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Sen. John Campbell, (R-Calif.), on the need to focus on the country’s long-term spending problems.
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For the -- I'm not surprised we could still -- -- frankly I'm surprised its has already -- California Republican congress and John Campbell says AAA rated countries simply don't behave this way so up.
Again god is -- do -- -- in my point I'm surprised that already happened I think it's still well what do you think.
Yeah I know on -- alive I just you know there's all this talk that if we get into a big.
Fight here over trying to reduce entitlements over trying to make a long term solution to this problem.
That -- some of these ratings season they cut our our credit rating at that point.
If that's what they're doing I think they've got it completely backwards.
What they should be doing is they should be looking at reducing our credit rating if we don't.
And significantly if we don't.
Make some significant change in the long term problem.
Otherwise we're gonna surpass Italy we're gonna surpass -- -- as -- -- what we're gonna surpassed Greece will surpass that Spain will surpass Japan.
In terms of our debt to GDP ratio.
That's what they should be talking about not just about this this this fight we're gonna have over the fiscal -- what -- you -- -- of this going to look like.
You know what worries you when I look at developments like this congress -- it is that we build a great -- expectation on the process.
It's the underlying spending that leads to -- did disrupted process that's the problem.
And now I'm worried that that won't be addressed that for fear of not ticking off the ditches and then Moody's in the has some days.
Are you guys will keep probably together have to -- deals.
That's right and and that's frankly.
Not just from Fitch but I would argue from Wall Street deal is the message that's coming to congress its.
Alone don't rock the -- here don't do anything that might it you know cause some disruption don't actually.
Trying fixable problem because gosh if you do that next quarter's earnings might be reduced you know there might be a problem over the next thirty days.
Forget next quarter forget the next thirty days aren't worried about the next thirty -- and what I'm just say congress -- and you would really be willing.
To rest.
Not raising the debt ceiling producing a partial government shut.
-- to make that point.
Absolutely.
Absolutely I would much rather bring on a controlled problem.
Right now that perhaps could lead us to a solution.
For the greater problem if we don't do this -- And I think you know this we will have a debt collapse at some point in the future.
He will be at a time not of -- choosing it will be under control and uncontrollable and we won't be able to fix it.
If if in order to convince this president.
That we need to reduce entitlement spending we need to reform entitlements and fix the long term problem now.
We have to go over this new clip if you will.
If for the partial government shut down.
All take that.
But in order because we will prevent a bigger less controllable problem -- you will you also be willing to take the blame however unfairly it might be what level.
-- producing the government -- -- that it's on Republicans.
That we have this financial planner.
I hope what people would recognize and what people would realize is that we cannot continue with trillion dollar deficits period.
The country will go into a debt collapse we will have.
Problems like Greece like Spain like Japan if this is not conjecture anymore.
You can -- other countries that have had this -- we know they're different solutions are different not solutions different consequences but they're all bad.
And so we know that will happen what we are trying to do is prevent that that's the responsible thing to do to think long term to try and prevent it.
That's what I hope people will understand if we if we have to get that far into -- that debate all right congress and thank you very much.
OK -- thank you --
