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Finance justice still weighing whether or not to support the Boehner plan should it pass the house but He is a definite no longer read plan.
Joining us now from Capitol Hill.
Senator Richard Shelby Republican of Alabama also ranking member of the senate committee on banking housing and urban affairs good to have you with -- senator.
Thank you -- this.
We're hearing discussion Ed Henry -- White House correspondent.
Our chief White House correspondent reporting that there is a plan C in the works have you have you been given any knowledge of that.
Boehner -- so forth and we have to believe there is a back up plan but I haven't seen it.
I don't know if it's just a temporary.
Deal to get -- past couple of months of life.
But I'll tell you what.
If you look at the debt this country has as we have we keep talking around fourteen trillion dollars and you look at what we're doing is certainly not.
Enough and I've asked that question before if we're not don't really do serious.
Work on them.
We and and and if we don't pay you now will pay later.
And if we kick this can down the road two years or three years they -- don't get bigger and bigger.
Well that is precisely what the president walked to He wants what -- the increase in the debt ceiling as you know.
To be sufficient to bridge through until after the elections of 2012.
Conveniently avoiding any accountability for either party before the American people in November 2012.
-- you're absolutely right it's about politics.
But it ought to be about economics now.
Because anybody that his looked at these.
Mandates -- we have the entitlement.
Ralph there were own now is unsustainable.
We're headed to financial destruction just like Greece is like Ireland and Portugal and others.
Well I think you know I -- I -- going to be -- some quotes from -- From 2000 years -- is He -- counsel to -- -- two -- -- Suggesting that they balance their budgets and that they withdraw there foreign the shipments of their -- their money to foreign lands.
Or face bankruptcy I mean you could have been talking about.
It's amazing how and what is so obvious to the American people seems to resist comprehension buyer elected officials.
Well it takes -- rose well as may -- may be a lot of these methods has come under fire from time to time.
That have -- had some keen observation I -- mine.
And what went on 2000 years ago as going on today the bottom line is we cannot spend our -- Into prosperity.
We've -- off the national credit card and that believes view it is coming do more and more -- half the year Lou is.
I believe will work out something up here but I hope -- substantive if it's not we have cheated ourselves and achieve the American people.
I gotta be gone through senator I'm start to worry that it will be substantive.
And -- by that I mean this.
We're looking at a fourteen as you point out fourteen point six trillion dollars in debt.
We've got Republicans and Democrats alike describing what you're doing is cutting spending when what it is doing is in in both plans Boehner and read.
Is reducing the rate of spending and in one heartily that.
I mean we're living in a fictional world.
That is brought to us by.
Washington DC productions.
I'll tell you live you can't run a -- not -- miles an hour.
Into barricade and our head headed toward barricaded say well I'm -- slow it down to sixty and not get their piece down the same road.
You're gonna get there we're still on the same road whatever we do.
Today here next week.
The ratings agencies the markets how concerned are you about what is going to transpire.
In this country tomorrow.
And the days that.
Li I believe there will be some temporary resolution of this I don't believe we've got a long range plan.
That will really change the spending habits in my slowing down some but we gotta change and and we've got people to think about.
How we balance this budget and how we pay the -- out that's don't be the question down the road.
Senator Richard Shelby thanks for being here we are -- --
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