BlackRock Encouraged by Momentum to Raise U.S. Debt Ceiling, But Believes Investors Need to See Real Deficit Reduction Withou...
July 31 2011 - 10:26PM
Business Wire
BlackRock, Inc, (NYSE:BLK), manager of $3.6 trillion in assets
for institutional and individual investors around the world, today
released the following statement regarding progress to raise the
U.S. debt ceiling and reduce the federal budget deficit:
“As a manager of assets for millions of Americans, and clients,
both U.S. and non-U.S., who are invested in America, we are
encouraged by momentum over the weekend toward an agreement to
raise the U.S. debt ceiling and reduce the federal deficit. Based
on the details that have emerged, we believe the framework proposed
to reduce federal spending is a positive development. However, the
precise composition and timing of any spending cuts will determine
whether this proposal produces a real and significant reduction in
the deficit. Avoiding default by the U.S. Government is of
paramount importance, but investors also need to see a clear path
toward deficit reduction that encourages confidence in the U.S.
dollar. This is essential if we are to maintain America's AAA
rating and encourage long-term investment in the U.S.”
“America cannot afford further delay. With the U.S. economy
continuing to show weakness, every day of delay in resolving this
situation will erode economic growth, jeopardize job creation and
undermine the credibility of the United States in global financial
markets. BlackRock is hopeful that America's elected
representatives will proceed with urgency to resolve the debt
ceiling and reduce our deficits.”
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At June 30, 2011, BlackRock’s AUM was $3.659 trillion.
BlackRock offers products that span the risk spectrum to meet
clients’ needs, including active, enhanced and index strategies
across markets and asset classes. Products are offered in a variety
of structures including separate accounts, mutual funds, iShares®
(exchange-traded funds), and other pooled investment vehicles.
BlackRock also offers risk management, advisory and enterprise
investment system services to a broad base of institutional
investors through BlackRock Solutions®. Headquartered in New York
City, as of June 30, 2011, the firm has approximately 9,700
employees in 26 countries and a major presence in key global
markets, including North and South America, Europe, Asia, Australia
and the Middle East and Africa. For additional information, please
visit the Company's website at www.blackrock.com.
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