Political Quotes

“I rise today in support of the Cut, Cap, and Balance Act, and I urge my colleagues on both sides of the aisle here to support the bill when it comes to the floor later today. This legislation not only provides a workable framework to avert an economically dangerous default on our obligations but it also sets the stage for real structural changes to the way the Federal Government spends our tax dollars, something that the President has yet to propose. Lately, there have been stories and speculation about the major credit rating agencies such as Moody's and Standard and Poor's threatening to downgrade America's creditworthiness should we fail to raise the statutory debt ceiling. These ratings are more than letters on paper. They affect Americans in all walks of life and in very real ways. A downgrade of our Nation's credit rating would make mortgages more expensive, make it more difficult to get a loan for a car, and could make student loans unaffordable. While default would likely ensure downgrade, a debt ceiling increase is no longer alone sufficient to ensure our AAA credit rating. Moody's has warned that the outlook to our bond rating would remain negative should any plan going forward not include long-term deficit reduction. It is not enough to simply raise the limit on the credit card and continue making the minimum monthly payments. We must begin to pay down our debt.…”