Meet the Press | October 06, 2013
>> very quickly before i let you go. as you well know, there is a debt ceiling vote on the horizon. will republicans let this country go into default?
>> i think it's irresponsible of the president and his men to even talk about default. there is no reason for us to default. we bring in $250 billion in taxes every month, our interest payment is 20 billion. tell me why we would ever default. we have legislation called the full faith and credit act and it tells the president, you must pay the interest on the debt. so this is a game. this is kind of like closing the world war ii memorial . they all get out on tv and they say, we're going to default. they're the ones scaring the marketplace. we should never default.
>> let's say you pay the interest on the debt and you don't have a technical default. wouldn't be there mathere be dramatic consequences on the economy, anyway, the spirit of it?
>> in 2011 , our credit was down downrated, but the reason they said was we had too much debt so they downgraded us. it's about the debt we're accumulating. it's not so much these deadlines the market is worrying about, the market is also worried about our $17 trillion debt and we're not acting fiscally responsible and we're spending more money than we're bringing in.