This morning on "Starting Point with Soledad O'Brien," Rep. Peter King (R-NY) weighs in on the G-20 meetings, explaining why 'it's vital' that President Obama work with European countries to shore up the world economy.
"The global economy is a factor but we also have to get our own house in shape," King says. "The fact is that I believe the president's policies such as the stimulus, such as Obamacare, have not helped the economy. I believe we have to do more as far as controlling spending. We should not be increasing taxes. And I think the American people are looking also for a sense of confidence in the executive. Right now, I would say one of the problems that the president has with the overall economy is that people do not have faith in him or the direction which he is taking the country."
King adds, "Obviously, what happens in Europe and Asia, particularly in Europe, is important to us. But we can't just blame it all on Europe, the way the president tried to blame it all on George Bush for the last three years."
Rep. King also weighs in on Attorney General Eric Holder's possible contempt hearing before Congress today for not handing over "Fast and Furious" program documents, and addresses the hostage standoff in France.
In an attempt to ameliorate its economic crisis, the European Union will vote next week on instituting a European banking union.
President Obama announced his support of the measure at the G-20 Summit in Mexico but German Chancellor Angela Merkel is standing in the way of the vote, saying she opposes the idea. Chancellor Merkel also opposes a stimulus for struggling European nations.
Sen. Jack Reed (D-RI) tells Soledad O'Brien on CNN's "Starting Point" that "[Merkel's] reluctance I think is eroding. It has to. The austerity is not working in Europe."
"I think Chancellor Merkel understands that politically they just have to find an indirect way to provide support for the European economy," Sen. Reed adds.
The E.U. vote could have a significant effect on the American economy and could be a factor in the November presiential elections. "We're in a global economy," Sen. Reed says. "The president has emphasized significant exports as a way to grow our economy...we have to have worldwide growth."