Quoting for the RawStory transcript of the above video in the article Barney Frank: ‘There are worse things than default’

“What do you say to the president?” Mitchell asked. “Is it better to default? You know, you’re the ranking member of Financial Services. You know what’s at risk here with the ratings services and everybody else that have now gotten into this situation… Is he going to lose the Democratic caucus?”

“Yes,” Frank predicted. “I’ve already voted to raise the debt limit. I voted to raise it earlier this year straight forward. And by the way, it’s not my debt limit. I voted against the war in Iraq and I voted against the Bush tax cuts. On my debt limit, I got a couple trillion left to go. I was very generous. I voted to raise the other people’s debt.”

“I don’t think the president should allow the irresponsibility of the right wing to say, ‘We’re going to shoot you if you don’t do this.’ No, I don’t want there to be a default but there are worse things than default. And worse things than default are wrenching the American government out of shape, losing the principle of majority rule that’s been such and important gift from America to the rest of the world, inflicting pain on the most vulnerable people in our society, continuing to spend hundreds of billions of dollars to subsidize military budgets all over the world and cut back on people here.”