At a Democrat leadership press conference today, Minority Whip Steny Hoyer announced that his entire caucus would support a clean increase in the debt ceiling.
Democrat Whip Steny Hoyer: “I believe that almost every member of our party, if not every member of our party, would vote on a clean extension to make that happen.” (Steny Hoyer, Press Conference, 7/15/11)
Yet, S&P warned just yesterday that a clean increase in the debt ceiling would only further imperil our economy. It is time for the Democrats to show leadership and agree to serious spending cuts, instead of continuously punting on the challenges our nation faces.
S&P Says Debt Ceiling Must Include Plan To “Credibly Stabilize US’s Medium-Term Debt. “If a debt ceiling agreement does not include a plan that seems likely to us to credibly stabilize the U.S.’ medium-term debt dynamics but the result of the debt ceiling negotiations leads us to believe that such a plan could be negotiated within a few months, all other things unchanged, we expect to affirm both the long- and short-term ratings and assign a negative outlook. (Nikola G. Swann, “United States of America’s AAA/A-1+’ Ratings Placed On CreditWatch Negative On Rising Risk Of Policy Stalemate,” Standard & Poor’s, 7/14/11)