two years, two years with the senate, the house of representatives, and the white house, in his hands, yet he produced nothing that makes this economic better. since 2010 we have been in a position to block bad things from happening, for us to move forward, we have to have a president in the white house that understands private-sector job creation. that is what we need. thankfully, that is what we will get. >>neil: when i hear republicans talking about proper fiscal stewardship, i don't mean to insult you or republicans, but it is not as if you were still all right examples, so i think that you guys have to be like those at an a.a. meeting, saying you have learned your lessons and a lot of you have
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not if you come across as being arrogant on the fiscal resolve issue, but, you know, maybe your own company notwithstanding, sir, you have not been great examples. >>guest: i will say there is no doubt there was a bipartisan approach before i arrived in congress as it relates to the debt situation but there is no downs since we elected 87 new members of the house of representatives in the freshman class and added a few more since then, since obama's presidency has been so terrible on the economic policies, there is no doubt what we have said is we will get this fiscal house in order. if you look for a bipartisan approach to taxation, you look at 2010 when the house of representatives voted in a bipartisan fashion to extend the current tax code which included the tax cuts for all americans, because they realized the worst tinge you do is to increase taxes on any americans. at the end of the day this is an
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opportunity for us to work on the common ground and that common ground starts with predictability and certainty in the private sector which will lead to more jobs and drive confidence. >>neil: we will see, congressman, always good to have you on, congressman. and now a look at the virginia delegation we have been talking about, another crucial state among a half dozen or so considered swing states. the polls are tightening. folks that that is since joe biden's famous remarks, the shackle remarks. what was close to 4-point obama lead over mitt romney has become dead even. form governor wilder is not surprised. the first african-american governor in the nation is joining me right new. governor, good to have you. why are you here, by the way, governor? >>guest: i teach school of government and public affairs at virginia commonwealth university, school has started
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and i'm a professor this week. >>neil: all right. so it is not as if you were not envieded or you are in a snit with the party, that is not the case? >>guest: no, you not at all. >>neil: do you find it interesting, and it could be coincidental, virginia is more in play for republicans, a crucial state that president obama took four years ago, after biden's memorable remarks that stuck in your craw, obviously, and it, really, seems to have stuck in a lot of people in virginia, their craw, what do you think of how that contributes to this state being a toss >>guest: it plight -- might have. i always thought it would be a close election in virginia, particularly, and i thought in the absence of democrats energize the base, getting the emergency out and i have been impressed with what you said do
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congressman scott, you know, this is enough blame to go around. >>neil: absolutely. >>guest: the bottom line, neil, and you speak about this each day, all through the day, the bottom line is money. the party and the people that can give the best answer to how the american's tax dollars will be spent is the party that gets the attention. what has happened, i think, is there has been questioning by people on both sides, particularly independents in virginia, saying, wait, i am not feeling as good as i did four years ago, and biden, and even continue telling talk about him, that is that is distraction. the more you talk about him you are not talking about the economy or jobs. this is why it is important for whoever is going to be carrying the word, today, tomorrow, or
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whenever, speak to the american people, take them into your confidence, do not say we are going to do it, how are you going do do it. when are you going to do? with what are you going to do it? >>neil: do you think we are better off now than four years ago, that is the popular question? >>guest: well, that is a trick answer too, because if you said, no, well, wait a minute. you are not a war. you are bringing troops hope from afghanistan, at least you have a health care plan on the table. bottom line is, the american people, if john dough -- john doe is the guy that carried the load each day, is he better off? that is why many people who are saying in the polls i have been reading, they are saying they do not see it and if it will happen, it hasn't happened yet. that is the challenge that the democrats is. that is the challenge that republicans have. for the officeholders to say,
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re-elect us, they have to show what the last four years have brought, and what they might bring if there is a re-election. >>neil: has the president ever reached out to you, poster comments, either on joe biden or the push you were fearful, and i don't want to take words out of place, that the party moved too far to a left and moderating approach could be the better way to go? do you hear from the president on that? >>guest: i have not talked with the president since he was here in richmond some short while ago. i have talked with people in his office. and people in his campaign, rather. we have a mutual respect for each other. they understand that my objective is the same that has always been what's right and what's best. if we can get do that, let's do it. it has nothing to do with party or nothing to do with
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affiliation. i'm concerned, very much concerned, with where we going to be not just in november, where will we be in the next four years and, even beyond that period of time, when you deal with youngsters as i do on a regular basis, i serve on the board of howard university, i likewise, as you know, in the martha vineyard commonwealth, the students have difficulty with the laws because of constraints put forth. even when they graduate, neil, they are not able to get jobs. >>neil: that is a tough one. a tough one. >>guest: they are smart kids. i know people who have two and three degrees and they cannot get a job. so, it goes back do your point. of the jobs, the economy; jobs, the economy. that is the issue. >>neil: it should be bipartisan rant. governor, always a pleasure. there are big business types,
