Congressman Hansen Clark talks federal budget and debt ceiling (audio)

Jul 19, 2011

A CBS poll on Monday shows 66% of Americans want an approach to balancing the federal budget that includes both spending cuts and tax increases.

Michigan Democratic Congressman Hansen Clarke talks about his concerns regarding the battle in Washington DC over the debt ceiling and budget negotiations. He says consumer debt is the real problem.

In the interview Clarke says:

"It's the personal debt that's crushing Americans and preventing our economy from rebounding."

Congressman Clarke says he wants to focus on financial security for Americans.

"That means good jobs, investing in research and education but also helping people get out of debt."

"We can not allow the government to default on its loans. If we default on our government debt the treasury rates are going to go up and all other loan interest rates are tied to that. That means your adjustable rate mortgage, that's going to go way up and that could force people out of their homes."