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He worked on the Simpson Bowles plan to cut spending and President Obama appointed him to the commission on fiscal responsibility and reform because of his strength in the business world.
Their proposal was presented to you may remember back in December 9 months later and six days until the debt deadline.
The debate rages on joining us now in a Fox Business exclusive is David -- chairman and CEO of Honeywell.
We were last together June 28 and now we're talking about this can you believe that we still don't have what we need to make sure that this debt ceiling -- raised.
It's actually pretty sad right because we already had the uncertainty it to -- and -- -- com pounding -- with the uncertainty regulation now throwing on top of it uncertainty of government financing.
All by a group of people who talk about the significance of job creation their focus on jobs how they gonna create jobs.
And this is the biggest thing they could possibly do and we can't get out of our own way it's really it's an.
Well it's all think He held up by the belief that this should be a ticket.
Two more fiscal austerity in this government and that we should stop spending so much him.
Is that -- and of itself certainly something of what we need to do but tripping -- sucked big time.
Well I'm -- never pretend to understand all the politics behind it but I would say they need four trillion dollars.
They need to come on -- -- -- -- right now neither plan there well there were two that president proposed fortunately in the gang of six proposed four trillion fiscal commission proposed four trillion you guys death at a minimum what's going to be needed -- -- -- four trillion I wouldn't be surprised if for five years now we have to do it again.
Because we're going to run into is the baby boomer generation is retiring.
It's gonna crush the system in Medicare Medicaid and Social Security.
And we just keep dancing around this like it's not really an issue and it is -- they've got to face into these big issues.
-- who also -- four trillion S&P and they will downgrade us if you don't hit certain metrics that would.
Make sure that the United States deserves its triple -- credit operator for that to okay how.
Our view as the CEO of a gigantic conglomerate preparing for the potential of -- AAA cut up cut her AAA rating.
Well we've got try to get -- with a lot of this by just getting our borrowing done over the past few years when rates have been very low.
You have to expect -- cause rates to go up generally -- everything gears off of government.
That's not a good trend at all we just try to get ahead of it to make sure that we've got our debt position.
Well is that what we're hearing is some companies -- but it's putting people on furlough some are selling their treasuries and shoring up liquidity on our balance sheets meaning cash.
Is there are a meeting that you guys and I'm sure right I mean you're you're responsible what -- after the country.
And the company certainly but that heavyset guys we need to make sure of this this in this because -- S&P downgrades we've got to be prepared.
Am I -- -- and I can't say we've done it that way but one of that we've always been pretty fiscally conservative so we've make sure we have a lot of cash which we do.
We make sure that we got a debt done while love times were very good.
And in general we've been very conservative when it comes to hiring just because you can't be -- And they said that He already had two uncertainties now you're throwing a third one in there that's not what it's not conducive to job creation if they wanna kill jobs this is a good way to do it.
-- Honeywell as number 26 on the largest federal contractors list.
Saying that there are priorities such as treasury issues and and paying back certain borrowers such as the Chinese.
And some things are gonna be left by the wayside albeit temporarily.
Are you prepare for that you know what you what -- won't get paid or that you won't get any more big infrastructure projects -- what.
I fully expect they will get paid -- not worried about that that the thing that's bothersome about.
Haven't had a triple A credit rating.
A perfect credit rating for over 200 years.
Tell let it go over something like this just because the guys that we've elected to lead can't lead candidate -- That's the part that's really distressing is how do you give that up.
Your friend whom you respect and have spoken about very glowingly on the show Timothy Geithner the Treasury Secretary -- August 2 was the deadline.
What -- -- UBS and maybe it slides but.
People are also wondering if He stays them.
All even if I had I wouldn't share look a lot yeah.
What you feel that he's he's correct on the August 2 date there.
I think it's a little tough to have predicted the one thing I do know that government can't He handled.
Is if you said hey it'll be somewhere between August 2 and -- -- that -- found out because they'll wait right till September 2 before they get so.
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