Debt ceiling: House GOP gets lowdown on fallout
July 21st, 2011
08:38 PM ET
3 years ago

Debt ceiling: House GOP gets lowdown on fallout

NEW YORK (CNNMoney) - More than 40 House Republicans on Thursday met with a top official from Standard & Poor's and representatives of other Wall Street groups to hear what could trigger a downgrade of the U.S. credit rating.

"It was a lively discussion," said the meeting's organizer, Rep. Nan Hayworth of New York, who characterized the information the lawmakers were given as "nonpartisan," "dispassionate" and "objective."

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Filed under: Debt • Deficit • House Republicans
soundoff (13 Responses)
  1. They ought to change from the elephant to the hippo...

    Then..
    Jobs! Jobs! Jobs!

    Now...
    Debt! Debt! Debt!

    How's that ole' bait and switch working out for you...?

    July 21, 2011 09:24 pm at 9:24 pm |
  2. Peter s

    They can't believe their President !!but eager to listen to their Masters at wall street. GOP, is the most dyfunctional,pathetic political organ in the world. Can someone shout Republicans are political charlatans wholly owned by their corporate masters, bend over yes sir I'm ready shove it!!

    July 21, 2011 09:31 pm at 9:31 pm |
  3. SecedingfromTexas

    So, what's it going to be TeaParty/Republicans – America or Norquist? As Sniffitt so aptly put it, Norquist blinked. He
    gave you an out on Bush tax cuts and Standard and Poors laid it on the line. You have been warned, and nobody knows what will happen after August 2 if no deal is struck. Are you really willing to take that chance?

    July 21, 2011 09:52 pm at 9:52 pm |
  4. SPENDMO

    Wall Street is serving some green tea, the Teapublicans don't have a graceful exit strategy. Wall Street gives money to political campaigns too. They are going to have to kiss the baby...

    July 21, 2011 10:04 pm at 10:04 pm |
  5. I'm a GOP Hostage and So Are You

    Why didn't they "get the low-down" like 6 months ago? Or how about before they ran for Congress with the sole intention of ruining the country with their idiocy? Maybe S+P should have given them "the talk" THEN. They've only prevented the economy from growing, cost jobs, and prevent solutions. That's really all they've done. Disgusting. We need to clean House of the GOP in the House and Senate.

    July 21, 2011 10:13 pm at 10:13 pm |
  6. John

    You Republican need to listen to what they sat to you. and wise up and start to Compromise. Even they say spending cut won't be enough. Try doing what you are getting pay to do. And that should be do the best job you can for the best Interest for America. Not For any Special group of People.

    July 21, 2011 10:19 pm at 10:19 pm |
  7. Four and The Door

    American taxpayers should be demanding to know why Obama has taken this as an opportunity to raise taxes with such a large penalty at stake from his greed and political gamesmanship. The Republicans have agreed to raise the limit with responsible spending cuts that nobody is arguing aren't necessary and don't satisfy what is appropriate. Obama needs to evaluate whether his priorities are political games or what is actually good for the country.

    July 21, 2011 11:06 pm at 11:06 pm |
  8. Republicans - The Not Intended To Be Factually Accurate" Party

    The truth is that these Tea Party / Republican freshmen Congressmen and women lack the very basic understanding of business, finance, taxes, technology and a whole host of issues relevant to being able to do their jobs.

    Maybe I`m just smarter than these people but I`m amazed at how often I could teach them something about the pertinent facts of what they are debating. They are ignorant people.

    We said Bush lacked intellectual curiosity, we note how uninformed Palin was [and remains] anddespite her self proclaimation, we know Bachmann IS NOT "scholarly". What is it about these Republicans that makes most of them mental lightweights?

    Please democrats, independents & moderate Republicans, you`ve got to stop electing these people.

    Give the Democrats fillibuster-proof majorities and if they don`t get the job done, fire them. But the stupidity and ignorance of these GOP candidates must end.

    July 22, 2011 12:04 am at 12:04 am |
  9. LegendRx

    I know . . . I know, let every house hold not pay their bills just like our government! Not a one pay anything. That's the ticket

    July 22, 2011 02:03 am at 2:03 am |
  10. J.V.hodgson

    Still some Republicans think they can wait 2 weeks beyond 2nd August, and this guy has never been near the Fed and how it works let alone international financial markets. ( We can sell investments!?! Yeah at a huge loss) a)Sorry sir the International finaciers and bankers believe Geithner not you re 2nd August b) You are not just fiddling while America burns, you will create a whole set of fresh global economic burns and downturns. Hello double dip recession, America and globally.
    Regards,
    Hodgson.

    July 22, 2011 02:11 am at 2:11 am |
  11. put down the tea

    Thanks Nan for bringing much needed rationality back to your party. It's a relief to find a true Repub trying to show her colleagues, with respected business leaders, the disastrous effects of their extreme stances.

    July 22, 2011 06:42 am at 6:42 am |
  12. The Greedy Old Pigs have declared class war on US!

    Fallout = blowout losses for the GOBPbaggers until some sanity takes hold and they start asking corporations and the ultrawealthy to make the same sacrifices the rest of us have made. Right now, though, the teatard are simply political prostitutes beholden to their cult of corrupt corporatism. Their un-American policies, words and actions have not gone unnoticed by Main St. America.

    July 22, 2011 07:43 am at 7:43 am |
  13. GI Joe

    The tea-baggers don't care. Their ears are full of $$$$$ donated by corporations and they can't hear that they will default with the rest of the country. Those FRESHMEN (more like Jr. Hi. Freshmen) just don't care. They are like sharks that have tasted blood, and I'm afraid it is the blood of poor, seniors, veterans, homeless, and underpaid workers in this country.

    I didn't hear them chanting bring down the debt last year, I heard them chant JOBS JOBS JOBS JOBS. To enter senility at their young age is disheartening.

    July 22, 2011 07:58 am at 7:58 am |