Washington, DC – U.S. Representative Judy Biggert (R-IL-13th) today issued the following statement after S&P downgraded the U.S. credit rating from AAA to AA+:

           “The recent deal struck by Congress was a down payment on the U.S. debt, but one agreement alone isn’t enough to solve the problem.  The downgrade by S&P is a wake-up call for any lawmakers in Washington who still think that Congress and the President have the luxury of waiting for a politically painless solution.  We have to do what’s best for the economy and for the American people, and we have to do it now – not after the next presidential election. 

           “Spending has been out-of-control for too long, and the $14.3 trillion dollar debt is draining our economy of the confidence and credit needed to create jobs.  Washington needs to put economic recovery first and cut spending to levels that we can afford, simple as that.

           “It doesn’t take a magic wand, just the willingness to set aside partisanship and work together.  Rather than wait, Congressional leaders need to appoint their nominees to the new special committee on deficit reduction now.  I stand ready to work with my colleagues to send a big debt reduction package to the White House that will restore confidence in U.S. credit and get this economy moving.”

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