Moody's Investors Service yesterday announced that, in the wake of a potential downgrade of the United States' credit rating, South Carolina's AAA credit rating is at risk. Moody's made the announcement as President Barack Obama continued to buck plans to rein in Washington spending and pass a balanced budget amendment in Congress.
Governor Nikki Haley said, "In South Carolina, businesses are growing, jobs are being created and elected officials are learning the value of a dollar. But Washington is dysfunctional, and now the fiscal chaos is threatening South Carolina's credit rating. That's absolutely unacceptable. President Obama needs to lead -- it's time for him to work with Congress to pass real, long-term spending cuts, and let our economy get moving."
Earlier this week, President Obama threatened to veto "Cut, Cap and Balance," a plan that calls for significant spending cuts, a statutory spending cap, and a balanced budget amendment to the U.S. Constitution as minimum preconditions to raising the debt limit.
"Both political parties have failed our country," said Gov. Haley. "But what matters is that we now have a chance to make it right and fix our disastrous debt. President Obama's threat to veto "Cut, Cap, and Balance' crystallizes the fact that he has no desire to reduce spending and stop the fiscal train wreck that he has done so much to ignite. Our nation is being led by someone who doesn't understand that our current direction imperils our future. The unfortunate truth is we can no longer afford President Obama's leadership."