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Garrett Responds to Standard & Poor's Downgrade of U.S. Credit Rating


Location: Washington, DC

Rep. Scott Garrett (R-NJ), Vice Chairman of the House Budget Committee and Chairman of the Republican Study Committee's (RSC) Budget and Spending Task Force, issued the following statement today after Standard & Poor's (S&P) revised the long-term credit rating of the United States from stable to negative:

"The downgrade by S&P serves as a sobering reminder of just how dire our fiscal crisis really is. Even in their most optimistic scenarios, S&P believes our fiscal health would be less robust than other AAA rated sovereign countries. I sincerely hope S&P's downgrade serves as a wakeup call for President Obama to get serious about the spending and debt crisis threatening our country. Republicans have already put forward more than one plan to reduce spending and overhaul the drivers of our nation's debt. So far the President has given a speech and called for more commissions to study the problem. We need action from the president, not more dithering. This is like watching a train wreck in slow motion with the White House sitting back to enjoy the show."

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