Rep. Walsh Issues Statement on Standard and Poor’s US Credit Rating Downgrade
Fox Lake, Illinois – Today, Congressman Joe Walsh issued the following statement on Standard and Poor’s decision to downgrade the United State’s credit rating for the first time in its history.
“The credit rating agencies made it clear that the United States would lose its AAA credit rating unless we produced a solid plan to reduce our nation’s debt by trillions of dollars and put fiscal guardrails in place to protect future generations.”
Congressman Joe Walsh mentioned this press release on the downgrading of the United States' credit rating at the "Joe with Joe" at Richard Walker's Pancake House Saturday morning.
“The White House’s response was to pursue a blank check for more government borrowing and to put Treasury Secretary Tim Geithner on television to dispute the chance of a U.S. credit rating downgrade. On a news show in April, Secretary Geithner said “No risk of that, no risk.”
“Heeding the warnings of the rating agencies, Republicans in the House of Representatives took a different path and passed Cut, Cap and Balance legislation which would have brought structural change to the way Washington borrows and spends money. Regretfully, the Administration responded by calling the legislation an “empty political statement” and the President threatened a veto.”
S & P advised the Federal government to "Get Serious" this August 6, 2011, Chicago Tribune editorial emphasizes. The Tribune estimates the downgrading will cost $100 billion extra each year.
“Simply put, if President Obama and Democrats in Congress had embraced Cut, Cap, and Balance and if the President were sincerely focused on the severe financial challenges facing the country instead of his re-election, this action by Standard and Poor’s could have been avoided.”
“Like the 22 Republicans who voted against it, Standard and Poor’s said the deficit reduction plan passed earlier this week did not go far enough to stabilize our country’s debt situation. Mr. President, are you and your Democrat colleagues in the U.S. Senate ready to address our debt crisis?”
How does owing child support affect your credit score?
The Right Wing’s favorite economic terrorist and deadbeat dad has spoken, thou shalt not hold his hypocrisy against him.
Joe Walsh is a great American and one of the best of the new Congressmen. Joe Walsh should run against Dick Durbin and get Dick Durbin out of the senate.
I said before Obama won the election that he was put up by the criminals in Chicago and their cohorts in the state who had already bankrupted Chicago, Cook county and the State of Illinois so that they could get their hands on the money in the federal treasury. He won and look what Obama and his supporters have done.
Obama, Dick Durbin and their accomplices have caused the first downgrade in the credit rating of the United States government.
HGP – aside from Walsh’s obvious personal character flaws (child support, financial irresponsibility), he is representative of a disturbing subculture of self centered egomaniacs who care little for the most vulnerable Americans. Also, I do not know where you were the last 10 years, but if you were following the federal debt, you would have noticed it grew from $5.6 trillion in 2001 to $11.2 trillion at the beginning of 2009. Can you explain why?
Why are our politicians are soooo proud of their budget accomplishments?
http://membership.cagw.org/site/PageServer?pagename=policy_Baseline_Budgeting
Read the S&P report about the downgrade on their website. On page 4 at the bottom they say-
We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act
They only blame republicans although our corporate press and republicans would lie and have people think otherwise. These job killing tax cuts for the rich only make the rich richer and the middle class become lower class.