The Hill News

A Republican congressman said Monday that the U.S. credit rating is not a top concern in the ongoing debate over the debt ceiling and the federal deficit.

Rep. Darrell Issa (R-Calif.) downplayed concerns that the U.S. would lose its perfect credit rating due to the lingering threat of a government default.

"These rating agencies have no idea how to rate a $17 trillion economy like the U.S.," he said. "They have no idea how to rate the debt-worthiness of a $14 trillion debt like the U.S. It's not something you can really quantify."

Moody’s Investors Service put the nation’s triple-A credit rating on review for a downgrade earlier in July. The credit-rating agency warned that the U.S. might lose its perfect AAA rating if the government defaulted on its debt, and that the ongoing threat of a default would have a negative effect on the nation's credibility.

"Until we stop spending more, we should be downgraded," Issa said on the "Imus in the Morning" show, airing on the Fox Business Network.

"If America can, in fact, pay its bills, it's AAA. If we can't pay our bills, it doesn't matter what rating they give us," he said. "Right now we can pay our bills, but we're heading toward the kind of spending and debt to where someday we wouldn't be able to pay our bills, and that's what's gotta change."

Issa emphasized that tackling the long-term goal to cut federal spending is the real priority in the deficit debate.

"It's absolute crap to think promises over 10 years mean anything. The only thing Americans can count on is: Have we agreed to spend less this year? Period," Issa said.

Like many Republicans, Issa also indicated he does not consider Aug. 2 the drop-dead deadline to raise the debt ceiling. "[Obama] signed funding through September months ago," he said.