Congressman Gregory W. Meeks Statement on Standard & Poor’s (S&P) Action

August 8, 2011

Congressman Gregory W. Meeks Statement on Standard & Poor’s (S&P) Action

(WASHINGTON, DC)–Congressman Gregory W. Meeks (NY-6), Senior Member of the House Financial Services Committee and House Foreign Affairs Committee, released the following statement on Standard & Poor’s Action (S&P):
“Friday’s announcement from the Standard & Poor’s (S&P) on America’s credit rating (with all its flaws) shows the necessity of a balanced plan that includes raising revenue to achieve a credible deficit reduction scheme. That is exactly what President Obama fought hard for in a ‘grand bargain’ that would have reduced our deficits by $4 trillion, but unfortunately he was rebuffed by Republican obduracy. To avoid additional shocks to America’s credit ratings, it is imperative that the upcoming bipartisan committee not repeat the intransigence of the Republican majority and maintain all options on the table.”