By Sam Youngman - 04/18/11 04:40 PM EDT
White House press secretary Jay Carney said Monday that Standard and Poor's “negative” rating of the United States’s long-term debt underscores the need for Republicans and Democrats to work together on fiscal reform and raising the debt ceiling.
Carney said the White House would not disagree with S&P’s analysis of the contentiousness in Washington, but said history shows that on big issues, both sides have demonstrated they can work together.
“We think a reminder that we need an agreement on fiscal reform is always valuable,” Carney said.
Markets tumbled Monday after S&P lowered its outlook on
U.S. debt to negative.