Hoyer Statement on President Obama's Remarks on S&P Action

For Immediate Release:

August 8, 2011

Contact:

Maureen Beach, 202-225-3130

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today after President Obama spoke on S&P's decision to downgrade the credit rating of U.S. Treasury Securities from AAA to AA+:

“While there are clearly some legitimate concerns with S&P’s analysis, I share the President’s view that the greatest barrier to restoring our fiscal health is not economic—it is political. We can put our fiscal house in order when leaders in Washington are willing to put politics aside and take fiscally responsible action in the national interest. And Americans have long known that a fiscal solution must be balanced in order to be effective; in fact, just such a solution was proposed by the president’s bipartisan fiscal commission, led by Erskine Bowles and Alan Simpson. If partisan actors continue to reject a comprehensive solution and pursue their ideological agenda at all costs, then the world will continue to doubt America’s fiscal seriousness. But if the joint committee on the deficit and leaders in Washington agree to put all of the causes of our deficit on the table, including both spending and revenue, then we can return our nation to fiscal health and strengthen confidence in our economy.”

###