Tom Keene Talks to David A. Stockman
Tom talks with David A. Stockman, director of the Office of Management and Budget under President Ronald Reagan, about the aftermath of the debt deal
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Can we handle being downgraded from AAA to AA+?
I have no confidence in S&P or Moody’s. Unfortunately, when you look at Republicans saying no tax increases when taxes account for only 15 percent of GDP, and when you look at Democrats saying no cuts to entitlements when government spending is 24 percent of GDP, that sounds like a banana republic, and we don’t deserve a high rating.
We’re going to have a super committee in Congress that is going to bring fiscal responsibility. Do you buy it?
I don’t buy it at all.