We Need Long-Term Debt-Limit Extension: Sen. Wyden

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Oct. 10 (Bloomberg) -- Sen. Ron Wyden (D-OR) comments on the U.S. debt ceiling negotiations. He speaks with Mark Crumpton on Bloomberg Television's "Bottom Line." (Source: Bloomberg)

What has been transpiring over the last hour or two?

We always have to listen to approaches for getting a path forward down by spending a lot of time in this and i'm trying to be bipartisan but you really cannot have negotiations when you have the american economy tied to the train tracks.

What's got to be done here is you need to get the government open and we need to show that we are responsible with respect to paying our bills.

What we learned this morning and the finance committee in the event of a default or a mere default is that the dominoes will fall fast and hard and i'm particularly concerned that those dominoes will fall on the back of a lot of our senior citizens and vulnerable people who saw their savings evaporate in the recession.

The earlier statement that you just had for your viewers, we will listen.

That is what you always have to do.

But this has really come down to some simple propositions.

You have to honor your financial responsibilities which means paying the bills.

You have to open the government.

When that is done, senator johnny isakson from george and i have some fresh ideas on medicare, something hugely important when you have 10,000 seniors retiring per day for the next several years.

You cannot get too serious discussions until you first open the government and you make sure you are protect the credit of the united states.

The irony is that we actually generate some reductions in the federal deficit as a result of this of what instrument -- blunt instrument but then you have defaults with higher borrowing costs.

Senator, the white house endorsed a shiport term deal with nothing attached.

He said president obama would support a short increase with "no partisan strings attached.

So what is your reaction to that development?

Personally, i believe it needs to be a long-term extension.

When you think about the predictability and uncertainty

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

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