Congressman Landry Statement on S&P Downgrade

Statement

Congressman Jeff Landry (R, LA-03) issued the following statement after Standard & Poor's (S&P) lowered the United States' long-term credit rating:

"It should come as no surprise, that after Washington has recklessly spent, borrowed, and bailed out everything under the sun with taxpayer money, America's credit rating has been downgraded. For the first time in 70 years, the United States is not the world leader in financial investment. And with the S&P slashing our credit rating from AAA to AA+, our markets are sure to be tested and our neighbors could face interest rate changes to their mortgages, credit cards, and car loans.

As I said when I voted against it and the S&P acknowledged when they made the downgrade, the Washington debt deal initiated by the Senate and signed into law by the President did not do enough to end the government's addiction to spending. It is evident that Harry Reid and his Senate Democrats were wrong and should have followed the House's lead with Cut, Cap, and Balance.

Making deals to continue kicking the can down the road is not the answer. We need a plan that cuts spending, simplifies and decreases the tax rates, reforms entitlement programs, and sends a Balanced Budget Amendment to the states; anything less will not solve the real budgetary problems Washington faces nor return our AAA rating."

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