Cantor calls S&P action "wakeup call" on debt limit

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WASHINGTON | Mon Apr 18, 2011 12:18pm EDT
(Reuters) - House of Representatives Republican leader Eric Cantor on Monday called the Standard & Poor's downgrade of U.S. credit outlook "a wake-up call" against those seeking to "blindly increase" the U.S. debt limit.

Cantor said the S&P action makes clear that any increase in the debt limit must be accompanied by "meaningful fiscal reforms that immediately reduce federal spending and stop our nation from digging itself further into debt."

(Reporting by Thomas Ferraro; editing by Doina Chiacu)