Cantor calls S&P action "wakeup call" on debt limit

WASHINGTON Mon Apr 18, 2011 12:18pm EDT

Representative Eric Cantor (R-VA) delivers remarks during the 2010 meeting of the Wall Street Journal CEO Council in Washington, November 16, 2010. REUTERS/Jonathan Ernst

Representative Eric Cantor (R-VA) delivers remarks during the 2010 meeting of the Wall Street Journal CEO Council in Washington, November 16, 2010.

Credit: Reuters/Jonathan Ernst

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WASHINGTON (Reuters) - House of Representatives Republican leader Eric Cantor on Monday called the Standard & Poor's downgrade of U.S. credit outlook "a wake-up call" against those seeking to "blindly increase" the U.S. debt limit.

Cantor said the S&P action makes clear that any increase in the debt limit must be accompanied by "meaningful fiscal reforms that immediately reduce federal spending and stop our nation from digging itself further into debt."

(Reporting by Thomas Ferraro; editing by Doina Chiacu)

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Comments (4)
Wes20 wrote:
The republicans solution is to give the wealthy more and continue to lower taxes and make sure the IRS is unable to function. No one likes the IRS, no one likes to pay taxes and everyone wants to be wealthy and want a goverment that functions well. The problem is we need taxes collected to make the goverment work, not everyone can be the boss or will be wealthy and thus the republicans solution is not a solution at all.

Apr 18, 2011 3:01pm EDT  --  Report as abuse
hyperlux wrote:
S&P – they should recuse themselves from issuing any valuations whatsoever, as their insights are almost as biased as verdicts of the US Supreme Court were in December of 2000.

Apr 18, 2011 8:15pm EDT  --  Report as abuse
justuhvoter wrote:
The S&P is just repeating what the International Monetary Fund said January 2011 — the USA is on the path to self destruction if it does not decrease its debt and stop deficit financing. Until spend-like-an- idiot financing by the administration is replaced by prudent fiscal responsibility and a big decrease int he size of government (25%+) the USA absolutely WILL fail.

Apr 19, 2011 2:22am EDT  --  Report as abuse
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