McMorris Rodgers Statement on S&P Lowering U.S. Debt Outlook
“Change from ‘Stable’ to ‘Negative’ Highlights Needs for Bold Deficit Reduction”
Spokane, WA – Rep. Cathy McMorris Rodgers (R-WA), Vice Chair of the House Republican Conference, released the following statement today after the ratings agency Standard and Poor changed their debt outlook for the United States from “stable” to “negative.”
“S&P’s announcement is just the latest sign that the private sector is growing increasingly alarmed by the Administration’s ‘spend, borrow, and bailout’ policies. To grow our economy, we need to adopt a bold plan to put our fiscal house in order. Last week, House Republicans passed a historic budget for Fiscal Year 2012 that would cut government spending by $6 trillion over the next 10 years and put the federal government on track to balance the budget and pay off the national debt. We need the Senate and the White House to work with us in implementing this plan. We should also adopt a balanced budget amendment to the Constitution and a constitutional amendment to limit federal spending to 20 percent of the economy.”
Since President Obama took office, the national debt has soared by $3.5 trillion. That’s 25 percent of the entire $14.2 trillion debt. The debt continues to grow at a rate of $4.9 billion per day. That's almost three times the daily average of $1.7 billion under the previous administration.
To learn more about the House Republican budget, visit budget.gop.gov.