The senior Democrat on the House Financial Services Committee said the biggest reason the U.S. credit was downgraded is because it spends too much money being "the military policemen of the world."

Rep. Barney Frank tells CBS’s "The Early Show" that reining in defense spending is "going to be my mantra" for the next few months.

The liberal Massachusetts Democrat said $200 billion could be saved "without in any way endangering our security" by dialing back U.S. military involvement in the world, including operations in Western Europe. Frank said the military establishment has always had this "great momentum" in politics, but says the credit reversal "could change our thinking." Frank calls the military a logical target "if we’re looking for something that breaks the mold" on spending.