“The power under the constitution will always be in the people. It is entrusted for certain defined purposes, and for a certain limited period, to representatives of their own choosing; and whenever it is executed contrary to their interest, or not agreeable to their wishes, their servants can and undoubtedly will, be recalled.”

~ George Washington (1787)

Sunday, August 7, 2011

S&P elaborates on US down grade

From Fox News
Beers said he faults both Congress and the Obama administration for "the difficulty of all sides in finding a consensus around fiscal policy choices," but any agreement must command the support from both political parties in order to be durable.
and
Rep. Paul Ryan, R-Wis., chairman of the House Budget Committee, said he's not surprised by S&P's decision since even with the select committee's recommendations, the debt will continue to climb.

Ryan added that he's willing to discuss tax reforms in a way that would promote economic growth and job creation, including addressing "special interest-driven loopholes," but qualified any reforms by adding, "if you're just raising revenues to chase ever high spending, that's not good policy."
Are you listening, Obama?  Congress?