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Sen. Mike Johanns, (R-Neb.), on the potential Senate investigation of the S&P downgrade of the U.S. credit rating.
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Joining me now by phone senator might -- hands Republican from Nebraska now He sits on the senate banking committee.
Which is looking into S and -- decision to downgrade our national credit rating.
Welcome senator.
Thank you very get to be let you know.
So tell us why the -- is going to investigate this downgrade what they hope to accomplish.
Well I'd just point your name formal process that characterized it the level of committee here in Europe or even some kind of more rest of both.
But all ideas try to get an idea of just what the downgrade is well if -- great the great -- at almost.
Read why our political science and now -- -- In the Republicans get along with Democrats than.
You know you can -- from the last report based here how significant is this station -- I think we ever -- know what problem is that just what are they expect it about war really worth that the elements that brought up is that is that.
Senators are are you thinking they may even get them to reverse that decision.
I don't think look at Hungary -- that but I think that.
There can't be a thoughtful process here if it really is are -- -- -- they understand like.
Well we gotta trim five trillion dollars over the next two years that's very valuable information to -- out.
If on the other -- understand we just don't like the political climate well.
Political argument has -- are a -- country.
-- -- -- -- -- -- Wherever that very very important debate about the size scope of government in yeah that's going to -- -- -- But that's debate needs Brooke -- government has gotten their.
If there's there's.
It's actually much borrowing much spending that much.
And that the state needs to happen and that I'm comfortable that eight peak stress the if that's what they downgrade -- best.
-- -- -- -- -- While this is gonna ask you are you telling me that you don't think they're rating -- bear.
And and what are people saying in the halls in the senate I mean -- what's the mood the town we spent our entire day thinking about what's going on on Wall Street.
What's happening among traders.
But I am so curious about how legislators are reacting.
I look at it from this band find -- I don't wanna speak for her everybody's fitness -- -- But we have we have a European crisis going on no doubt about it that's where -- started you know it was priest months ago and fear that this might spread to Italy and other parts to the European Union were watching that -- -- literally as I speak.
That is that -- here and you have literally have an administration that -- locked step -- Financial reform Health Care Reform.
At a time when we desperately need job creation in you've got 4050.
Years.
-- economic Arctic Arctic -- -- at some point those policy he's become very very curious problematic.
Well if that's where they're coming from -- -- -- but it points -- need -- I understand that right.
But it inefficient about -- policy of Washington.
I'm not sure that standard -- border should be acting that father of scientists.
When it's -- it's an interesting point senator we thank you for bringing it to us thanks so much for calling and come back to the show any time --
