Former Debt Commission Co-Chair Alan Simpson Tells Fox Business The S&P Downgrade Was "Totally Predictable" But Completely Avoidable

Former Debt Commission co-chair Senator Alan Simpson (R-WY) spoke with FOX Business Network's (FBN) Connell McShane regarding Standard & Poor's (S&P) decision to downgrade the United States deficit, saying, “totally predictable about where this was headed” and “of course” the downgrade was avoidable. He went on to address the deficit reduction plan and the formation of the super committee in order to cut spending saying “if you don't see the Gang of Six become part of this super group of 12 then you know they have rigged it for failure. They have been involved since January 2010; you don't want to throw out that kind of background.” Excerpts from the interview are below, courtesy of Fox Business Network. On what was going through his mind when he heard the news that S&P was downgrading the U.S. debt: “What did they think was going to happen? For heaven's sakes. It was unsustainable, unconscionable, and totally predictable about where this was headed.” On whether the downgrade was avoidable: “Of course it was. This is absolutely stunning. People are disgusted. If you spend a buck and borrow 41 cents one you have got to be stupid. Today we will borrow 4,600,000,000 bucks. Every day we are borrowing that kind of money.” On the super committee being formed as a part of the deficit reduction plan: “If you don't see the gang of six become part of this super group of 12 then you know they have rigged it for failure. They have been involved since January 2010; you don't want to throw out that kind of background. Its nuts. They could exclude one or two, but if they exclude all of those, the leadership has plugged the holes for failure.” On whether the super commission needs to come up with more than 1.5 trillion: “I don't know if that's realistic but you had better do it. The President has covered himself pretty well; he asked for four trillion in 12 years. When they come back to hammer Obama, he'll be ready. He is smarter than ridged people who don't compromise on anything. If you came to Congress not to compromise, you are totally ineffective, you ought to go home. You can compromise an issue without compromising yourself. They are nuts.” On whether he believes President Obama has handled the deficit reduction negotiations better than Republicans: “I won't say that. He has been willing to compromise and the others have not.” On what he would say to Republican leaders who weren't willing to concede on taxes: “Go back to school.”