U.S. Senator Richard Burr (R-NC) responds to S&P's decision to downgrade the United States’ long-term credit rating.
In a statement released Friday night Senator Burr states:
"Tonight's decision by S&P underscores my concerns throughout the duration of the recent debt debate - that we need to make meaningful cuts in spending, reform our entitlement programs, and simplify our tax code to lower rates if we have any hope of putting our nation back on the path to fiscal responsibility. We must act now in order to prevent this crisis from getting any worse. Clearly, what we have done so far is not enough."
Friday night, credit rating agency Standard & Poor's downgraded the United States' credit rating for the first time in the history of the ratings.
Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.
The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus.
The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.
A source familiar with the discussions said that the Obama administration believes S&P's analysis contained "deep and fundamental flaws."