Never let a crisis go to waste.
(The Hill) — Standard & Poor’s decision to downgrade the nation’s credit rating reinforces Democrats’ call for increasing tax revenue, Senate Majority Leader Harry Reid (D-Nev.) said Friday.
In a statement, Reid said:
The action by S&P reaffirms the need for a balanced approach to deficit reduction that combines spending cuts with revenue-raising measures like closing taxpayer-funded giveaways to billionaires, oil companies and corporate jet owners. This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee’s work with an open mind — instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding.
The credit rating firm said the recent plan to raise the debt limit while reducing the debt “falls short” of its expectations, but S&P also offered broader condemnations of America’s political process.