Roe Statement on Standard and Poor’s Announcement
WASHINGTON D.C. – U.S. Congressman Phil Roe, M.D. (TN-01) issued the following statement after Standard & Poor’s lowered the United States’ long-term credit rating from AAA to AA+ for the first time in the history of the ratings:
“This decision by S&P is the latest consequence of the out-of-control spending that has taken place in Washington for decades, and that has increased dramatically since President Obama took office. The spending binge has resulted in job-destroying economic uncertainty and now threatens to send destructive ripple effects across our credit markets.
“For too long, Washington has spent way beyond its means, professing this is the best way to boost confidence and job creation. An unemployment rate above 8 percent for 30 consecutive months and a national debt that equals 100 percent of America’s gross domestic product clearly shows that Washington can’t afford to keep spending its way to job creation.
“The S&P report calls for entitlement reform – one of the cornerstones of the House Republican budget –‘key to long-term fiscal sustainability.’ The Democratic-controlled Senate hasn't even passed a budget. The President’s proposed budget more than doubles the debt, drives spending to a new record of $3.8 trillion in FY 2011 and raises taxes by over $2 trillion through 2020. The president’s policies are simply unsustainable, and the S&P downgrade of our credit rating is another example of how damaging his policies are for Tennesseans.
“We need to pass job creating policies like the Cut, Cap and Balance Act and a Balanced Budget Constitutional Amendment because both would lower the deficit, control spending and not raise taxes on the American people. Rather than returning to the same failed Washington spending policies, we must restore America’s confidence by working together to implement pro-growth, pro-job solutions.”