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Rep. Phil Gingrey, (R-Ga.), on the downgrade of the U.S. credit rating and whether there will be another downgrade in the near future.
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And 82.
Congressman Phil Gingrich from Georgia joins us right now don't argue that it was a busy day on the we've got to excellent.
-- now look S&P says.
We don't have America does not have the political will to tackle the debt specifically entitlement programs use -- -- politician.
Have you got a political will to tackle entitlement.
Programs.
Absolutely absolutely Stuart that and they Iraq.
In four Tim Geithner and indeed the president United States to.
Not try to kill the messenger because it -- like the message and bye -- what was his quote they don't understand the math -- goes into the calculating the federal budget I don't believe He does either.
So.
This puts but with Moody's has come out today and said we too may downgrade you if you don't get your desk and Puerto.
Standard and -- is repeats that within six maybe 24 months you will be downgraded again if you don't get your debt in order.
This would seem to put enormous pressure -- On that -- -- congressional committee.
That's going to be meeting probably in late September and into early October to come up with a real -- on entitlements do you think they can do it.
Well out I don't know I hope so I want to wait and see who the twelve bar.
But but you know even that Stewart.
One point at the -- -- one point fab million and He outbid in -- -- I'll finally -- level right at one point five trillion even with the that all revenue the right users.
That's that's still up that you know what I think and the reason I've voted no.
All in all of that control act of dog point eleven.
Was we need cut -- -- balance we need to cut.
We need to cap spending and we need a balanced budget amendment you know should have we could combat that have a good -- -- here in Georgia Bruce cook.
Who has a well -- an idea and it was introduced back represented Connie Mack from Florida.
The ones that budget reduction act of -- eleven -- if it's reducing.
1% a year over the next six years.
And and then 18%.
Spending as a percentage of GDP.
It's -- something like seven trillion dollars over that period of -- It and it reduces the debt about three and a half at this trillion dollars at it this week and then that -- be balanced budget.
At this point -- a sell off in the markets and a downgrade on our hands.
Yet -- not likely to get the penny planned from Connie Mack or anybody else I mean.
Pat let me ask you that how do you feel about being done labeled that the Tea Party downgrade David Axelrod -- the teapot to people like I don't know nasty body dialogue but you voted no on the debt deal how do you feel about its.
Well I am a -- party guy and I'm part of you part caucus.
They're great people and by goodness of their brought positions table taxed enough already.
Are in and cut this spending.
And and David Axelrod which really struggling to make any kind of sense at all yesterday if you haven't watched Sunday morning -- -- -- you did.
He had -- will make -- excuses and blaming John Kerry the same thing.
Look you know if that they have had their way we -- to raise the debt ceiling 2.4 trillion dollars with absolutely.
No cut in spending.
None whatsoever that's what they wanted to do all at first blush and then after that of course it was well OK well we'll cut spending but we want it.
Ballots with tax cuts what you don't cut taxes when nineteen million people are out of work -- you -- -- -- point 2% unemployment and and GDP growth of what one point 9% got a congressman -- I'm sorry -- you know how it is these days with this market doing what I -- -- -- -- -- -- I'll I'll repeat.
Come with some children are always a pleasure thanks so much for joining us we appreciate it thank you.
