The Tea Party movement warned that failure to address our massive government debt as part of the recent debt ceiling debate could result in downgrading of America’s credit rating.
Instead of making tough decisions and real spending cuts, progressive Democrats attacked the Tea Party as being racists and terrorist. The Obama administration refused to cut spending and instead chose to play partisan politics, which has now resulted in the S&P downgrading America’s credit rating for the first time in history.
A cornerstone of the global financial system was shaken Friday when officials at ratings firm Standard & Poor’s said U.S. Treasury debt no longer deserved to be considered among the safest investments in the world.
S&P removed for the first time the triple-A rating the U.S. has held for 70 years, saying the budget deal recently brokered in Washington didn’t do enough to address the gloomy long-term picture for America’s finances. It downgraded U.S. debt to AA+, a score that ranks below Liechtenstein and more than a dozen other countries, and on par with Belgium and New Zealand.
The GOP placed multiple plans on the table and passed three bills though the House which would have averted this downgrade. Instead of supporting and passing these bills, Harry Reid and his progressive allies in the Senate held a gun to the head of senior citizens and proclaimed that Grandma would be tossed off a cliff if any of these spending cuts were enacted.
This epic failure by the president and the progressives in Congress could be very damaging, causing interest rates to spike and making it more difficult to get a loan. It’s not those in the Tea Party movement who are acting like terrorists, it’s those who refuse to address the out of control spending and debt. The entire economic system will explode and come crashing down around us if America doesn’t change direction, and soon.