WASHINGTON (MNI) – Following the decision by Standard & Poor’s to
lower the U.S. credit rating to ‘AA+’ from ‘AAA’ the White House
released the following statement Saturday:
The President believes it is important that our elected leaders
come together to strengthen our economy and put our nation on a stronger
fiscal footing.
The bipartisan compromise on deficit reduction was an important
step in the right direction. Yet, the path to getting there took too
long and was at times too divisive. We must do better to make clear our
nation’s will, capacity and commitment to work together to tackle our
major fiscal and economic challenges.
Over the past weeks and months the President repeatedly called for
substantial deficit reduction through both long-term entitlement changes
and revenues through tax reform, with additional measures to spark jobs
and strengthen our recovery. That is why the President pushed for a
grand bargain that would include all of these elements and require
compromise and cooperation from all sides.
Over the coming weeks the President will strongly encourage the
bipartisan fiscal committee as well as all members of Congress to put
our common commitment to a stronger recovery and a sounder long-term
fiscal path above our political and ideological differences.
** Market News International Washington Bureau: 202-371-2121 **
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