Washington, D.C. – U.S. Senator Marco Rubio (R-FL) issued the following statement regarding today’s announcement by Standard & Poor’s that it has cut its credit outlook on the U.S. to negative:
“How many more warning signs will it take for Washington to realize we are facing a debt crisis that will ruin America?
“Today, it’s a major credit rating agency like S&P bluntly saying they don’t believe Washington politicians have the fortitude to get serious about our debt. This will send even more entrepreneurs running for the hills and taking their best ideas with them as investment capital becomes more elusive. Eventually, the specter of higher inflation will erode the dollar, diminish consumer spending power, and make it harder for families to buy cars and homes or pay tuition. And before you know it, we will have lost the essence of what has made America exceptional for centuries. None of these scenarios are a question of ‘if,’ but rather a question of ‘when,’ unless we act now.
“Americans should be sickened by today’s announcement and Washington’s failure to make solving our debt crisis our number one priority. Contrary to the carefree attitude too many Washington politicians have, we can’t just snap our fingers and make this go away. Instead, we need to rally behind a clear set of policies that will create jobs through tax and regulatory reform, save our social safety net and national defense priorities, and show the world that America is serious about its debt and has adopted a credible plan to tackle it.”