Congressman Jeb Hensarling, Chairman of the House Republican Conference, issued the following statement today regarding the United States' long-term credit outlook being downgraded from "stable" to "negative" by Standard & Poors' (S&P).
"Today's news is a stark reminder that we must stop spending money that we don't have. Most Americans already know that our spending-driven debt crisis poses a major threat to our national future, but now we're seeing troubling evidence that our unprecedented debt--$14.2 trillion and growing--is already having an alarming effect on our ability to compete in this global economy and create much-needed jobs.
"S&P stated the reason for its new rating being our "very large budget deficits and rising government indebtedness' and that "the path to addressing these is not clear.' This is bad news, but not surprising news. When the President of the United States chooses to treat our national debt as campaign fodder and insists on more spending and more taxes instead of less of each, confidence in our economy's strength and credibility is sure to dwindle.
"While House Republicans are leading the fight against rampant federal spending by offering common sense spending cuts and a jobs-focused budget to put us on the path to growth, President Obama is doubling down on a senseless plan to add $13 trillion to our nation's debt and burden job creators with more taxes.
"S&P's global head of sovereign ratings said in regard to deficit reduction, "U.S. policymakers are still talking about it, but others are beginning to act.' This should serve as a clear signal to President Obama that it's going to take more than partisan speeches to bridge our differences and tackle our spending-driven debt crisis head-on. It's going to take serious leadership.
"To get our fiscal house in order now and to save us from national bankruptcy in the future, we must quit borrowing 42 cents of the dollar, much of it from the Chinese, and sending the bill to our children and grandchildren. It's past time for President Obama and Senate Democrats to follow our lead by addressing the spending part of our debt crisis, and not just look for ways to raise more taxes."