The Hill News

For the first time in our history, Standard & Poor’s lowered the United States long-term credit rating from AAA to AA+. This decision is the latest consequence of Washington’s out-of-control spending, which must end to restore confidence in our markets, to grow our economy and to get folks back to work.
 
America is facing both a debt and economic crisis, which has led to ever-increasing uncertainty for families, small businesses and the marketplace. For too long, Washington has spent way beyond its means. When faced with economic uncertainty, Washington spent more in an attempt to boost confidence and create jobs. As a result of these failed policies, we are left with an unemployment rate above 8 percent for 30 consecutive months and a national debt that is greater than America’s Gross Domestic Product (GDP).
 
Ultimately, the government has to live within its means, just like families do. Since coming to Congress, my philosophy has been th! e same as it was when I was mayor of Johnson City â€" spend less than you take in. I have upheld the philosophy that we need less government spending and less government intrusion in our lives. I have fought the administration’s aggressive efforts to expand the role of the federal government in so many different aspects of people’s lives â€" in health care, energy, student loans, the financial markets, and many other areas.

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