Jordan Statement on Reid Plan, Moody’s Report
Republican Study Committee Chairman Jim Jordan released the following statement as the House of Representatives prepared to vote down a debt limit proposal authored by Senator Harry Reid that relies on phantom spending cuts.
“As Senator Reid and the rest of Washington try to strike a backroom deal, Americans are still looking for a solution.”
“Yesterday, Moody’s Investors Services said, ‘the limited magnitude of current deficit reduction proposals suggest that even a timely increase in the debt ceiling will lead to the assignment of a negative outlook on the rating.’ In other words, Moody’s feels that neither Senator Reid’s package of phantom cuts nor what passed the House last night makes the bold changes needed to ease concerns about our massive debt.”
“An analysis released by Citigroup on Monday found that our Cut, Cap, and Balance Act is the only actual legislation that would not put America’s AAA credit rating at risk of a downgrade.”