On Saturday (8/6/2011) U.S. Senators Lamar Alexander and Bob Corker released statements about Standard & Poor’s downgrade of its U.S. credit rating from AAA to AA+.
Senator Lamar Alexander
U.S. Senator Lamar Alexander (R-Tenn) noted, “This problem didn't happen overnight and it can't be fixed overnight, but the American people have a right to expect Congress to work across party lines to reduce the federal debt by at least $4 trillion over the next ten years.”
Senator Bob Corker
U.S. Senator Bob Corker (R-Tenn) also commented, "This news shouldn’t come as a surprise to anyone and is further evidence that Washington is dysfunctional and our country’s battle with spending is the struggle of this decade. The concerns that led S&P to downgrade our credit rating are the same ones that led me to have 60 conversations with Tennesseans about our debt over the past year and to introduce the CAP Act to put a fiscal straitjacket on Congress to reduce spending by $7 trillion over 10 years. Unfortunately, the plan passed last week was the best we could get under the current administration and Republican control of only one house of Congress, but it’s not nearly enough, and I will continue pressing my colleagues for much larger cuts and a stronger straitjacket that applies to 100 percent of the budget.”