Economy Is Tenuous, Need Clarity From DC: AEP CEO

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Oct. 8 (Bloomberg) -- Nick Akins, CEO of American Electric Power, discusses the U.S. debt ceiling impasse and with Trish Regan and Adam Johnson on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Do you think congress will find a way to get this done soon , head of the deadline?

They absolutely have to.

It is unfathomable we have gotten to this point.

For those of us who are heavily capital intensive, we are very focused on debt and the cost of debt.

Really, from an operational perspective, we are seeing changes from the economy itself.

The economy -- industrial manufacturing -- would you blame washington?

I certainly would to a certain extent.

Having the consistency of government inconsistency from a financial standpoint and security of it makes sense for us because we are making investments every day and we need to have that clarity to do that.

Utilities like yours, as you just noted, fund operations with debt.

How do you plan given all the uncertainty in washington?

We have to be concerned about our ability to acquire debt and the cost of that debt.

When you look at decisions that have to be made -- this industry spends $90 billion a year.

We have to capitalize on a consistent basis.

You shorten the time arrives in, you make decisions from a risk and point, you are looking at that risk in the future.

You really have to think about those kinds of things.

What our lawmakers on capitol hill missing that you deal with daily?

The two sides have to feel like they are getting something.

What has to happen for washington to do operate in more of a businesslike fashion?

If both sides continue to be concerned about job creation and the economy, they have to think about the consistency of what they are doing.

If the foundation is in place for businesses to make decisions on a continual basis with some sense of certainty, absolutely make sense for us.

When you start these constant gyrations occurring -- i heard the previous speaker saying every year -- that's not a good outcome.

That's not a good outcome for the economy.

It's not a good outcome for our individual decisions about investments to be made.

Do you think there's an opportunity to get something bigger done here, i grand bargain, ahead of the debt ceiling?

You have the shutdown, the debt the link, a lot of entitlements -- the debt ceiling, a lot of entitlement reform that both sides agree needs to be dealt with.

Quick certainly we have to define a process for getting past all of these grand bargain -- erling we have to define a process for getting past all of these grand bargain issues.

We wind up in the precipice of some major event where we could've actually thought this out before hand.

It is absolutely critical the two parties get together and make decisions that are consistent for this country going forward and if they don't, it will be a lag on the economy and its continued recovery.

If you had the year of speaker boehner and harry reid, what would you tell them?

I would tell them for the sake of the country, get together and get together soon.

This notion of brinksmanship that is occurring -- certainly there are two ideological differences here.

We have all dealt from a commercial standpoint and business standpoint with people who have different thoughts about how subjects should come out.

I think they need to come together for the benefit of the entire country.

All right, nick akins, thank

This text has been automatically generated. It may not be 100% accurate.


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