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Coming to -- from Sioux Falls, South Dakota is one of Mitt Romney's earliest supporters and a name that many suggests would fit nicely on the Republicans when he twelve -- Senator John -- welcome back to FOX News Sunday.
Good morning -- All right we'll get back to the ticket in just a minute but before the break you may have heard us talking with senator Feinstein about the situation JPMorgan losing two billion dollars this week.
On credit derivatives now you voted against the -- frank -- -- signed on to repeal of that bill.
Senator Feinstein is among those who think it was fully enacted and it the regulations have been fully enacted it would have prevented a situation like this.
So -- and Washington power regulators to get more involved.
First up I don't think we know all all the facts about.
This was something that was detected by the company but -- -- Morgan Chase's.
It is a company that has been well respected in the industry.
The whole issue -- Dodd-Frank impacts -- not just systemically risky institutions.
But also a lot of community banks across South Dakota which is why.
I voted against it that piles lots of compliance burdens on smaller banks across this country.
But I think with respect to federally insured systemically risky institutions like the big banks.
It is important that we make sure that we've got some good safeguards in place.
But that we do it in a way that doesn't impair or limit their ability to mitigate.
Risk -- two -- to protect themselves.
And their balance sheets as well so I think this issue is something that will be talked about probably four for some days.
Ahead here but at least for right now I think we need to make sure we've got all the facts in before we jump to any conclusions about the need for.
Greater -- further regulation.
A dot frank was a sweeping far reaching regulation.
Much of which is still trying to be interpreted by the regulators and I think we need to give them an opportunity to do that job.
Before we reach any conclusions about that moving forward with additional regulations.
Which could make it more difficult for financial institutions.
To do their jobs.
Right let's turn to another big headline this -- gay marriage the president now saying he does support.
And the right of gay couples to get married.
-- give you a look at a poll from USA today Gallup that was taken after the president's announcement it shows 51% of Americans approve of his position compared to 45% say they disapprove.
13% of those surveyed say that his announcement will make them more likely to vote for him.
He also had this to say at a fund raiser this week quote it was a logical extension of what America is supposed to be.
Are we a country that includes everybody and gives everybody a shot and treats everybody fairly.
Are we welcoming to people who are not like -- When asked about -- Romney you endorsed him early on he's clearly in favor of marriage between one woman one -- and how does he address these concerns.
So that he isn't portrayed as being unfair or and welcoming to his fellow Americans.
I just think that for the this is this is an issue channel which there is great difference in and and the definition like so many other issues on this campaign.
I think that governor Romney's positions been very clear from the time he was governor of Massachusetts.
It's not something that hasn't changed the president obviously has changed his position more the -- from the time he was a state senator this time is running for federal office.
To what we heard this last week.
And I think -- that the view the governor Romney holds on traditional marriages of view that's held by.
A lot of people across this country there are more than thirty states -- either by statute or constitutional amendment have defined marriage as being between.
A man and a woman but that's one of many issues -- that's going to be discussed during the course of this campaign.
In one of many differences with the biggest difference I think is the view that the president has -- the governor Romney has with respect.
To how to fix the economy how do we get the economy going again how do we get people back to work.
And and to me that's the issue that's on the minds of most Americans -- if you look at the economy that that the economic record that this president has.
You've got 39 straight months now of more than 8% unemployment you've got massive amounts of debt.
You have fuel prices that have doubled health insurance costs have gone up 2.5 percent college tuitions gone up 25%.
The old that's the economic record that I think most people are gonna judge -- president by after three and a half years.
Governor Romney obviously has a very different view about how to lead this country one that's based on.
The power of freedom as opposed to the power of government.
And I think that's gonna be that the bright line that.
The delineate some defines these two candidacies as we head into the November elections and the issue that I think is gonna is gonna -- most Americans.
To come out in support governor Romney.
Well the president's -- finger -- congress he says you guys are getting anything done on the economy specifically he says Republican policies are behind the sputtering economy so he's giving you.
A to do list here's part of his weekly address this.
We tried other ideas for nearly a decade.
And it didn't work out -- We can't go back to the same policies that got us into this mess we've got to move forward.
