U.S. Senator Mike Lee Responds to S&P Downgrade of United States

Lee lays out path back to AAA rating and American greatness

August 5, 2011

WASHINGTON – U.S. Senator Mike Lee responded to S&P lowering the long held AAA rating for the United States saying, “This downgrade confirms what we have known was coming, but have chosen to ignore, for a long time.  This downgrade further confirms that the true threat to our country, our economy and our way of life is our debt and the continued deficit spending Washington and the current administration are pursuing.”

For the first time ever the United States does not hold a AAA rating.  The impact could be felt in numerous ways including higher interests rates for car, home or student loans along with credit card rates.  Lee then stated, “Unfortunately, when it comes to the significant financial challenges this country faces, we have been swatting at the branches and symptoms instead of attacking the root and core causes. Never has there been a greater need for a Balanced Budget Amendment to the Constitution – to ensure we get our fiscal house in order, reduce our debt, and get Washington to live within its means.”

Calling on his colleagues in the House and Senate along with the Administration and Americans across the country Lee said, “The answer to our economic challenges lies within a simple concept most Americans and most states understand and live by – balance your checkbook and don’t spend more than you bring in.  This is not a liberal or conservative issue, it isn’t a Democrat or Republican issue – it is an American issue.  If ever there were a time for Americans and members of Congress to have an open debate and dialogue about the future of our country, that time is now.  I invite everyone to begin to understand where we are as a nation and what it will take to restore both our AAA rating, and more importantly, our strength and greatness as a country.”