While Republicans slammed President Obama’s economic policies in the wake of Standard & Poor’s downgrade of the United States’ credit downgrade on Friday, Democrats used the opportunity to tout the importance of a Joint Committee of Congress which will convene soon to hammer out a longer-term debt crisis compromise.
One of the major reasons S&P cited for the downgrade was concern over political gridlock in Washington, D.C.
Here’s what leading Democrats had to say:
Senate Majority Leader Harry Reid
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.
House Minority Leader Nancy Pelosi
The American people are watching to see if the bipartisan Joint Committee will develop a plan to responsibly reduce the deficit in a balanced way while promoting economic growth and creating jobs.
Without regard or respect for the recent S&P comment on our nation’s credit rating, it is important to note the role that transparency and accountability play in making their judgment. As S&P stated, “The transparency and accountability of institutions bear directly on sovereign creditworthiness because they reinforce the stability and predictability both of political institutions and the political framework.
The work of this Committee will affect all Americans, and its deliberations should be open the press, to the public and webcast. Any acceptance of the Committee proposal will be dependent on the ability of the American people to fully view its proceedings.