Right the first item of the president's to do list for congress involves tax credits for companies to help encourage them to move back to the US.
Offsetting that by cutting the tax breaks and incentives that companies get to cover costs of moving overseas now and -- Republican colleague senator Chuck Grassley said.
Republicans probably wouldn't go along with the second part of that of cutting the tax breaks.
That help those who are moving businesses out of the US why not -- We'll look at me I -- just a question I think you have to ask Shannon in in response to the president's speech last week is nowhere was this three and a half years ago he's had three and a half years.
To put prescriptions in place that would get the economy back on track all of a sudden now at the eleventh hour he comes out with -- to do list for congress.
Frankly it's many of his policies that have gotten us into this ditch.
And and we need to get out of the ditch in the way to get out of the ditch isn't to double down on the things that he's already done.
This has been the most massive expansion of government that we've seen literally in the last half century.
And we need a very different vision for the future this country it starts with the ending some of the policies this presence put in place.
Which is why we came out with -- to stop what he had to to do list for congress.
In in -- -- -- looking to stop these job killing regulations that are strangling small businesses you need to.
-- proposing tax increases they're gonna make it more difficult it more expensive.
For small businesses to create jobs stop blocking the Keystone Pipeline which would help end our dependence on foreign sources of energy and put people to work.
In this country and stop this divisive class warfare rhetoric.
Which is so counterproductive when we're talking about trying to grow the economy create jobs I think the president's ideas that they're all fine and good.
Most number sort of a rehash of things we've heard before but more importantly where -- he began for the last three and a half years.
And we still got is -- 1039 months consecutive months now.
Of unemployment above 8%.
Record amounts of debt record amounts of spending record amounts of expansion.
At a time when we ought to be trying to create jobs in the private economy.
That is that is the Obama economy in the Obama record -- why I think governor Romney has such a great opportunity to make a different case the American people.
About a different direction for this country.
The White House the president -- -- say Republicans are obstructionists that's part of the reason that nothing is getting done on Capitol Hill sits at that point I wanna talk to you.
About a primary election this week involving a Republican senator Richard -- he was defeated in his primary by -- Tea Party backed challenger Richard Murdoch.
Following his defeat senator -- released a very lengthy statement criticizing Murdoch's quote un -- partisan mindset.
And predicted that if he's elected he won't get anything done.
-- a hard right candidate considered.
In that November election do you worry about losing that Indiana seat in the fall.
I don't I think he he's gonna win and he's he's somebody -- run statewide.
What we're we're very confident about our prospects in the state of Indiana.
And our prospects around the country for many of the reasons I just mention I think people in this country.
Are voting on the economy and on jobs.
And what they see in the United States senate and today led by Democrats is something that you mentioned earlier and that is the fact that we haven't passed a budget in three years.
It's it's become very dysfunctional and -- more recently a place where.
The presidential campaign is sort of been litigated -- sort of move the presidential campaign for the for the United States that we continue to have votes.
They're about nothing but political messaging.
Talking about the Buffett tax rule this last week about -- the interest rate on student loans which we all would agree needs to be addressed but they wanna do it.
In a way that that Republicans can't support.
-- sold at the for the United States senate the reason it's not functioning today.
Is because it's been converted into something that's about political gimmicks rather than about solving problems.
And I think that the people who are running across the country including mr.
Murdoch are talking about spending they're talking about debt they're talking about jobs are talking about the economy.
Which are all things that are on the hearts and minds of the American people and we need people to come to Washington who -- serious about addressing.
Those challenges many of us the United States senate would welcome the opportunity to be able to vote on a budget that actually does something about entitlement reform does something about tax reform.
Deals with these big.
A fundamental challenges but frankly.
And that's not happening today and I hope we get an infusion of new people in November who help us retake the majority the United States senate.
Help us set an agenda that we'll take this in a different direction for the future this country.
In work I hope with a Republican president who is intent.
On solving and fixing problems rather than just running for reelection in using campaign gimmicks to distract people from his second.
-- -- record well here's -- senate majority leader Harry Reid said about the proposition of Murdoch coming to Capitol Hill.
He criticized the far right Tea Party wing of the senate and said.
