Google's Eric Schmidt: US is falling behind Asia

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Schmidt also said he was surprised the U.S. credit rating wasn't downgraded in 2008 when the markets were hit by the global financial crisis.

"So rather than looking at a specific downgrade let's look at the overall issue, let's look at the fundamental problem that the government is spending way too much money and the projections are that it is out of control," he said.

"This is a problem primarily with Congress — it has been true for 30 years, it is not a new problem, it has been true for both parties, and the way to solve this is to have a real conversation about how much overspending we want."