Entries in GMA (4)


Rep. Paul Ryan: 'Default Is Not Our Option'

ABC News(WASHINGTON) -- Rep. Paul Ryan agreed with Secretary Tim Geithner that defaulting on our debt would be "catastrophic," but Ryan needs spending reform attached to that vote -- something he says the president will address Wednesday.

“Default is not our option or strategy but we also want to make sure this debt limit increases, which is based on past spending, we get something in place to address future spending and that’s the kind of stuff we’re talking about. Spending cuts, spending control,” he told Good Morning America.

And if those cuts are not attached will he vote to raise the debt limit?

“I don’t accept a notion that that’s not possible. I think it is and the president is probably going to be talking about that today,” Ryan said.

Ryan did not spell out what it would take to avoid default.

The chairman of the House Budget Committee said he’s looking forward to hearing what the President has to say Wednesday -- except for any talk about new taxes.

Copyright 2011 ABC News Radio


Sen. Schumer: New 'Glimmer' of Hope to Avoid Shutdown

ABC News(WASHINGTON) -- New York Senator Chuck Schumer told Good Morning America Wednesday there is new hope to avoid a shutdown, after Senate Majority Leader Harry Reid and House Speaker John Boehner completed their latest round of budget talks Tuesday night. But Schumer kept up the pressure on Boehner, trying to drive a wedge between the Speaker and his rank and file.

“The Tea Party just continues to pull Speaker Boehner further back and back and back. They are the people who say they don’t want compromise. They are the people who say they relish a shutdown. And the bottom line is if he can resist them, not give them their way on everything I think we can have an agreement and that is why there is a glimmer of hope," he said.

Following a meeting with Boehner, Reid sounded more optimistic when he took to the Senate floor last night and said “there’s still air in the tire” and “the government is not going to be shutdown – yet.”

And Schumer did seem to suggest that Speaker Boehner’s new demand for $40 billion in cuts might fly if Democrats could determine where the savings come from, and Republicans give up most of the policy “riders” (like defunding Planned Parenthood and Obama’s health care plan) that they’ve been demanding.

So what are the chances of a shutdown this weekend?

“Oh I hope it can be avoided. We are doing everything we can to avoid it. But the Tea Party has to compromise a little bit and Speaker Boehner has to tell them that,” Schumer said.

One more glimmer of good news -- President Obama hasn’t called the negotiators back to the White House, yet.

“[It] shows that there is a view that these talks are making some progress, but I’d still be worried particularly because they keep moving the goal post back,” Schumer said.

Copyright 2011 ABC News Radio


Exclusive: Trump Would Spend $600 Million of His Money On Presidential Bid

Mike Stobe/Getty Images(NEW YORK) -- Real estate mogul and reality show star Donald Trump is mulling a presidential bid and says he'd be willing to spend $600 million of his own money to make it happen.

"I have much more than that," Trump, a Republican, told ABC News' Ashleigh Banfield in an interview that aired Wednesday on Good Morning America. "That's one of the nice things. I mean, part of the beauty of me is that I'm very rich. So if I need $600 million, I can put $600 million myself. That's a huge advantage. I must tell you, that's a huge advantage over the other candidates."

In a wide-ranging interview that took place last week aboard Trump's private aircraft, the always frank star of the hit show Celebrity Apprentice shared his opinion on the unrest in the Middle East, President Barack Obama, other potential Republican presidential contenders, the state of the American economy, actor Charlie Sheen's bizarre behavior and House Speaker John Boehner's tendency to tear up in public.

"I don't like the crying," he said of Boehner. "I do not like it. I don't understand it. I really like him as a person. I think the crying is an emotional thing that frankly, probably makes him a very nice man. But you know, I don't like to see it in a leader."

Trump says he'll make a decision on running "sometime prior to June," and said if he failed to clinch his party's nomination, he would consider running as an independent.

The billionaire said he didn't believe his wealth would alienate him from the voting public. In fact, he believed he'd do well with ordinary Americans.

"You know the funny thing, I don't get along with rich people. I get along with the middle class and the poor people better than I get along with the rich people," he added.

He said he believes people connect with him in part because of his status as a television personality, adding that President Ronald Reagan – who had been a movie star before he was elected – was one of "our greatest presidents."

Trump has mulled a presidential run twice before, but says he's never been as serious as he is now.

"I'm very, very disturbed by what's happening in this country," he told Banfield. "I love this country very much. And over the years, a lot of people have asked me whether or not I was going to run. They wanted me to run … But when I see the kind of things that our representatives are allowing to happen to this country, it just bothers me so much."

He says he's concerned about the lack of jobs and the threat that other countries' policies pose to the American economy, naming among those countries China, Saudi Arabia and South Korea. In the case of South Korea, Trump feels the U.S. spends money to put American troops on South Korean soil, effectively paying for another countries' protective forces.

"The country has never been in this condition," he said. "We've never been so weak. We've never been so vulnerable."

He spoke of Russia "telling us how many missiles we can make" – and weighed in on the recent spate of high-seas piracy.

"Give me an admiral and a couple of ships and [I'll] wipe them out of the sea so fast. Think of it," he said.

Copyright 2011 ABC News Radio


Mayor Bloomberg on Bernie Madoff: 'He Was a Nice Guy Back Then'

Photo Courtesy - ABC News(NEW YORK) --On Good Morning America Wednesday, New York City Mayor Mike Bloomberg dished on his old trading buddy -- Bernie Madoff -- who just gave his first interview since beginning his 150 year prison sentence for fraud.

“I knew the guy casually 30 years, 20 years ago. The SEC put together some studies of the marketplace and I was with Saloman Brothers and Goldman Sachs was there and Bernie Madoff was there…he was a nice guy back then. I haven’t heard his name in 20 years. I mean, all of a sudden I woke up one morning and it was the fraud and I looked at the picture and I remembered,” Bloomberg says.

Madoff told The New York Times that the big banks and hedge funds he was working with “had to know” about his ponzi scheme.

“I don’t know who knew what. What I do know is Bernie did it. Bernie destroyed an awful lot of human beings, his own family. It’s tragic,” he said.

So if the mayor -- who is a well-known investor -- was getting those types of high returns would he have suspected anything?

“Anybody that thinks they can beat the market long term by an awful lot is just being unrealistic. But I think the lesson is the lesson that your mother told you and my mother told me a long time ago, don’t put all your eggs in one basket,” Bloomberg said.

“Diversity makes some sense and they should have done that,” he explained.

Copyright 2011 ABC News Radio

ABC News Radio