KINGSTON STATEMENT ON S&P ANNOUNCEMENT
Congressman Jack Kingston (R-GA) released the following statement after Standard and Poor’s announced they have lowered the United States credit rating to AA+:
“For the first time in history, the credit rating of the United States has been downgraded. This confirms my belief that the debt ceiling increase signed into law this week does not go far enough to change the nation's fiscal trajectory. Congress should immediately reconvene to take up the fundamental reforms necessary to right the ship and lay the groundwork for a more stable and secure future for our children and grandchildren.
“I have put forth legislation which can be brought up today to cut spending immediately and bring the budget to balance in five years. With it and with a balanced budget amendment to the United States Constitution, we can answer the call for leadership necessary to face our fiscal challenges.”
NOTE: Earlier this year, Kingston introduced legislation to limit total federal spending as a percentage of the economy. Americans for Prosperity, National Taxpayers Union, Club for Growth, Americans for Tax Reform, Citizens United, and Americans for Limited Government have all endorsed the plan.