Now that's what we need in the senate more people who are willing to do nothing but bytes is there room for compromise in the US senate today.
Of course there is and that's what the and that's what we've we're going to have to bring the two sides together but we have to recognize and define what the problem isn't.
The Democrats in the senate seem to believe that the problem is that we don't have enough revenue Republicans believe the problem is that we spend too much.
And that the way that you get people back to work and grow the economy.
Is to empower.
Small businesses in the private economy make it less expensive less difficult for people in the private economy create jobs in what we've seen out of the president and his allies in congress.
Is it that you know they -- their desire seems to can be to continue to grow and expand.
The size of the government.
And I think that we have to recognize that what we have fundamentally first is a spending problem we are spending more as a percentage of our entire economy today almost point 5%.
Then we spend it any time since the end of World War II.
This is a spending problem we have to acknowledge that we have to recognize it was driving spending Medicare Medicaid Social Security food stamps.
The mandatory part of the of the budget.
Is really what has to be addressed and we're gonna say programs like Social Security Medicare we have to reform them and get them on a trajectory.
That will put us on a more sustainable fiscal path.
That really is the way that we're gonna get this economy and this country back on track.
And in in our fiscal house in order and I think that's.
That's what a lot of these candidates across the country are talking about there is room for compromise for negotiation the United States senate.
But we have to recognize it fundamentally we have a spending problem not a revenue problem in this country and and that's what's got to be addressed and we're hoping to get some some leadership.
Out of the White House and that's why many of -- are working so hard.
To get governor Romney elected.
We did endorse him very early on back in November before there was a single primary vote cast.
Here's what one political expert says about you he's got solid unquestionable conservative credentials -- Ronnie is perceived by many conservatives as not conservative enough.
It's a good move for -- to have -- on his side so they balance each other out pretty well when they also make a good ticket senator.
Well look you know the that the big now the governor Romney is is the nominee going to be the nominee of our party he and his team have put in place -- process whereby they will look at.
Various people I've I've I have high level of confidence I've seen him his organization he.
He puts really good people around him.
They'll have a number of good people to choose from.
What -- said and I mean this sincerely is that respect that process but.
I want to work with the president Shannon who is serious about solving this country's problems in getting us back on the right track we can't stay on the track.
There were on right now or we are headed toward Europe.
And and that's why we need a new president and I hope that we can get a majority in the senate to work with them.
To really focus on solving these problems I hope to be a partner with AA president Romney and his administration.
In the United States senate.
To get serious about -- this country back on track -- toward they're growing the economy creating jobs but getting spending and debt under control.
If -- Colin said you were the one who could make that happen by being the number two would you say yes -- now.
Well look I don't think you ever you never rule out opportunities are options when you're involved in public life and you say you want to make a difference if you're serious about that obviously.
You don't -- four -- options.
But in my view I have a job to do the United States senate I like what I'm doing.
I think I can make a difference there and I think working with a Republican president that we can do some really good things for this country.
And so that's that's my job that's a job I have I don't aspire to do anything else obviously the the Romney -- team his campaign team are -- very carefully vet.
Some -- that they are looking at we've got a lot of good options out there.
And I just hope to be able to contribute some way to the success of this ticket this fall.
And not only for the presidency but as I said in the United States senate where I think a lot of battles are going to be fought in the years ahead if we can get.
Some new leadership in this country that will -- into these problems and not run away from them try to distract.
By talking about all kinds of issues that really have nothing to do with what's.
What's really -- this country in what needs to be fixed if we're gonna create a brighter future for four children grandchildren.
I let's talk about another potential match -- they could but she head to head with President Obama.
No secret around town -- quite an athlete we actually have some footage of you playing any tournaments and basketball charity tournament at Georgetown.
We're gonna watches you drain one all right so if you and President Obama went one on one when it.
Well I think the president's got a pretty good game Shannon but frankly I'm still waiting for my invitation to play with them haven't received -- yet.
I don't think that's coming anytime soon but would welcome the opportunity as always to -- to -- -- up.
And obviously to be a great privilege to play with the president the United States -- I keep us posted senator -- thank you so much for taking the time to be with us today.
Thanks integrated with you.
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