
BLOOMBERG'S PETER COOK: We are joined by Congressman Chris Van Hollen, who is the top Democrat out of the Budget Committee. You were there at the Peterson Foundation event yesterday. Maybe you saw the Speaker's comments. Your reaction to the ultimatum he has put down? CONGRESSMAN CHRIS VAN HOLLEN: Well it is a very reckless step to take, a very reckless step for our economy. There is no dispute that we need to reduce our long-term deficits. The issue is how. Republicans have rejected the balanced approach that every bipartisan group has proposed, and now the Speaker of the House is out there again creating a self- inflicted wound on the economy. This is a manufactured crisis just like it was last August, but it is not harmless. It creates greater uncertainty in the marketplace and hurts the economy, and so those kinds of reckless statements should be simply out of bounds. To suggest that the United States is not going to pay its bills, to threaten that we will not abide by the full faith and credit of the United States is not fiscally responsible. It is fiscally reckless and irresponsible. I would also point out -- COOK: Let me ask you this -- there are certainly some viewers who might look at what John Boehner is talking about, sees the size of the federal deficit, and say, is it unreasonable to match spending cuts with an increase in the debt ceiling. What is wrong with the Boehner principle in principle? VAN HOLLEN: There are two issues. Number one, they have rejected <b>...</b>
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