. >> whata do you make of the fact he is there. >> i don't know.he personal stuff that i hear said by obama is very, very poor taste and surely not a way to do negotiations and that's not the way to do business . he is playing politics to be honest with you . talk about catastrophic and end of the world and major recession and downgrades, all of that is nonsense. >>> and how did president reagan handle that with tip o'neil. i don't remember president reagan pelaring tim. >> no. he didn't. >> and so that was. >> no, it is different. but there were times when reagan would make funny jokes about tip o'neil. the deficit is like tip o'neil big and fat and out of control. it was never personal and never in the sense they are doing today. >> where did this go? the president is saying that we don't have a dole by august 2nd we are defaulting. >> no, we are not defaulting. everyone knows it is raised. all of the checks will be paid and everyone will be paid . frankly the issue of the budget deficit and government spending and all of that. we have plenty of

network we have the freshman congresswoman bringing in the s&p rating agency to talk to colleagues about whata

but that's whatas been created an the monster is not the bill we bring forward. the monster is the bill that you created. you took a good idea and ruined it. you took a good idea that was all about consumer protection and onverted it into a one-man show where one person could control every financeable product or every offering in america. it could ban any product. it could say to any american, you cannot enter into that financial agreement. it could say to every american, you can't make that financial decision. and mr. chairman, that is un-american. how much time do i have remaining? the chair: the quelt from alabama has 30 seconds. mr. bachus: i reserv my time, mr. chairman. the chair: the gentleman from alabama may not reserve. the gentlewoman from west virginia controls the time. mrs. capito: i reserve the balance of myime. the chair: the gentlewoman reserves the balance of her time the gentleman from massachusetts, mr. frank, is recognized. mr. frank: i'm appalled at the gentleman saying it's un-american. and he made a misstatement when he said we took a good