Flores Statement on S&P U.S. Credit Rating Downgrade08/06/11
U.S. Suffers First Credit Rating Downgrade in History on President Obama's Watch
WASHINGTON, D.C. – U.S. Congressman Bill Flores (R-Texas), a former business owner, Certified Public Accountant (CPA) and member of the House Budget Committee, released the following statement after S&P downgraded the U.S. credit rating from AAA to AA+ for the first time in history:
“Despite a $14.2 trillion national debt, President Obama and Senator Reid have continued to call for more spending, more burdensome regulations, and job-destroying tax hikes; yet they will not offer a realistic solution to pay off our staggering national debt. The S&P downgrade is a historic setback for our Nation’s government, and it confirms that the political system is broken and it starts at the top. The president proposed a 2012 budget that would create unprecedented deficits and pose serious economic risks to American families and job creators. Meanwhile, the Obama administration’s allies in the Senate have irresponsibly chosen not to propose a budget plan in more than two years. When will President Obama take responsibility for the $800 billion failed stimulus, the unpopular government takeover of healthcare, his broken promise of unemployment at 8% and the now the first ever U.S. credit rating downgrade in history? The Obama-Reid failure of leadership is accelerating our economy down the road to national bankruptcy and mortgaging the futures of our children and grandchildren.
“Amidst Washington’s broken political system, House Republicans are the only ones who are serious about controlling runaway spending and restoring real-world accountability to an out-of-control federal budget. In just seven months, we have demonstrated this through our House-passed budget – the Path to Prosperity, through our Cut, Cap, and Balance plan and through reduced appropriations spending. Our actions have caused our projected discretionary spending to be reduced on a year-over-year basis for two years in a row – for the first time since World War II. Yet President Obama and Senator Reid remain unwilling to follow through with House Republicans on these tough but necessary choices. Just this week, Senator Reid and some of his colleagues caused a partial shutdown of the FAA just so they could maintain wasteful spending of valuable taxpayer dollars for airports near their homes. Americans all over the country are saying enough is enough!
“Our Path to Prosperity budget will cut trillions in federal spending and put us on the path to paying off our debt. Our proposed vote on a Balanced Budget Amendment will provide a real-world solution to hold Washington more accountable to the American people for the money it spends. House Republicans will continue to take the responsible path towards long-term fiscal sustainability. We hope that this latest consequence of Washington’s out-of-control spending spree will spur President Obama and the Democrats to begin working with us to put America back on solid ground. It’s time to get it right. This is about America, our way of life and restoring confidence in the American Dream for future generations.”