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Aug 8 - Congressman Kingston Weighs in on S&P Downgrading of U.S. Debt

SBJ Staff Report

Aug 8, 2011 - Congressman Jack Kingston (R-GA) released a statement on Friday after Standard and Poor’s announced they have lowered the United States credit rating to AA+, calling the move a reflection that Congress’s actions last week to reduce the Federal debt did not go far enough. He opposed the debt limit passed last week, voting against the legislation.

“For the first time in history, the credit rating of the United States has been downgraded. This confirms my belief that the debt ceiling increase signed into law this week does not go far enough to change the nation's fiscal trajectory. Congress should immediately reconvene to take up the fundamental reforms necessary to right the ship and lay the groundwork for a more stable and secure future for our children and grandchildren.

“I have put forth legislation which can be brought up today to cut spending immediately and bring the budget to balance in five years. With it and with a balanced budget amendment to the United States Constitution, we can answer the call for leadership necessary to face our fiscal challenges.”

Earlier this year, Kingston introduced legislation to limit total federal spending as a percentage of the economy. Americans for Prosperity, National Taxpayers Union, Club for Growth, Americans for Tax Reform, Citizens United, and Americans for Limited Government have all endorsed the plan.

After voting against the increase to the U.S’s statutory debt limit, Kingston said. “I commend the Speaker for fighting the good fight. We moved the debate from tax increases to spending caps and matched each dollar of debt limit increase to more than a dollar of spending cuts. But as far as we came, the deck was stacked against us. Controlling one-half of one-third of government limits the ability of small government conservatives to change the direction of our country overnight. It is clear America has a long struggle ahead of her as we continue to rein in spending and get our fiscal house in order. I intend to continue the fight and work for the reforms and spending cuts we need so badly in America.”

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