S&P Officials To Brief House GOP Freshmen On Consequences Of Default


Officials from Standard and Poors will brief House Republican freshmen on the consequences of default if the debt limit isn’t raised.

Rep. Nan Hayworth (R-NY) is hosting the meeting at 3 p.m. Thursday, according to her office.

The first-term congresswoman is among the House’s most conservative members, and like many fellow freshmen, was backed by the “tea party” in 2010.

Many GOP freshmen are members of the so-called “default caucus” of members unwilling to raise the debt limit under any circumstances.

The White House confirmed earlier this week that administration officials have been in contact with the major credit rating agencies to assure them that the government will not default, and that lawmakers will take up significant deficit reduction measure.

“We’ve been trying to make them understand that Washington and the President is committed to bringing down the deficit and controlling spending,” White House Communications Director Dan Pfeiffer said, responding to a question from Business Insider.

Spokespeople for the three major credit rating agencies refused to comment on substance of conversations with administration officials on plans to avert downgrade, citing longstanding policies of not discussing conversations with issuers. 

A spokesperson for the Treasury Department, which has handled most of the communication with the agencies, did not return repeated requests for comment.

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