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Well protesters and police aren't the only ones doing battle G-20 summit in London as President Obama and world leaders today -- -- -- Between G-20 members and reaching agreement on how to tackle this global economic crisis there's also well division between lawmakers in Washington.
And they do out over the -- -- of the president's more than three yes three and a half twelve million dollar budget proposal.
And of course the rescue of the financial and automotive industries our next guest has some harsh words for the president's budget and bailout of Detroit he joins me now.
Republican senator Richard Shelby of Alabama senator could he thank you list.
It appears -- -- At least in the first 24 hours for pet the president is not gaining the momentum he hope to achieve in terms of -- rallying the G-20 members to support a fiscal stimulus package.
In the order and magnitude of what we're talking about here in the United States does that jeopardize his ability to pass the kind of federal budget that he's talking about well.
-- he certainly doesn't help it.
What we're trying to do this is -- the budget process down we don't be voting later today.
In the Senate's own the first bit budget resolution.
It doesn't require his signature but it does make a lot of statements so to speak.
The real budget resolution will come later problem between -- -- may have some time.
I believe that the budget is is really out of control if we keep this up under the Obama.
Where -- donated nearly ten trillion dollars you know to the day.
Just like that we're gonna have.
I've been told about one point eight.
Deficit this year unprecedented.
As a matter of fact.
The Obama budget is it's been projected in a few years ahead.
We'll add more debt to this country then own the presidents from George Washington George -- To George W.
Bush that's kinda scary to say the -- so what's the right number.
Well there's no right number.
That that's a good question.
There's no right number but the lower the number the better we are.
We are in world economic recession right now a lot of our financial institutions are.
More than under attack.
Our currency right now he's got to be look looked at very closely by other nations in the world -- get and our bonds will have to be looked at very closely in our ability to pay in the future.
The more debt we have will hinder our ability to pay.
-- when you walked and I wouldn't talk briefly about Davos and I said the number -- one thing that concerned me walking out of the World Economic Forum just in January it was that.
There was a real sense that this economic stability is gonna lead to political instability.
I fear that we're we're being very myopic about what's going on here specifically in the United States which is of course.
Our mean purpose here.
What should we not be paying attention what's going on globally because things -- starting to -- Absolutely what happens in America affects what happens in China what happens in India what happens in Europe -- we're all interdependent world we think we are are not.
And I've always thought that the political instability will follow economic instability and we've seen those stages -- now.
-- what we need -- to get a real recovery going in this country.
And hope fit so we can lead the world -- that -- wrote any it will bring more political stability as people have more hope and opportunity.
You talk about the US dollar their countries like China at countries like Russia who talked about another reserve currency.
That's not topic of discussion for this G-20 but when this president arrives home.
What do you want him to -- accomplished in the international spotlight what does he need to do you.
Well I think I would likely to have a good conference there.
Be septic -- been our president just for.
A few months and he seems to be off to a good start as far -- Personally really accepted.
But I won't are a lot of our policies to be accepted because there's differences and some of the president's policies and some of them.
The things we as Republicans -- what specific policies do you want you to accomplish our attack well I think that.
He's he's got to.
Hope -- in -- in the -- -- and say look we're going to get our economic house in order here.
We we can't run the world we can't do the world we can influence the world.
If you will do this we reveal who will get this economy in the world -- in the next.
78 months to a year -- About twenty seconds here -- Timothy Geithner suggested yesterday that perhaps some banks -- may have to go just like Rick Wagoner did AT&T'S point that the last.
Make a lot of need to go I wish to have boards would have done it the these institutions have been failed.
They either failed or failing.
And we have a big stake in it but the boards -- -- do it we shouldn't do it but if the boards don't do it.
Somebody needs to -- -- -- Well senator Shelby as always want to thank you very I think new person I keep saying -- come and visit in the -- -- love being down here in DC I'm a fan ripped.
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