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Frank Blames U.S. Credit Downgrade On Military Spending

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Rep. Barney Frank on "The Early Show" on CBS Aug. 8, 2011 (CBS)

Rep. Barney Frank on “The Early Show” on CBS Aug. 8, 2011 (CBS)

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BOSTON (CBS) – Massachusetts Congressman Barney Frank says the reason the United States credit has been downgraded is because it spends too much on the military.

“There is one area in American policy where we are doing things disproportionate to the rest of the world,” Frank told CBS’s “The Early Show” Monday.

“(It’s) our extraordinary willingness to be the military policemen for the whole world.”

“An event like this should change our thinking,” he said.

“The time has come, to find a place where we could, I think, together, could make some savings. That’s going to be going to be my mantra for the next few months.”

A new, bi-partisan commission needs to come up with $1.5 trillion in deficit cuts.

Frank, the ranking Democrat on the House Financial Services Committee, said the U.S. could save billions without endangering American security by scaling back areas such as defending western Europe.

“They’re not poor. There’s no more Communist empire threatening them. The only thing that hasn’t changed is the tens of billions of American dollars that go there.”

“I don’t understand why America has to be so disproportionately military,” Frank said.

“If we’re looking for something that breaks the mold, it’s the military spending that is far disproportionate.”

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