Credit downgrade mounts pressure on debt panel
August 9th, 2011
09:23 AM ET
3 years ago

Credit downgrade mounts pressure on debt panel

Washington (CNN) - If there is any silver lining to the downgrade of the U.S. credit rating, it might be that it adds more motivation for the special congressional committee tasked with drafting a long-term solution to the nation's mounting federal deficits.

"There's no question about the fact that this does indeed raise the pressure," said William Galston, a senior fellow specializing in governance studies at the Brookings Institution, a nonprofit public policy think tank. "This increases the stakes, which already were very high."

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Filed under: Congress • Debt • Deficit • Deficit commission
soundoff (8 Responses)
  1. Chipster

    S&P 's report said that the downgrade was due to the lack of revenue in the debt agreement. They could not have been more clear. The President should never have agreed to that. A constitutional battle would have been terrible if he had invoked the 14th Amendment but it might have been worth it. People are so ill-informed. It isn't possible to fight 2 wars, bailout 2 reckless industries, create an unfunded Part D program, and award no-bid contracts without any cost agreements without increasing revenue. Well, I guess we can because that's exactly what we did but you can't do it without the bills eventually coming due. The party's over but people want to blame the clean up crew instead of the irresponsible teenagers who threw the party.

    August 9, 2011 10:00 am at 10:00 am |
  2. fayse

    I have a suggestion for the Think Tank. Demand the resignation of all Tea Party members who signed that pledge for Grover Norquist. They are supposed to be representing ALL of the people not just the Tea Party and Grover Norquist. They may as well leave now because the people will vote them out any chance we get.

    August 9, 2011 10:08 am at 10:08 am |
  3. Rudy NYC

    They have been told what the reasons were for the debt downgrade, point by point. One of those points was dealing with the revenue deficit created by the Bush Tax Cuts and exacerbated by the high unemployment.

    August 9, 2011 10:09 am at 10:09 am |
  4. A Kickin' Donkey

    You want to see that committee motivated? Let the Democrats in Wisconsin win just 1 of those 6 recall elections. [that would be 16%]. Let the Dem's flip the WI State Senate back to their control with 3 seats.

    With that outcome, the career Republican politicians in competitive Congressional districts will get some religion around compromise. Then again, that will only restrict the pool from which Boehner & McConnell seek to fix the deck.

    August 9, 2011 10:13 am at 10:13 am |
  5. terence

    Thank a Tea Party member today!

    August 9, 2011 10:16 am at 10:16 am |
  6. gt

    business men not lawyers need to make this call...will see who each side choose to be on the panel

    August 9, 2011 10:39 am at 10:39 am |
  7. L4Legend

    Hello America, please attribute 98% of the downgrade to Speaker Boner, who got "98% of what he wanted" in the debt reduction negotiations. Just goes to show that one has to be careful what one asks for, or what one's claim to fame is.

    August 9, 2011 10:45 am at 10:45 am |
  8. GI Joe

    Oh Great – Half will NOT look at loopholes for wealthy/corporations, but they expect the other half to cut Soc. Sec. and Medicare.

    I can tell who THIS is going to make suffer even more (hint – not the wealthy, who do not suffer at all).

    August 9, 2011 10:50 am at 10:50 am |