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Category: Money

Senate Banking Committee, to Investigate S&P Downgrade?

Written on August 09, 2011 by Japhet Writ

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“In the minds of serious, reasonable, and informed individuals there is no doubt that the U.S. will meet its debt obligations and we are seeing even more proof of that today." --- Tim Johnson, Senate Banking Committee chairman

An aide from the Senate revealed that they are gathering more proof regarding ’s of . This move is in preparation for a possible investigation.

Last Monday, committee chairman – – released a statement with relation to the downgrade:

“In the minds of serious, reasonable, and informed individuals there is no doubt that the U.S. will meet its debt obligations and we are seeing even more proof of that today.  As the financial markets stumble, investors continue to regard Treasury debt as a safe haven in times of economic uncertainty.  This irresponsible move by S&P may, however, have spillover effects that tax the American people by increasing interest rates on home loans, credit cards, and car loans, and by increasing the cost of finance for some state and local governments.  I am deeply disappointed in S&P’s decision to enter into the game of political punditry.”

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