S&P Head John Chambers Says Balanced Amendment Would Hurt U.S. Credit Rating

Posted by | August 9, 2011 19:13 | Filed under: Top Stories

Standard and Poor’s managing director John Chambers says a balanced budget amendment would give us less flexibility in a crisis.

“In general, we think that fiscal rules like these just diminish the flexibility of the government to respond. Also, when Congress has a long track record of trying to bind itself with various rules…But when push comes to shove, they don’t bind very much. So even if you had a Balanced Budget Amendment, you’d have some questions about it’s credibility, and it would just reduce your flexibility in a crisis.”

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Copyright 2011 Liberaland
By: Alan

Alan Colmes is the publisher of Liberaland.

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