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The '30s and '40s, really, and we know what they mean to people. when they fall back on that this year as they do with so many of the negotiations, as congressman scott said you don't reward them for doing the right thing by raising the debt ceiling. >> senator, i want to get your thoughts on another big story, the big nonshutdown story today, which is the nomination of janet yellen, take a listen to the president introducing her today in washington. >> and given the urgent economic challenges facing our nation, i urge the senate to confirm janet without delay. i am absolutely confident that s...

Urge the senate to confirm janet without delay. i am absolutely confident that she will be an exceptional chair of the federal reserve. i should add she will be the first woman to lead the fed in its 100-year history. >> you wrote a letter with a bunch of other senators praising her. how are you feeling today with the president making the announcement? >> feeling good, i think the president did the right thing. for a couple of things i circulated the letter. a third of the senate, 20 of the 30 senate democrats. she talks about the real economy. she is not sort of in an ivory tower, she thinks ...

Moving forward during the remainder of his tenure here. we'll have occasion for additional good-byes and i know that janet is very much counting on him to give some good advice to her as she moves into the chairman's spot. but with this, i would like to give janet a chance to say a few words. [ applause ] >> thank you, mr. president. i'm honored and humbled by the faith that you've placed in me. if confirmed by the senate, i pledge to do my utmost to keep that trust and meet the great responsibilities that congress has entrusted to the federal reserve. to promote maximum employment,

With high marks. the difficult thing for her, and i don't if this is a man or woman thing, she's got to get consensus -- no, she's got to let the people around the table believe she's got consensus while driving through with the policies she thinks are the best ones. bernanke has been good at that. he let's everybody speak from what i understand and sort of considers and rubs his beard a little bit then they get their say then kind of does what he wajts to do anyway. you can see it in the minutes, there's objections and he sails through them. janet will have to show she can do that. i don't kn...

As i've said the decision on who will succeed ben is one of the most important economic decisions i'll make as president, one of the most important appointments any president can make because the chair of the fed is one of the most important policy makers in the world. next chair will help guide our economy after i've left office. i've considered a lot of factors, foremost among them is an understanding of the dual mandate, sound monetary policy to make sure we keep inflation in check, but also, increasing employment, and creating jobs, which remains our most important economic challenge right...