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Will Debt Ceiling Debacle Be Obama’s Undoing

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    Former Clinton Advisor Bernard Whitman on efforts to reach a deal on the debt ceiling.

  • Duration 6:15
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Delaware about two weeks away from that deadline and there is no deal on debt to report for -- this Monday morning we're not even close actually.

But now it seems more -- like this is my opinion we I think it's more likely.

That our credit rating will be downgraded no matter watched -- as a pretty strong statement on now is strong stuff but what -- thank.

I just can't imagine it happening under president Obama's watch that is a black eye on him and then basically throws the election if that ever does happen.

But -- -- -- right they're very wide divisions right now between the house of representatives and the Obama administration of course the house trying to get this cut -- bounced planned through.

And everyone knows pretty much is not gonna make it through the senate -- do you think the house passed any way to make a statement.

Well the rating agencies are looking for a long term plan.

There's no connection right now between spending and how we're going to control it going forward and even Anne Moody's coming out today with really harsh statement saying look.

You're not -- us that you have any ability to fund at the upcoming spending is -- -- -- that was Moody's today Moody's said today there's no long term plan no connection between spending and the ability to fund spending.

Sounds to me like a downgrade is -- that's why I'm saying a downgrade bucks more -- likely happen.

Well I don't know whether we allows them -- not but I you have regardless of whether there's a deal or not looks like a downgrade is going to happen again -- you could trust or not trust the rating agencies.

You can trust or not trust President Obama to get us out of it but look.

A downgrade looks likely.

'cause they botched the housing market so badly I think that they won't -- then don't go through with it although.

Seven months ago Moody's said they would downgrade Belgium didn't have in the go to the government's six months and that timeline is gone by.

But you know what I -- -- -- what Tracy I don't know that the president is so worried about this if you can pin the blame on the Republicans.

All right look I am saying very clearly about a downgrade of America's financial reputation looks more likely this Monday morning and I'm also deciding what it's all sudden -- It will be on this president's watch he opens this former Clinton pollster but not a Whitman -- cities Laphen.

-- -- Though I think it -- -- would be a disaster for the economy but I tell you Tracy.

You're absolutely wrong the American people have already spoken they would blame the house Republicans for this to Republicans to never resume over let -- And never resist ever reaching they swept into office -- 95 shut down the government were thrown out a few years later swept into office again and in 2010.

If this government does not raise the debt ceiling or they do -- -- these downgrades of debt they've Republicans will be punished they've already said.

It probably can't ever have a -- Yeah like 100 there's no it gonna volume of I want if you went kinda balances in it and politics exiting -- Democrat women on another.

And -- and it all of.

-- regardless of who gets the blame regardless of whether you complain the Republicans successfully on off my position is this.

-- downplayed looks very very likely okay.

And if it happens I think it's like it will happen it will be on president Obama's watch and he has to take some of the responsibility for what he passed it.

You know we need we need to parties actually come together they were nearly together with the 4000000004 trillion dollar grand plan I don't understand.

Why common -- cannot prevent north you know Tom -- can't wait to see what he's gonna say to worry when you've got 200 million dollars -- -- the present we have to raise the retirement age that we have to expensive than the others want we have got to accept spending cuts in we have a I think that -- tax increases that didn't.

There's a limit to this but are there is a limit to this you keep on throwing on the Republicans -- all Republicans thought I was sent you would go to the restaurant -- it is now they have to history but I want you to accept.

I want to see the president accept some responsibility for that I think the president actually does that's why don't and that -- why he just said no we don't -- -- -- -- -- -- -- think you've got you guys have got to come together and -- This out there on Friday when the president gave that press conference the very first question the very first question was what are you -- -- give us specifics.

On entitlement you keep hinting at this and he still fell to do it.

He has a step up and be the leader right now there's the time -- forget.

He you know it right now you know everybody read it kind of behind -- -- -- art of the -- the Republicans walked away you know why because Boehner couldn't delivered out of this conference and Boehner and McConnell.

The president of the Democratic Party because they are going to be in charge of the economy they're gonna have to come up with a trillion I'll -- -- -- -- -- And there you I'm still lower than we vote that's gonna that's gonna benefit him -- -- -- is gonna go back.

He's gonna keep raising that debt ceiling as we continue to -- spending and raise taxes where appropriate and that's been let me -- it.

It looks better understanding -- that's what we have to do the president's so called plan on cutting spending which has no specific think -- specifics in it whatsoever.

Is actually -- end loading.

Any kind of spending cuts yes you get -- cuts in spending 891012.

Years from now.

You get tax increases right up front that's a lousy plan eighty -- -- and will not accept that plan.

If that's the plan.

They don't accepted its downgrade it and as -- president's first 83% of that deal was spending cuts 17% or tax increases second do you and that went in -- -- -- helps us -- and -- you don't need I don't know -- just my last record 48 to 43 they are volatile anyway -- Republican I have to last when all the spending -- gonna -- I'll tell you.

891012.

Years down the road promises of a almost a death.

-- you don't forget it that -- -- -- and this other thing up to you know you the president talked a lot Friday about polls and I don't know what -- he was referring to senate next to me.

Should the president be leaning based on you know the well being of the good of the country or.

Based on polls that might show that he is less culpable in the eyes of the public no matter how horrible -- down the drain off again we've got to get real -- Mitch McConnell has said repeatedly.

John don't want -- president call -- an artist is why they present out.

-- there's a lot of pressure that is why right now he's got -- -- -- -- -- ridiculous conversation -- -- -- -- balanced -- -- that is not -- -- -- there.

Economists already -- on his head about what time it in place we would have gone into recession and then a depression we are I was hoping -- -- economy.

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