U.S. Representative Leonard Lance (NJ-7) issued the following statement after Standard & Poor's lowered the United States' long-term credit rating from AAA to AA+.
"The chickens have finally come home to roost. After years of unchecked spending and escalating debt and deficits we have now witnessed the first downgrade of the United States credit rating in our history. The recently passed Budget Control Act made progress toward reducing the debt, but clearly we have not done enough.
"The decision by S&P is additional proof that we must further reduce federal spending, reform entitlement programs, and simplify the tax code to put our Nation back on a sustainable course toward economic prosperity and fiscal responsibility. Congress must overcome legislative gridlock and act in a bipartisan capacity to prevent this crisis from getting any worse."