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CBS: Dems, GOP react to debt downgrade [ copy it fast! ]
cbsnews.com ^ | Aug 5 2011

Posted on 08/05/2011 10:19:22 PM PDT by NoLibZone

(CBS/AP) Following the news Friday of Standard and Poor's downgrade on the U.S. debt, several politicians from both sides of the aisle offered their reactions.

Democratic Senate Majority Leader Harry Reid released a statement: "This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee's work with an open mind -- instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding."

Reid was referring to the special bipartisan congressional committee -- made up of six Democrats and six Republicans -- assigned to the task of recommending further deficit and debt reduction ideas.

S&P downgrades U.S. debt S & P statement on U.S. debt downgrade Treasury Dept.: Downgrade flawed by $2-Trillion error

Republican Speaker of the House John Boehner offered his take on the downgrade in a statement: "This decision by S&P is the latest consequence of the out-of-control spending that has taken place in Washington for decades. The spending binge has resulted in job-destroying economic uncertainty and now threatens to send destructive ripple effects across our credit markets."

He added: "Republicans remain committed to ensuring the United States always meets its obligations. Though we are outnumbered in Washington, we will continue to press Democrats to join us in taking meaningful steps to rein in our debt and deficits."

Also reacting to the news was U.S. Sen. Mark Kirk, who says President Barack Obama should recall Congress to improve the recently-passed $2 trillion deficit reduction plan.

The Illinois Republican says a recall of Congress by the president would reassure the markets. The Dow fell 5.8 percent this week, losing 513 points on Thursday alone.

Kirk said he believes the nation faces difficult times ahead, noting interest rates on home and auto loans and credit cards could go up "if we just sit back and watch things happen."

Some of the 2012 Republican presidential hopefuls also chimed in. Former House speaker Newt Gingrinch offered his opinion on the debt downgrade via his Twitter account: "The Obama disaster continues. Highest food stamp level and lowest credit rating in history in the same 24 hours."

Mitt Romney, another GOP candidate with an eye towards the White House, said on Friday: "America's creditworthiness just became the latest casualty in President Obama's failed record of leadership on the economy. Standard & Poor's rating downgrade is a deeply troubling indicator of our country's decline under President Obama."

Romney's fellow challenger, Michele Bachmann, said of President Obama: "This President has destroyed the credit rating of the United States through his failed economic policies and his inability to control government spending by raising the debt ceiling."

A Treasury Department spokesperson commented about S&P's decision: "A judgment flawed by a $2-trillion error speaks for itself."


TOPICS: Business/Economy; Extended News
KEYWORDS: aa; aaa; aaplus; bachmann; balancedapproach; boehner; creditrating; cutcapbalance; debt; debtceiling; debtlimit; downgrade; geithner; gingrich; markkirk; newt; rating; ratingagency; reid; romney; spending; standardpoors; taxes; treasury; triplea; usa2aa

1 posted on 08/05/2011 10:19:29 PM PDT by NoLibZone
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To: NoLibZone
Ttitle on CBS at 10:05pm PST:
2 posted on 08/05/2011 10:21:24 PM PDT by NoLibZone (Life as Nancy Pelosi knows & wants it, must end, Life As Nancy Knows it is to raise Debt 10% annualy)
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To: NoLibZone

Watch the crooks run and scramble to steal more money as fast as they can.


3 posted on 08/05/2011 10:21:24 PM PDT by EagleUSA
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To: NoLibZone

“”The Obama disaster continues. Highest food stamp level and lowest credit rating in history in the same 24 hours.””

Newt nailed it.


4 posted on 08/05/2011 10:22:39 PM PDT by bronxville (Sarah will be the first American female president.)
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To: NoLibZone

CBS title- a Debt problem.

Not a Credit Down grade, but a debt down grade!


5 posted on 08/05/2011 10:23:17 PM PDT by NoLibZone (Life as Nancy Pelosi knows & wants it, must end, Life As Nancy Knows it is to raise Debt 10% annualy)
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To: NoLibZone

Harry Reid can stuff his super committee.


6 posted on 08/05/2011 10:24:03 PM PDT by mylife (OPINIONS ~ $ 1.00 HALFBAKED ~ 50c)
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To: mylife

We already have a committee whose job it is to address this very problem. It’s called “Congress”.


7 posted on 08/05/2011 10:27:44 PM PDT by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: NoLibZone
Obama and the Rats said to give them $2.4 trillion or we face disaster so congress did just that and we still face disaster.
8 posted on 08/05/2011 10:31:39 PM PDT by tobyhill (Real Spending Cuts Don't Require Increasing The Debt)
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To: NoLibZone
A Treasury Department spokesperson commented about S&P's decision: "A judgment flawed by a $2-trillion error speaks for itself."


