Statement on Standard and Poor's Decision to Downgrade the Long-Term Credit Rating of the United States

“The decision by Standard and Poor’s (S&P) to downgrade the credit rating of the United States is an unmistakable warning that we are failing in our duty to pass on to our children and grandchildren a stronger Nation than we ourselves inherited. Our national debt currently exceeds $14 trillion and we are borrowing more than 40 cents of every dollar we spend. This failure to control spending has created economic uncertainty that threatens to seriously disrupt our financial markets and continue to stifle job creation. Washington's failure to adequately control spending is unacceptable.
 
Families across America are forced every day to tighten their belts and learn to do more with less. So should Washington. The United States House of Representatives has begun the process of restoring fiscal responsibility by voting to cut government spending by trillions of dollars, enacting systemic changes to control spending in the future, and helping to ensure that Washington is held more accountable to the American people. Yet more clearly must be done. I will continue my efforts to help enact real solutions to the financial challenges facing America.”