we have deven sharma, president of standard and poor's. michael a rowan of commercial growth of moody's investors. mr. james gellert of credit ratings, mr jules kroll chairman and ceo of kroll bond rating agency. mr. larry cabbage, stearns school of businessed and mr. smith, chief operating council of public employees retirement association. i would remind you your written statements are made part of the record and you will be recognized five minutes. mr sharma. >> thank you, members of the subcommittee. good morning. my name is deven sharma and i am president of standard and poor's and served in that capacity since 2007. i am pleased to appear before you today. much has changed with regard to credit rating agencies over the past several years. both in terms of how we go about the work and the regulatory framework in which we operate. for our part we at standard and poor's have undertaken a variety of initiatives in recent years designed to further our fundamental mission of providing high-quality independent benchmarks about credit worthi

deven sharma says it depends on a credibility long-term plan. >> we are in trouble regardless. >> anybody you ask. let me throw something to the table. i got all these tweets and e-mails yesterday. >> yes. >> call me when it's over. call men when we have raised the debt ceiling and when it's over. john boehner reshaped the plan and they are going to vote on it today. say it passes. the senate says it's dead on arrival. it's not going to make it through the senate. how do we get to the point where the conversation is over? we have two parallel plans that are not able to meet in any way. the president will veto any plan out of the house. how do we get to a resolution? >> there's a premise in that question. the boehner plan and the reid plan are not that different. they are different primarily only in the sense the boehner plan forces a debt ceiling next year. the size of the cuts are not that different. they are not that far apart. the reid plan i think will pass the senate. the boehner plan will pass the house. the reid plan will not pass in the house and boehner not in the senate. they ar