House Majority Leader Eric Cantor said the Wall Street credit rating agency sounded a warning bell with its negative rating of the nation's debt. Standard and Poor's isn't confident Congress and the President will be able to find a debt reduction solution by next year. The clock is ticking, said Cantor.
"We in the House hear ya loud and clear Standard and Poor's," said Cantor. "We feel very strongly that now is the time to signal that we're going to do something strong to deal with this debt crisis we face."
The rating agency estimates the deficit is now 11 percent of gross domestic income, more than double the percentage in the previous six years.
Revamping Medicare, encouraging more investment in businesses and tackling the nation's growing debt top Cantor's agenda. The Republican leader said he's ready to work with President Barack Obama to shrink the nation's deficit, but wants the president to do more.
"We have $1.6 trillion in deficit this year alone. And the cuts we were able to accomplish last week amounted to $38 billion. Now if you do that math you've got a long way to go," said Cantor.
Programs like Medicare will not escape unchanged, he said.
Cantor was in San Diego to meet with Qualcomm officials and to talk with the firm's workers.