9 posted on 08/05/2011 10:38:19 PM PDT by Brandonmark (2012: Our Hope IS Change!)
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To: mylife
Harry Reid can stuff his super committee.

He plans to, with tax loving liberals.

10 posted on 08/05/2011 10:44:29 PM PDT by keat
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To: NoLibZone

http://newsbusters.org/blogs/noel-sheppard/2011/08/06/former-obama-economic-adviser-downgrade-were-pretty-darn-f-ked

Christina Romer’s reaction (NSFW)

LOL. Sorry for the Maher.


11 posted on 08/05/2011 10:52:44 PM PDT by Attention Surplus Disorder (Both sides need to put aside the partisan bickering, & work out how much free stuff I get)
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To: Attention Surplus Disorder
Incredible is it not.

This was one of the Heads of Obama’s Economic Ad visors who resigned because her policies for a stimulus package that wasted a trillion dollars without improving the economy and who publicly stated that,”they really did not understand what they were doing economically”

She F**ked up and now she is giggling that we are , “pretty darn F**cked” on public television.

In earlier times she would have been tarred and feathered and then rode out of town on a rail.

12 posted on 08/05/2011 11:03:52 PM PDT by rdcbn
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To: rdcbn

I saw the clip—disgusting....She said: “We’re pretty f**ked” hehe. Wow, sort of reminded me of the “Not as many shovel ready jobs was I thot” comment from dear leader.
Such a travesty of leadership!


13 posted on 08/05/2011 11:12:56 PM PDT by bushwon ("If you think healthcare is expensive now, wait till it is free"--PJ O'rourke)
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To: All
The House, under Boehner, passed a plan with bipartisan support that would have averted this downgrade on put us on the right path: "Cut, Cap & Balance" (HR 2560).

What did Obama & the obstructionist Senate say?

Harry Reid: "Over, Done, Dead"

White House: "Duck, Dodge and Dismantle."

14 posted on 08/05/2011 11:35:00 PM PDT by newzjunkey (Get behind ONE "Balanced Budget Amendment" (BBA))
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To: mylife

I wrote Boehner and told him the same. His office replied with a form email telling me what a great deal he got us.


15 posted on 08/05/2011 11:49:44 PM PDT by jospehm20
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To: NoLibZone

“to join us in taking meaningful steps to rein in our debt and deficits”

Workin across the isle...again. To “rein in our..deficits.” Just like Vampire-Care.

Time for more government “life-coaching” to explain how vital it is for the Central Committee to recommend more oppression for the earners on the U.S work-camp.


16 posted on 08/06/2011 12:01:54 AM PDT by Varsity Flight
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To: NoLibZone

Will be an excuse to raise taxes—what they’ve wanted to do in the first place...”We just didn’t have any recourse but to raise taxes—we got downgraded.”


17 posted on 08/06/2011 12:18:07 AM PDT by WKUHilltopper (And yet...we continue to tolerate this crap...)
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To: NoLibZone
"Reid was referring to the special bipartisan congressional committee -- made up of six Democrats and six Republicans"

That's bullshit...it's a 7 member committee, with 4 Democrats and 3 Republicans (Obama is the 7th Member, for all purposes since he is the "tie-breaker").

There's no way any tax increases can be prevented, and NO WAY any welfare/medicaid/"aid to the poor" is gonna be cut.

(see tagline)

18 posted on 08/06/2011 3:35:59 AM PDT by traditional1 ("Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: traditional1

Correction: it’s 7 Democrats and 6 Republicans (instead of 3 on each side)....my bad.


19 posted on 08/06/2011 3:36:57 AM PDT by traditional1 ("Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: Hoodat

Exactly.


20 posted on 08/06/2011 3:39:11 AM PDT by Repeal The 17th (Proud to be a (small) monthly donor.)
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To: NoLibZone

Call them back in session and pass the cut cap and balance. Works for me.


21 posted on 08/06/2011 3:42:22 AM PDT by listenhillary (2007 deficit 160 Billion, 2008 - 458 billion, 2009 -1.4 Trillion, 2010 - 1.6 Trillion)
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To: tobyhill
Obama and the Rats said to give them $2.4 trillion or we face disaster so congress did just that and we still face disaster

That's why he's known as "Zero" - Zero for truth and Zero for predicting results if he gets his way.

22 posted on 08/06/2011 4:27:44 AM PDT by trebb ("If a man will not work, he should not eat" From 2 Thes 3)
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To: NoLibZone

Try reading the sickening comments after the article on the CBS website. Makes me want to give up hope because there are too many of them (idiots) and we’re going to lose.


23 posted on 08/06/2011 7:25:51 AM PDT by New Jersey Realist (Congress doesn't care a damn about "we the people")
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