RIBBLE STATEMENT ON U.S. CREDIT DOWNGRADE
Appleton, WI – Representative Reid Ribble (WI-08) released the following statement on the announcement that Standard and Poor's will downgrade the U.S. credit rating to AA+.
"This action by Standard and Poor's (S&P) serves as a clear and undeniable warning against the federal government's irresponsible deficit spending. Another independent voice has sent out a resounding alarm that signals the economic devastation our country faces if we do not rein in spending and get our fiscal house in order. I helped author The Cut Cap and Balance Act which, if enacted, would have reduced the federal deficit by almost $6 trillion over the next decade --well exceeding S&P criteria for serious, legitimate deficit reduction. Our legislation passed the House of Representatives on a bipartisan basis but was flippantly rejected by both Senator Reid and President Obama as being ‘draconian.’
“In Washington, where some seem to act like rhetoric matters more than facts, spin more than substance, and misdirection more than problem solving, I wonder how the Democrat deficit doubters will react to these S&P analysts. I urge Senator Reid to give Cut, Cap and Balance the full and proper debate that it deserves before our economy veers more dangerously toward crisis. Alarms are sounding for a reason...because our fiscal house is at risk of burning down."