U.S. Credit Rating Risks Downgrade Without “Substantial Deficit Reduction”

WASHINGTON --­ Congressman Leonard Lance (NJ-07) today issued the following statement in response to an announcement by Moody’s Investors Services warning it will review the United States for a downgrade if it does not see progress on the debt ceiling issue including “substantial deficit reduction.”

“Today’s announcement by Moody’s further validates what we already know: ‘substantial deficit reduction' must be part of any plan to raise our Nation’s borrowing limit,” Lance said.  “President Obama and Congress must work in a bipartisan fashion to enact meaningful reductions in spending and real entitlement reforms that will bring down our levels of debt and put us on the path of fiscal responsibility.”

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