Senate Democrats

Reid: S&P Action Shows Need for Balanced Approach to Deficit Reduction

Washington, D.C.- Nevada Senator Harry Reid issued the following statement following the decision by S&P to downgrade the U.S. credit rating from AAA to AA+:

“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.”