S&P warns debt ceiling action alone will not cut it, must have sizeable debt reduction plan-CNN/Money

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7/21/11, "Debt ceiling: House GOP gets lowdown on fallout," CNN/Money, Jeanne Sahadi

"S&P further warned that it wouldn't be sufficient for Congress to simply raise the debt ceiling. Lawmakers must also pass a sizeable 10-year debt-reduction deal to preserve its otherwise sterling AAA rating, S&P said.

And, the agency added, "for any agreement to be credible, we believe it would require support from leaders of both political parties.""...(para. 6)

via Lucianne.com