Leader Cantor: We Need A Credible Deficit Reduction Plan

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WASHINGTON, D.C. – House Majority Leader Eric Cantor (R-VA) released the following statement regarding today’s warning from Fitch Ratings Agency on the debt limit:

“Today, Fitch Ratings Agency warned that our nation’s AAA credit rating is at risk if a raise of the debt ceiling does not also include a plan for ‘credible medium-term deficit reduction that would be consistent with sustaining the economic recovery and restoring confidence in the long-run sustainability of U.S. public finances.’ Yet, President Obama said yesterday he would not even discuss necessary spending reforms with Congress, before our nation authorizes more debt.

“Fitch also warned that it is in our best interest to reach an agreement sooner than later. The longer President Obama refuses to acknowledge the debt crisis, and engage Congress, the closer we get to this outcome. In 2006, President Obama himself warned against ‘shifting the burden of bad choices today onto the backs of our children and grandchildren,’ and added, ‘America has a debt problem and a failure of leadership.’

“It’s time for President Obama to stop putting our credit rating at risk and acknowledge we need a credible deficit reduction plan attached to any increase in the debt limit. It’s time to come together, get to work, and solve the problem.”
 

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