Zakaria: Super committee will likely deadlock

CNN's Fareed Zakaria think it likely that the the Joint Select Committee on Deficit Reduction deadlocks. Here's a transcript of Fareed's conversation with Tom Foreman of In the Arena :

Tom Foreman : We finally got a debt ceiling deal, but you say the price was too high. Economically, what message have we sent to the world?

Fareed Zakaria : See, what we took was something that was taken for granted, that was that the United States would pay its bills, the credibility of the United States and we've added a layer of uncertainty to it.

So every time there is a crisis, every time there is a debt ceiling issue, every time something like this happens, there's now a thought in people's minds around the world, will the United States actually pay its bills? Will it fulfill its promises? Will it have another one of these dramas?

Tom Foreman : Why does that matter so much to all these countries around the world?

Fareed Zakaria : Because the U.S. Treasuries remain the kind of gold standard of the financial system. So you see even right now there's trouble in Europe and what you see happen is what people call a flight to safety, which means people move into treasuries, buy U.S. Treasuries.

And the result of that is we get to borrow money very cheaply. Just to put this in perspective, if we couldn't borrow money as cheaply as we do and we can borrow more cheaply than anyone in the world.

If interest rates for our debt were 1 percent higher that would be $1.3 trillion added to the deficit over 10 years. In other words, the entire debt deal would be negated by just a 1 percent rise in interest rates.

Tom Foreman : So we benefit tremendously by keeping our house clean and tidy, and right now the message we have to people is there's a kitchen on fire, we have a mess, and we don't know how to handle it.

Fareed Zakaria : And because they look at this, they think to themselves this is going to keep happening. You know, that's what I worry about. We've seen people that every time we face one of these challenges it's going to be late-night threats of vetoes, extremism, filibusters, guillotines.

It's not going to be a normal - I mean, if you look at how the Europeans, who we much deride, have handled their problems, they have methodically, systematically tried to deal with them. There are structures in place.

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