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>> if you have a business, you didn't build that. someone else made that happen. >>neil: how many times did you hear that quote from the president again and again last week in tampa when republicans
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conveneed? the key people say that is taken out of context and that is not what the president meant. robert johnson, b.e.t. founder, but that is the case, the president wasn't taking a rap against entrepreneurs like you? >>guest: no, it was completely taken out of context. what the president was saying and most business men and women understand, we live in a pre-market regulated economy, where government plays a role. what the president was simply saying, there are projects that the government must undertake to create the environment for business to flourish. when he was saying "you didn't build that," he implies there are surgeon infrastructure things --. >>neil: no doubt but that is one of the off the cuff comments but the part that was part of script worried me, where i think he did say this, we can respectfully disagree, but this is right before the remark on
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who is responsible for their own success in this country, from the president that same day. >> if you have been successful, you didn't get there on their own. you didn't get there on their own. i'm struck by people who think, well, it must because i was so smart. a lot of smart people are out there. it must be because i worked harder than everyone else. there are a whole bunch of hard working people out there. >>neil: immediately, a lot of entrepreneurs on this show, democrat and republican say, wait, and i did work harder than a lost other folks, and you did it differently, and some openings that others didn't, and they sensed from the president, a dismissiveness about what they did. >>guest: if the president had a chance to recalibrate that statement, he would say it
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differently because i know as an entrepreneur --. >>neil: you do not thing he revealed his inner soul? >>guest: not. >>neil: do you think he regretted saying that? >>guest: i cannot read his mind but i know that the president encourages entrepreneurship and he believes that people work hard and those people would work hard ought to get ahead. they ought to be able to enjoy the fruits of their labor. what he was saying we should not be arrogant if a sense about our success because we recognize that some of this started when other people laid a certain amount of foundation. >>neil: but the infrastructure was provided, in doubt, but the rap against this president, is from small business surveys, you hear this, fortune 500 c.e.o.'s who sense, fairly or not, he doesn't like them, he just doesn't like them. >>guest: i think the president could go a little further in a
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deeper outreach understanding the fears and concerns of business people. every business person i have talked to said the first signal the president could still send is an embracing of simpson-bowles or some form of simpson-bowles. but he hasn't. if the president were to say that i understand there is shared sacrifice, not just rich or middle class, everyone has to be in the pool on this one, so, if he were to say we will focus on entitlement restraint and entitlement reform, we will focus on tax reform, we will take the focus on a softer approach to regulation. >>neil: but he has not done that. i guess hope springs eternal but is this a last opportunity? coming on a day where we have reaped $16 trillion in the hole. >>guest: we have 63 days before the election. we have a major campaign speech coming up where the president will focus on that. as far as the debt, i think the
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debt, governor wilder said, there is enough blame do go around. >>neil: but it is not good to happen under your watch. >>guest: no, but business people do not look in the rear view mirror, they look forward. >>neil: they do not have a lot to look forward to because they are not spending. >>guest: they will not. >>neil: what does it take to spend? >>guest: a sense of confidence in leadership, whether it is from the republican party, the democrat party, romney or obama, but someone has to say, we know what it takes to get you confident to spend and invest and increase inventory and to hire people. no one is saying that. my feeling is this: as an entrepreneur, government does not create jobs, government creates an environment for entrepreneurs and business men and women. >>neil: have you mentioned that to the president? >>guest: the president understands exactly where i come from. >>neil: with african-americans, he got 96 percent of the vote last time. you are confident he will do as well this go around?
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with 14 percent plus unemployment how can that be? >>guest: he will get more than 90 percent plus of the african-american vote and he is deeply concerned about the unemployment. >>neil: but you are still loyal? >>guest: he reflects as operations of generals of african-americans. >>neil: what about their as operations? >>guest: we will give the president a second shot and a second chance. >>neil: thank you very much. joe biden has been making news, including osama bin laden is now gone, and it is an issue that a former homeland security secretary is not quite right on either front. tom ridge, after this.
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general motors is a like. osama bin laden is dead. and general motors is alive. osama bin laden is dead. general motors is alive. >>neil: say what you will of the vice president he can whip up a crowd. he was doing that today to say that is the signature achieve the of the administration. world class terrorist is gone. a world class company is back. tom ridge, the former homeland security secretary, our nation's first, the former pennsylvania governor, as well, and what do you make of that? that is the best of all worlds and president obama and this ticket take a bow. >>guest: well, i had to chuckle the at vice president's choice of words. i would probably need a slightly different bumper sticker but i will use his words. let's say that the job market is dead, the housing market is dead, and for 23 million unemployed americans, the american dream is not dead, it is expiring.
