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credit rating agencies are supposed to rate your ability to pay the interest on the debt you have. we have around 29 billion dollar interest payment, per month. we take in as a country 175 to 200 billion dollars, per month. which means we will always be able to pay the debt down. we ve just announced we are going to increase the debt by for self trend trillion and interest rates seven trillion i m saying our ability to pay our debt is sound and in intact. we have to get our debt down p no doubt. head of the s&p who i spoke to today said off camera, granted but he did say if we had some sort of balanced budget amendment to the contusion where were weren t adding to the debt we wouldn t have been downgraded this isn t a partisan statement. this is the s&p trying to flex a little muscle. s&p has all kinds of ....
mark: even when you start arguing about this two trillion and that two trillion these are crazy numbers to be arguing. in the end, bob isn t it easier to make president downgrade stick than tea party downgrade? good segue, i like that. we don t have a downgrade. i was a downgrade by a fraudulent organize called standard & poor s that gave a aaa rating to mortgage backed securities which took us too the great recession. why we pay attention to these fools, i don t know who is responsible this is not just something unobama s watch. the tea party may have brought it to forefriend to the edge of the cliff to the forefront to the edge of the cliff because of these people. there was a plan worked out between obama and boehner. they took it back to the tea party and boehner couldn t get any tax increases. i d say i wouldn t call it ....
Remember this? is there a risk that the united states could lose its aaa credit rating, yes or no? no risk of that. so standard & poor s is wrong, the united states will keep its aaa credit rating? absolutely. mark: got to love geithner s crystal ball. joining me with reaction to this south carolina senator jim demint. senator, there is something unbecoming about this? the first downgrade of the united states in 94 years. instead it is all about very unpersuasive political spin blaming it on a bunch of tea party guys. it seems mark, that everyone who disagrees with the president is a member of the tea party now. you know and you ve been predicting these kinds of things for years. over 70% of americans think we need to balance our budget. that s no small tea party group. that is a lot of common sense americans who understand that ....
We raised the debt limit dozens and dozens of times. force the first time we are going to have more spending cuts for the amount we raised the debt limit. i think republicans and democrats are running a little scared going into next year. i think america has woken up to this huge debt crisis we have looming over our heads. the tea party guys are activists in the country. sometimes people might not like everything they say. they are responsible for the clarion call. it is absurd. the fact of the matter this is the standard & poor s political downgrade in my opinion. i don t think the white house is happy. i don t think republicans are happy. i don t think anybody is happy with this downgrade. i think standard & poor s overreached on this given there s question about the numbers being shady. white house says there was two trillion they didn t look at many to call it a tea party downgrade i m not sure it works. ....
Dozens and dozens of times. force the first time we are going to have more spending cuts for the amount we raised the debt limit. i think republicans and democrats are running a little scared going into next year. i think america has woken up to this huge debt crisis we have looming over our heads. the tea party guys are activists in the country. sometimes people might not like everything they say. they are responsible for the clarion call. it is absurd. the fact of the matter this is the standard & poor s political downgrade in my opinion. i don t think the white house is happy. i don t think republicans are happy. i don t think anybody is happy with this downgrade. i think standard & poor s overreached on this given there s question about the numbers being shady. white house says there was two trillion they didn t look at many to call it a tea party downgrade i m not sure it works. ....