Following is a statement from White House Press Secretary Jay Carney on the downgrade of U.S. credit by Standard & Poor's:
The President believes it is important that our elected leaders come together to strengthen our economy and put our nation on a stronger fiscal footing.
The bipartisan compromise on deficit reduction was an important step in the right direction. Yet, the path to getting there took too long and was at times too divisive. We must do better to make clear our nation’s will, capacity and commitment to work together to tackle our major fiscal and economic challenges.
Over the past weeks and months the President repeatedly called for substantial deficit reduction through both long-term entitlement changes and revenues through tax reform, with additional measures to spark jobs and strengthen our recovery. That is why the President pushed for a grand bargain that would include all of these elements and require compromise and cooperation from all sides.
Over the coming weeks the President will strongly encourage the bipartisan fiscal committee as well as all members of Congress to put our common commitment to a stronger recovery and a sounder long-term fiscal path above our political and ideological differences.