Roskam statement regarding S&P announcement on negative US debt outlook

Doughboy momument,
Morton Grove, IL

Standard and Poors downgraded the United States' long term credit outlook to negative. If the other shoe falls--the lowering of our credit rating--we will have surrendered a rating we've enjoyed since 1917. That's the year doughboys started leaving America for France to fight in World War I. Yes, a long time ago.

US Rep. Peter Roskam (R-IL), the House Deputy Majority Whip, issued the following statement about the S&P announcement:

Today's S&P change in its outlook for the U.S. to negative is the latest ominous warning that we can't wait any longer to fundamentally address Washington's spending and debt. While President Obama is advocating for the Washington status-quo, S&P's warning is clear: the cost of waiting will have grave consequences for our economy and our kids' futures. There is a way out of this. House Republicans have already passed a fact-based budget that would fundamentally lower spending, save crucial programs, and create a debt-free future for generations to come. Imagine what we could pass on to our kids and grandkids: a future free of crushing taxes and indebtedness to China. The urgency for action could not be clearer. I urge the White House and Washington Democrats to eschew the status-quo and to join us in meaningfully reducing our spending and debt.

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