WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement tonight after S&P announced they are downgrading the credit rating of U.S. Treasury Securities from AAA to AA+: "Tonight's announcement serves as yet another wakeup call that we must put politics aside as we work to put our nation's fiscal house back in order. S&P has made it clear that they expect us to reach a balanced, comprehensive agreement to reduce the deficit. The joint committee must be ready to put everything on the table so that we can restore our credit rating and return our nation to a fiscally sustainable path."
Rep. Frank Wolf (R-VA), speaking on MSNBC’s Morning Joe, where he said (in reference to the Super Committee reaching its mandate): "I am hopeful. There was a group of us that signed a letter the other day asking them to "Go Big"-- to go the $4 trillion level. Some people feel that if you only do the $1.2 or $1.5 [trillion], Moody's could very well downgrade us."
“We’re trying to give them a shot in the arm,” said Rep. Mike Simpson (Idaho), an author of the letter who was urging fellow Republicans to sign on. “The supercommittee needs to go big,” he said, and “everything needs to be on the table,” including revenue, or higher taxes.
Rep. Thomas J. Rooney (R-Fla.), who signed the letter, said organizers hoped to get as many as 100 signatures. “The goal is to take this opportunity to show the American people this Congress can function in a bipartisan way and can get the things done that the people expect us to get done, so our approval rating gets a little better than the 9 percent we’re evidently at now,” he said.