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