| Q&A: Financial Services Forum President: A Downgrade of the US Will Hurt US Economy |
| Monday, 01 August 2011 00:00 |
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Posted By: Lori Ann LaRocco | CNBC Sr. Talent Producer CNBC.com Raising the debt ceiling may be considered a "done deal" but the fact the cuts don't satisfy S&P's requirements has investors wondering if the downgrade shoe will drop. Stocks rallied on the news of the debt deal and industry associations from all sectors are cheering as well. But early on the tape went red. I caught up with Rob Nichols, President of the Financial Services Forum whose members are the big banks what they think of the deal and the fears of what a U.S. downgrade could mean to the economy. LL: What do you think of the deal? RN: With August 2nd just hours away, we applaud the congressional bipartisanship involved with reaching this framework and believe that this agreement is the best possible path forward to restoring market confidence while putting ourselves on a path toward long-lasting fiscal responsibility. This agreement will avoid the consequences of an unnecessary default on the nation’s obligations and is an important step towards a sustainable fiscal future. |
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