To play around with even talking about a default, even a so-called technical default on U.S. debt, I think, is highly problematic.

It is going to have to be some combination of entitlement reform and revenue increases.

We will start seeing the types of volatility that you are seeing with other countries that are viewed by the market as weak.

I know at least for this Senator--really respect your service and hope we get a chance to work again in the future.

I think if we think back to that problem in the crisis when there was not any resolution plan or road map.

This initiative could not come at a more critical time for job creation in this country.

The reauthorization will take place during a period that may be as important as any in the Bank's history.

Thank you for calling this hearing.

I think it was his obligation in February to come to Congress and get that authorization.

The Constitution supposes, what the History of all Governments demonstrates, that the Executive is the branch of power most interested in war, and most prone to it.

So the real relevant question here is whether or not--I agree with you. I think there are some serious constitutional questions about Predators, how do they fit, and I think Legal Adviser Koh has accepted that.

the War Powers Act does not apply in this situation because of their very narrow and, in my opinion, contorted legal definition of 'hostilities.'

This was a fundamental failure of leadership that placed expedience above constitutional responsibility.

I do not mean to interrupt you, but I really only have about 7 minutes here.

But it is just wrong to suggest that somehow the President went outside the constitutional process here when, in fact, Congress--us--have done nothing within those 60 days to either authorize it or declare war or not.

the use by a President of a very vague standard that he or she can unilaterally inject military force into situations around the world based on a vague standard of humanitarian assistance.

Well, in general, because if you are engaged in a Vietnam type military operation, which I was, you have certain support elements that are providing indirect assistance to the people who are putting bullets on the battlefield.

My position is that the Security Council cannot authorize any military action, cannot mandate any military action.