Barney Frank: S&P downgrade due to 'disproportionate' military spending

"There is one area in American politics where what we are doing is disproportionate to the rest of the world," said Frank in an interview on CBS’s "The Early Show." "We spend far more of our national economy as a percentage than just about any other nation except a beleaguered nation like Israel that has to do it in self-defense.”

Frank said he believes about $200 billion could be cut from U.S. spending annually "without in any way endangering our security" by reducing military involvement in the world and pulling bases out of Europe.

Frank said he intends to go forward with the theme of military cuts in coming days and suggested Republican lawmaker Rep. Ron Paul (R-Texas) is already on board with his message.