I think we ought to all take a step back and remember where we were 24, 48 hours ago, a week ago, two weeks ago - the prospect that was hanging out there that America would not honor its obligations for the first time in its history, and the impact that would have on our economy and the global economy.

Bush and was one of a handful of reporters who were aboard Air Force One with President Bush on September 11 2001. Carney later won the 2003 Gerald R. with their son and daughter.

Carney previously served as Washington Bureau Chief for Time magazine a post he held from September 2005 until December 2008 and as a regular contributor in the "roundtable" segment of ABC News' This Week with George Stephanopoulos. James "Jay" Carney (born May 22 1965) is President Barack Obama's second White House Press Secretary.