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Sen. Crapo on the Debt Negotiations, ‘Gang of Six’

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    Sen. Mike Crapo, (R-Idaho), on efforts to reach a deal on the debt ceiling.

  • Duration 4:20
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Let's test but a microphone joins it nonetheless -- -- -- a lot of Republican on where this stands right now.

Assuming senator very good to have you to do and I'm not a devious but senator my.

Is it your sense -- that.

If this goes nowhere I mean let's say the house.

Obviously approves of but but -- Harry Reid is said it it's not going anywhere -- one.

Well it is true that it'll come over from the house tonight I'm confident of that and senator Reid has said that He will immediately cable so we may have a vote in the senate tonight that quickly.

No He table something -- example I was that's right it's a vote it's about 5050 to 51 vote monetize -- -- -- procedure.

-- works through a but the thing that's important to note there is that even if it's table that doesn't mean that it can't be brought back off the table as a vehicle for a solution later science from the it's important to note that that is the procedural mechanism being used.

All right without getting into the nitty gritty senator.

And we'll talk about the rules in Europe find a best body of the senate and thirty days leading rules and all the rest that go beyond thirty -- That go beyond my comprehension.

Is it your sense.

That we will have a deal on Tuesday or -- not.

Well I believe we will not but I could tell you what I think it will be right now that the reason I say that is because we simply have to.

If we don't we have to give some kind of a short extension because we cannot allow the kind of consequences in our market that would happen if we.

Hello I have heard talked about -- short extension candidate but I guess that means.

You're you're extended something in the hope that you're very close that's or something it at more permanent put -- -- -- How it you know behind the scenes that is what's going on.

Well actually -- in fact nobody wants to do a short extension on either side and I think we are still all pushing really hard to get something put together.

Before Tuesday and get it put through both houses and I really the the conflict right so do you think that -- -- if we get to that point.

It would be done on Tuesday it would be that late it could be that -- I hope not right but I'm not -- predict how closely we will get to that.

Now I had senator Mark Warner here earlier on Fox News sellers and so there senator -- -- He thinks that you don't make that Tuesday deadline you are in default.

But technically you're not unless you don't make good on the government obligations but what He said.

The first -- I don't think default is the right word because we will not default on our debt.

And even if we missed that did that ceiling increase we have the revenue coming in to meet our debt and we will honor.

But we will face all kinds of problems in terms of very critical obligations that we have outside the bond market.

That will ultimately Begin to cause huge problems in the world marketplace and in the view that people have of the good faith and credit of the United States is.

You don't think that's even an option or consideration we just talked to treasuries talked about -- -- -- lands.

What what of that yeah I've seen a lot of contingency plans I've seen not just from the treasury but from other sources people looking at how could you do this.

There is no good way because we don't have a there is a way but there is aware is a -- institutes -- pay.

The immediate more pressing bills that's true we would I -- -- use our security Medicare recipients actually that can be done in the then it gets really ugly after that and there's a lot of obligations of our government that we're gonna -- serious.

Problems if we don't meet them so.

We can go for a little while in that kind of a fashion but not very long and I don't think anybody on either side wants to get there you have it regrets being in this -- -- -- -- -- -- You risk party -- by.

By being open system revenue enhancements.

But have you article tax increases -- -- enemies.

You end up finding a middle ground trying to get us away from this very they would face.

It is a think it's test facility is thankless and you're right that they we announced that we were doing the knives came out -- right -- -- and it hasn't stopped.

But the reality is that this is where we are going to have to end up as a country.

We've got to not only deal with our debt ceiling problem we -- -- of our debt crisis.

And in that context we have to deal not only with spending.

But with growing the economy and and putting together a growth package for our nation and that's what the gang of -- plan does we will be working on that and basically doing what we have proposed in one way or another at some point.

Department senator thank you very much I think it was one writer who have the one of the few adults in the room up on very good having exit they were very.

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