Congressman Reed Calls Decision by Standard & Poor's "Another Wake-Up Call" Says Debt Must be Reduced

Press Release

Congressman Tom Reed is calling the decision by Standard & Poor's to revise its outlook on the long-term sovereign debt of the United States to "negative" another wake-up call that the United States has to get serious about reducing its national debt. "We must live within our means and stop spending money that we do not have," Reed said. "The best chance we have to get back on solid financial ground is to reduce our debt and reduce the enormous size of our federal government."

Reed added that certainty that the United States will deal with its debt crisis will help improve the economy. "Trillions of private dollars sit on the sidelines waiting to see if we are serious about reducing the deficit and paying down our debt," Reed observed. "If we can show the world market that we are indeed getting our finances in order, those trillions will be put into the U.S. economy (instead of elsewhere), meaning a stronger recovery and job creation."

Reed supports Rep. Paul Ryan's 2012 budget plan, "The Path to Prosperity" for its plan to reduce government spending by $6.2 trillion over the next decade. "It may not be politically popular, but we have to do this for the sake of future generations and for job creation," Reed said.

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