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Amid Tumbling Markets, Cravaack Issues Statement On Nation’s Credit Rating, Debt Ceiling Decision

Tuesday, August 9th, 2011 at 9:55 am

The U.S. economy suffered a major hit late last week with the announcement that the nation’s longstanding AAA credit rating by Standard & Poor’s would be downgraded.

Since that time, markets around the world have dropped significantly and many people are left wondering what the leaders of our country will do to restore global confidence in the United States’ ability to repay it’s debts.

Minnesota Congressman Chip Cravaack issued the following statement in conjunction with the recent news:

“Standard & Poor’s downgrade of the nation’s AAA credit rating is extremely unfortunate, but not unexpected.  I urge the President and Senate Majority Leader Reid to put forth their plans to achieve long-term fiscal sustainability and confidence in our nation’s credit; the House-passed “Cut, Cap, and Balance” would have prevented a national credit downgrade.  I look forward to working with my colleagues on a responsible path forward that protects Minnesota working families and job creators.”

Cravaack was in Duluth on Monday and spoke out against the recent decision to raise the debt limit.

“The bill that passed the House and the Senate and that was signed by the President didn’t solve the problem and now we’re seeing the results of what happened,” Cravaack told onlookers. “It didn’t protect our credit rating, which we found out. It didn’t have the cost restraint that we needed in there. Now our debt within the next decade is going to be close to $22 to $23 trillion that we’re putting directly on the backs of our children.”

4 Comments

  1. wow 08/9/11 at 10:10am

    This dude Cravaack is a complete moron!

  2. Mainstream1 08/10/11 at 9:26pm

    “Wow” just demonstrated the best the left can do when it comes to intelligent and civil debate.

    The ensuing days since Congressman Cravaack’s vote against the debt limit “solution” shows that he made the right choice. Investors and financial markets have little confidence in our leaders’ ability to turn things around. The Obama administration has no plan. January 20, 2013 cannot come soon enough.

  3. HRes 08/11/11 at 9:57am

    Chip is great at giving speeches and quotes but where are his answers? “I urge the President and Senate Majority Leader Reid to put forth their plans to achieve long-term fiscal sustainability and confidence in our nation’s credit” -Don’t we all?
    “It didn’t protect our credit rating, which we found out. It didn’t have the cost restraint that we needed in there. Now our debt within the next decade is going to be close to $22 to $23 trillion that we’re putting directly on the backs of our children.”
    -Understood but give us a solution you mastermind.
    Very easy to say that someone else should figure out this mess that has been snow balling for decades. What cost restraints are you speaking of? Instead of pointing fingers why not give a couple of ideas that could solve the problem.

  4. Thia 08/22/11 at 10:42am

    Rep. Cravaack has it right. The nation will not go into default, congress will simply pay the bills and cut the redundancies in spending in this country. Any normal household has to make the same common sense decisions, we don’t have the option of printing more money, which only lowers the value of the dollar. We need a balanced budget amendment so this doesn’t happen every year. We also need term limits for members of congress!!!

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