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>> shannon: we talk about this. i know you use the word "manufacturered" but many people, including the president and treasury secretary tim geithner referring to this as a serious economic process or crisis. is it semantics? do you take issue with them say that? >> all we needed to do was have a clean vote on the debt ceiling. tarp came, i voted against tarp. they didn't say you had to have all the financial reforms in place before the government antied up $700 million to wall street. they made tarp funds available to wall street. i didn't vote for it. but what we're trying to do is to pour y...

Refers to the term authorized by law, as authorized by law, that's referencing congress' power, pursuant to article 1 section 8 clause 2 of the constitution. to incur debt in the name of the united states. what's that's been authorized, it has to be honored. what that actually says is we may not default. it would be unconstitutional for the treasury secretary to allow a default. fortunately, we don't have to default and that's why it's irresponsible for the treasury secretary to suggest otherwise. we have got $200 billion a month coming in the door. less than 10% of that covers our debt servic...

Economic process or crisis. is it semantics? do you take issue with them say that? >> all we needed to do was have a clean vote on the debt ceiling. tarp came, i voted against tarp. they didn't say you had to have all the financial reforms in place before the government antied up $700 million to wall street. they made tarp funds available to wall street. i didn't vote for it. but what we're trying to do is to pour years and years of fiscal angst in a few moments to see if we can come up with the solution to be able to -- raise debt ceiling contingent on that. that is a bad way to operate a cou...