Former U.S. Treasury Secretary James Baker offers his take on the recent debt ceiling negotiations. Watch the full interview on "Fareed Zakaria GPS," this Sunday at 10 a.m. and 1 p.m. ET.
Well, if I'm wearing my Treasury secretary's hat, which I wore for four years, I would love to see us do away with the requirement for increasing the debt ceiling. But as a taxpayer and as someone who thinks that the greatest threat facing the United States today is this huge ticking debt bomb out there, that has been created by our continuing to spend and borrow without restraint, then I think it's something we pretty much need to keep.
I know you're aware, and your viewers are probably aware of the fact, that when he was a senator from Illinois, President Obama, Senator Obama, voted against increasing the debt ceiling. He wasn't willing to increase it. He was ready to see us go into default.
So this is a political exercise that occurs any time there’s a necessity of raising the debt ceiling.