Uploaded by democracynow on 28 Jul 2011 DemocracyNow.org - Republicans have agreed to a vote today on a budget plan they say will cut the deficit $917 billion over 10 years. The move sets the stage for showdown against unified Democratic opposition in the Senate and threats of a White House veto. To discuss the debt talks and economic austerity worldwide, Democracy Now! interviews Richard Wolff, Emeritus Professor of Economics at University of Massachusetts-Amherst, and author of several books including, "Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It." Watch Part 2 of 2: http://youtu.be/MLXDNwUk-So "This is political theater in which two parties are posturing for the election coming next year," says Wolff. "To put it in perspective, the number of times the government has raised the debt ceiling since 1940? Ninety, almost twice a year. This is a normal, automatic procedure. Every president, Republican and Democrat, has asked for it."