Senate Democrats

In New Video, Market Experts Agree: Boehner’s Short-Term Debt Patch Could Lead To Credit Downgrade And Economic Devastation

S&P’s David Beers: “We would be concerned if we thought that the debt ceiling debate would come back and be opened and we’d have to go through all this again and again and again.”

VIEW THE VIDEO CLIP HERE:

 

WASHINGTON, D.C. – Senate Democrats today released a new video that makes it clear: the markets would be endangered by Speaker Boehner’s short-term debt plan.  In this one-minute clip, market experts sum up their concerns — a short-term plan would likely cause a dangerous credit rating downgrade and could lead to a default on our nation’s obligations.

The Senate’s plan to raise the debt ceiling through 2012 is the only proposal out there that can avoid such devastating effects on the economy.  Senate Majority Leader Harry Reid says the Senate plan “is a long-term strategy to safeguard the economy and give the markets the stability they need.”  It’s time for House Republicans to pull the plug on the reckless Boehner bill and work with Democrats to prevent a default.

A sample of market experts in the video:

  • S&P’s David Beers: “We would be concerned if we thought that the debt ceiling debate would come back and be opened and we’d have to go through all this again and again and again.”
  • Chairman and CEO of Alcoa Klaus Kleinfeld: “A short-term plan that doesn’t get us over the hump will not solve…”
  • NASDAQ CEO Robert Greifeld: “The longer the deal that Congress makes… the better markets will feel about it”
  • Former VP of The Federal Reserve Alan Blinder: “The Boehner plan is going to have us fighting this out again in a matter of months, and we don’t need that”

 

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