Representative Mike Kelly Issues Statement on Credit Rating Downgrade

Representative Mike Kelly Issues Statement on Credit Rating Downgrade

Washington, D.C. — U.S. Representative Mike Kelly (PA-03) issued the following statement after Standard and Poor’s announced they had lowered the United States' long-term credit rating to AA+:

“It should come as no surprise to anyone that America’s credit rating would be downgraded. For far too long, Washington has lived beyond its means, spending money it didn’t have and making promises it couldn’t keep. The federal government has run three consecutive years of trillion-dollar deficits, and has now reached an historically high $14.3 trillion national debt.

“The credit rating agencies said Washington needed at least $4 trillion in cuts to secure its AAA status, so the House passed the Cut, Cap, and Balance Act, which not only included those cuts, but put in place reform measures that would cap future spending and balance the federal budget.

“The Senate refused to vote on Cut, Cap, and Balance, and the president vowed to veto it. The Senate also refused to vote on the House's 2012 budget, which included more than $6 trillion in spending cuts and offered the only solution to reform entitlement programs and to save Medicare.  

“Although we were told specifically what needed to be done to save our credit rating, Senate Democrats and the president turned a blind eye, putting politics first and further compromising our nation’s economic and national security.

“Families and businesses have the discipline and common sense to know when to stop spending; it’s too bad that Washington lacks either, which is why one of our top priorities needs to be the passage of a balanced budget amendment to permanently change the culture of spending in Washington.

"For the sake of our nation, and for the future of our children and grandchildren, we need to come together in a bi-partisan fashion to address the significant economic challenges before us. One political party and one Chamber of Congress cannot do this alone. Hard decisions need to be made and change, real change, needs to take place.  We can right this ship if, and only if, we have real leaders at the helm. Otherwise, we're going to sink.”

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