in the 2012 presidential election. President Obama stated that he would veto any attempt by Congress to cancel the $1.2 trillion sequester. These sequestrations figured prominently in the United States fiscal cliff discussions starting in 2012. US financial markets largely anticipated the failure of the committee, leaving little room to fall following the announcement. The Dow was down 2.1% on the day of the announcement, and the NASDAQ and S&P 500 were each down 1.9%. Yield on ten year treasuries fell to 1.96% on increased demand for stable investments. Credit rating agencies maintained their projections for US sovereign debt. Standard & Poor's affirmed their AA+ rating; the agency had downgraded the country's credit rating in August 2011, citing Congressional resistance to new revenue measures and fears that the tax cuts of 2001 and 2003 might not be allowed to expire. Moody's affirmed a rating of AAA with a negative outlook. Fitch Ratings affirmed its AAA rating but revised their outlook to negative, citing "declining confidence that timely fiscal measures necessary to place U.S. public finances on a sustainable path ... will be forthcoming." Following the announcement that the committee had failed to reach agreement, a group of government watchdog organizations posted an open letter to President Obama and ranking members of Congress calling for the release of committee working documents. It argues that the proposals could serve the public interest by providing a basis for public debate going forward. The group comprised Taxpayers for Common Sense, the Project On Government Oversight, the Sunlight Foundation, OpenSecrets, Citizens Against Government Waste, The Heartland Institute, and Citizens for Responsibility and Ethics in Washington. Except for the five public hearings, the committee proceedings comprising the majority of the negotiations and counter-offers will remain sealed for 20 years under current rules. References External links Official website Joint committee topics from The New York Times Factbox on joint committee from Reuters Summary of similar past efforts from Brookings Institution Contributions to committee members compiled by OpenSecrets Deficit Reduction, United States Congress Joint Select Committee on 112th United States Congress John Kerry 2011 establishments in the United States Organizations established in 2011 United States fiscal cliff