Lalit K Jha
Washington, Apr 19 (PTI) The Obama government on Monday said it is geared up for fiscal reforms after rating agency Standard & Poor?s threatened to downgrade the country's AAA credit rating unless it found a way to cut the rising federal budget deficit in next two years.
" We think the political process will outperform S&P expectations. The President is committed, as he made clear in his speech, to moving forward in a bipartisan way to reach common ground on this important issue of fiscal reform," the White House Press Secretary, Jay Carney, told reporters at his daily news conference.
The fact that he and Republicans agreed on a target of USD 4 trillion in deficit reduction over 10 to 12 years is an enormously positive development, according to Carney.