Geithner: U.S. Will Not Lose Top Credit Rating

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President Obama is pitching his deficit reduction plan at a town hall meeting Wednesday hosted by Facebook.

The president says he knows America cannot keep going down its current road of high deficits.

"If we keep on spending more than we take in, it's going to cause serious damage to our economy," Obama said.
Meanwhile, Treasury Secretary Timothy Geithner is trying to reassure Wall Street that the U.S. will not lose it triple-A credit rating.

"No risk of that, no risk," Geithner said. "I think the prospects for a bipartisan agreement are better than they've been in a long period of time."

"Of course, we have to turn that into action," he added.

Geithner's comments come in response to Standard & Poor's announcement earlier this week that it is lowering its long term outlook for the federal government's fiscal health.

The credit agency warned the government could lose its top credit rating in the next two years.

A lower credit rating would mean Washington would be forced to borrow from other countries at higher interest rates.
Seton Motley, president of Less Government, talked more about the implications of the S&P report, on CBN News Channel Morning News, April 20.

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