Regardless of whether we raise the debt limit the value of the dollar and U.S. bonds will be severely downgraded by Moodys and S&P unless we show substantial progress and a long-term commitment on stopping the red ink With this level of deficit reduction coupled with a Constitutional amendment requiring a balanced budget in the future we wont need to continually raise the debt ceiling because we wont need to continually keep borrowing."
--House Republican Conference Secretary John Carter
