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Brit Hume on the Debt Negotiations

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    FNC senior political analyst Brit Hume on the negotiations over the debt ceiling.

  • Duration 5:21
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Or what turning to the debt negotiations.

The public fed up with Washington's inaction on the debt ceiling.

President Obama is seeing that frustration in the polls is well.

According to the latest Gallup poll 40% of those polled now disapprove of the president's.

Job performance this is the Gallup daily presidential tracking poll.

And that is up from 42% at the beginning of this month.

Joining us now for more on all of this Fox News senior political violence Brit Hume -- good to have you with us.

The president tonight let me ask you the same question that I that I ask -- -- -- and that is.

The purpose the political purpose of the president's speech tonight your judgment.

Well I think that the president was seeking to strike -- pose.

Throughout these last weeks or so when he's been involved in these debt talks as a leader and -- the adult in the room and the man who.

Would would get these these childlike could members of congress to come together.

And He failed to do that manifestly failed to do that and they went off on their own and and over the weekend they got pretty close to a deal which He apparently.

Succeeded in blowing up on Sunday night and -- may be an oversimplification but that's close.

So now they're working on its.

Separate bills will have to be in -- negotiated between them at some point.

But I think he's trying to get back in the game a little bit in and appear to have some role in all this is still looking like a potted plant.

Peter Barnes are reports that the president will not embrace but will not veto the Boehner plan while He will embrace the -- plan.

How do you how do you balance all of that up.

Well I think the -- plan is more to his liking.

Because it does what the Boehner plan does not do and I think the president's bottom line Lou.

Is a a debt ceiling increase whatever is attached to it.

That gets us past the next year's election I think that's most important him more important taxes which are important to him.

That's them that's the main thing that's why He likes to read plan.

And that's why don't like a better plan nearly as much and I think -- He won't threaten to Vito it because I think that that's.

Maybe more -- -- -- -- now but I He clearly prefer is a replay and in the replay is also.

-- on some of the spending cuts that they're not nearly as tough as -- as the ones that.

-- conflict and -- -- -- with our colleague Chris Wallace on fox FOX News Sunday.

-- Treasury Secretary Timothy Geithner acknowledging there is no plan for default.

Charles Gasparino here on Fox Business Network reporting now.

That the administration has been in private secret.

Discussions with banks and financial institutions telling -- to worry despite the political rhetoric.

That there will be no default whatsoever that your reaction.

Well I think there manifestly were not been a default this will be plenty of tax revenue that cover any.

Any debt obligations we have is -- might affect the banking system many.

You know any obligations related to treasury notes -- -- -- that sort of thing or savings bonds or whatever it is.

The funny money for -- patent -- money for a lot of us think this is just not enough money for everything.

And -- didn't really say on FOX News Sunday that there's no plan.

He just wouldn't say whether or what the plan -- and He was asked repeatedly by Chris Wallace what you know what are you gonna do now I think the responsible Treasury Secretary.

Would have tried to reassure the country -- -- but this particular Treasury Secretary.

Whatever -- He may have is and my judgment the most political.

Treasury Secretary that I've ever seen in my time and -- I would concur with -- in that judgment by the way and we've seen a few political war.

Our treasury secretary's over the years but He He has moved to the role of political advocate this appears working on my judgment.

For the political office of the White House.

-- and they push their influence to the ratings agencies themselves at least two of the three.

And Moody's at the forefront I think of -- could be considered.

Political statements that are political considerations being intertwined with their -- their judgment.

How would you if you will rate the ratings agency and all of this on the debt ceiling negotiations.

We've gotta love these rating agencies who slept through the development of the mortgage crisis.

They then slept through the enactment of this huge stimulus bill -- and swept through.

But they have an act of obamacare will only associated spending in the additions to that.

To the debt to that will entail then the president proposes a budget that does nothing about really have to speak -- about any of that independent ratings agencies did not repeat.

Then and then the president and then -- continuing resolution was.

Was sought with those spending cuts -- say about that than the debt ceiling increases -- the most spending cuts the -- agencies didn't notice that apparently now.

When something might actually be happening on of all things a debt ceiling increase which is to be a routine thing.

The rate credit agencies are now saying well if you don't really do a lot on spending on this thing we may -- may downgrade you don't you love them.

The my worry about the credit rating agency is rating agencies is that what will happen is we'll get some.

Bill with a big number attached to it that will turn out to be largely hollow.

In the credit credit rating agencies which have -- themselves easily supported -- in the past may get porn -- again I think.

They could provide some useful -- of the discipline of this process.

But my worry is -- in me and they want more Iraq -- thanks for being here Persia -- -- thank you.

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