This is CBS Eye on the World with John Batchler. Here's John Batchler.

Bidenomics. The ratings agency called Fitch has an opinion of Bidenomics and it's not

attractive opinion. And I welcome Liz Peek, columnist at the Hill, Comsett Fox News,

much on Fox Business, writing at the Hill about the Fitch ratings downgrade U.S. long-term

debt. For those who follow the market, it was a surprise. The market took a hit. There

was hesitation in all directions because finally, someone beside the political analyst had

noticed that the Biden administration following the Trump administration was spending too

much money to justify the triple A rating, triple A rating that the U.S. long-term debt

enjoyed. Liz, a very good evening to you. The downgrade was a blow. I did not see it coming.

The Wall Street Journal didn't tell me to look for it. But now that it's here, do we believe

it will be followed by more downgrading? And what is driving this? Good evening, too.

Good evening, John. This was really an emperor and his new clothes moment because everyone

has been acting as though it's perfectly normal to be spending trillions and trillions

of dollars above trend line and not have any accountability for that excess of spending

whatsoever. Fitch, I think, did a pretty good job of kind of laying out their concerns.

The number one concern is that our deficit has basically continued to balloon since the pandemic

and since all that emergency spending went into effect. And they're forecasting, for example,

in this year, fiscal year, that the deficit will be 6.3% of GDP compared to 3.7% in 2022.

So for all the posturing and boasting that Joe Biden has done about how we cut the deficit

by 1.7 trillion, the truth is it's going through the roof. And their forward forecasting suggest

is not going to get any better anytime soon. So my analogy here is that this is like a python

or a boa constrictor that ate a pig. That's what our spending should look like. That pig in the

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