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by the way, what is alive? the deficit is alive from $10.6 trillion to $16 trillion. the iranian nuclear program is alive and well and our depends on foreign file -- fuel is alive. so he chose the words carefully and i think the real truth if you look in the rear view mirror it need as bigger bumper sticker. >>neil: but it is interesting, from the people i have talked to on the floor here, this whole terrorist thing and the fact that this president has taken out a lost bad guys, it is something they really want to push and reimmediate americans that post 9/11 we have more than followed up on the bush crackdown. what do you think of that? >>guest: well, i always give credit where credit is due. and osama bin laden is dead. that's a fact. there is also the fact that the infrastructure involving thousands and thousands of intelligence, law enforcement,
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and military personnel and their ability to collaborate began under the previous administration. i also think the fact that iran remains the most significant exporter of terror behind the atrocities in syria, continuing to support the hezbollah and hamas, the democrats do not want to mention that. and giving credit where credit is due, in terms of decisiveness and decisionmaking look at the decisions where he has either not been decisive or close to kick the can down the road. simpson-bowles, wait four years. deal with iran. wait four years. tell our good friend putin, wait four years. how about the pipeline to answer our energy capability? wait four years. so, decisive based on an infrastructure he inherited, and i give him credit for saying "go," about i don't think it is terribly difficult if you have 75 percent chance of getting osama bin laden, we want a
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decisive president would will make big, tough decisions and not worry about the next election in the process of making them, and if that regard he does not get "incomplete," he gets "failed." >>neil: thank you. this is the scene on the floor, administration more and more delegates gather here. it is sort of like, one thing to rain on the wedding day or week, that is analogous of the convention but you another to get distressing news at the same time. how do they channel it -- handle it down there? back at the charlotte convention hall. you may notice something that is missing here. i don't want to give it away but go ahead. do you notice something? do you notice something missing? the debt clock. the doubt clock. no debt clock. no remainder that, today, across a milestone, once thought
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unthinkable, $16 trillion. but we as a nation collectively owe. but, in this convention center, not a peep. hey. hey eddie. i brought your stuff. you don't have to do this. yes i do. i want you to keep this. it'd be weird. take care. you too. [ sighs ] so how did it go? he's upset. [ male announcer ] spend less time at gas stations. with best in class fuel economy. it's our most innovative altima ever. ♪
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>>neil: so, it comes down to the bounce you get from a convention much what do you expect? >>guest: if you are not the incumbent you usually get 5 percent bounce. it does not look like romney is getting that much of the other thing that is strange is how compacted the two conventions are. no one who has done this before think we may have seen a bounce because they are so close, they will cancel each other out. romney is getting one but obama bounce will come, there are just not that many undecided out there to bounce.
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>>neil: that was joe trippi earlier today saying the conventions could both be a wash given the proximity to each other. the chief white house correspondent, ed henry is on the store s that what the white house is fearing, thinking, maybe, hoping that when all is said and done we are back do where we were before the convention. >>guest: well, certainly. they feel inside the obama camp in chicago when you talk to them, there does not appear to be a bounce for mitt romney. necessity do not feel pressure that the president needs to come and get 10-point bounce. the race is 50-50 after mitt romney having his wife introduce him and paul ryan getting out there and romney giving his big speech. the president was making thrown off force a little bit when an interview came out with a local colorado station where he said that he would grade himself with an incomplete to where he was with the economy and paul ryan jumped on that immediately and said how could you say
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"incomplete," after fur four years. in a campaign rally today in virginia, the president was saying that he feels mitt romney gave him an opportunity but not lay out a lot of specifics of his own economic plan. last week in tampa, the president is planning to lay out his economic plan here. >>neil: i don't know, although they must have been ready for this, ready for the debt figures, its marches on and marches over $16 trillion. i mentioned earlier, the republican would have salivated for this moment last week but a few of them are happy it is happening under democrats, and under their convention this week. >>reporter: on the republican side though probably wished more that the book ending this convention in an interesting way. the convention starts with the debt clock reaching $16
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trillion. how might it end? the president has that big speech i mentioned on thursday united, what happens on florida? the next jobs report f that is bad and we do not know what it will be, but if it is bad, that is a terrible book end. if it starts out with the debt reaching $16 trillion and another difficult jobs report on friday, that would be bad fuzz for the president. >>neil: indeed. ed, thank you very much. well hear a lot more from that young man at the convention. the convention will kickoff in four minutes w we there when it does. after this. while a body in motion tends to stay in motion. staying active can actually ease arthritis sympto. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief
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visit celebrex.com and ask your doctor about celebrex. would you mind if to be i go ahead of you?omer. instead we had someone go ahead of him and wifty thousand dollars. congratulations you are our one millionth customer. people don't li to miss out on money that should have been theirs. that's why at ally we have the raise your rate 2-year cd. you can get a one-time rate increase if our two-year rate goes up. if your bank mes you miss out, you need an ally. ally bank. no nonsense. just people sense. >> neil: all right, this is the scene on the floor of the charlotte democratic convention center. if these folks are distressed by the latest news we piled on another milestone in debt, $16 trillion in the last hour, they don't seem to be too upset about it or they're just shrugging their shoulders
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about it and moving on from it. but it happened within the last hour. we crossed a major milestone, one thought unthinkable. off money to cost the interest costs on that in the city of $240 billion a year. the national visa bill where we pay that and finance charges 689 again, a lot of folks aren't perplexed about that. if they are, they are saying bipartisan blame. on that they are right. but the lion's share of this did accumulate under president obama. he had explaining to do. he and his surrogates that are minneapolis away from kicking off the convention, response to what they say were republican lies and mischaracterizations last week in tampa. we will explore this on fox business network because if it's important to you, we mean business. we don't talk about it. we go all night covering it. we're doing the same here, fair and balanced with the democrats, michael dukakis,

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