A lot of finger pointing has been happening since Standard and Poor’s downgraded the country’s credit rating from AAA to AA+. But just because S&P said they based their decision at least partially on Congress’s obvious unwillingness to rescind the Bush era tax cuts for the rich doesn’t mean the Republicans feel like it was the wrong move economically. In fact, House Majority Leader Eric Cantor is stating that in the wake of the downgrade, the GOP needs to stand firmer on the idea of “no tax increases.”
Via Talking Points Memo:
“Over the next several months, there will be tremendous pressure on Congress to prove that S&P’s analysis of the inability of the political parties to bridge our differences is wrong,” Cantor wrote. ” In short, there will be pressure to compromise on tax increases. We will be told that there is no other way forward. I respectfully disagree…. I firmly believe we can find bipartisan agreement on savings from mandatory programs that can be agreed to without tax increases. I believe this is what we must demand from the Joint Committee as it begins its work.”
I guess we can look forward to a AA rating pretty shortly.
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