Congressman Tim Scott released the following statement after Standard & Poor's announcement on the nation's credit rating:
"The S&P downgrade only confirms what the markets showed us Thursday - while the President and the Senate continue to simply plan through the next election cycle, a plan for long-term financial stability is what will restore confidence in our country's economy and government.
Washington now knows what it must do. We must stop spending money we do not have, pass a balanced budget amendment, and act boldly to reform our broken entitlement systems.
The House of Representatives passed the only plan which would have ensured a return to sound fiscal policy. Now we are seeing the effects of the left's refusal to move forward with Cut, Cap, and Balance.
Regrettably, the President will again call for raising taxes on Americans. But as you have heard me say time and again, tax policy is counter-intuitive. Tax increases will generate additional revenue for Washington initially, but then will decrease because of the jobs it destroys. Lower tax rates grow the economy, create jobs and gets America producing again.
I sincerely hope this action opens the President's eyes and he will begin seriously working with us to move our country in the right direction, instead of simply trying to cut a deal to appease his supporters. I was not elected to keep kicking this can down the road, and I am committed to restoring fiscal sanity in Washington."