Simpson: 'I made a perfect ass out of myself' with Gangnam style video

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But Simpson, 81, said he was game to his own version of South Korean musician PSY's dance if it raised awareness of the nation's financial situation, and ultimately enjoyed the experience. Simpson served as one of the co-chairmen of President Obama's debt commission.

"I said, hell it looks like riding a horse and throwing a lasso," Simpson said. "I can do that. So, I made a perfect ass out of myself, which is glorious, because usually it's just making an ass of yourself.”

The former lawmaker said the video was inspired by "a love of young people" and out of frustration with the pace of the negotiations on the looming spending cuts and tax increases. Simpson said as talks went forward, both sides needed to realize "if you care more about your party than you do your country, we'll never make it.”

Simpson said, ultimately, he was not confident a deal would be struck before the end of the year.

"I think the word ‘selfish’ will become the essence and they won't get it done," Simpson said. "And the horrible part is they'll think it will be an advantage to them, or the president will even think it'll be an advantage to him, and it will be chaos."