Political Quotes

“Mr. President, one is whether they see any imminent threat to financial stability from the debt limit impasse, or from an impending downgrade to our Nation's credit rating. Of course, we face warnings of downgrades of our credit rating not merely because of the debt limit impasse; we have had dozens of such impasses in recent decades, with no effect on our credit rating. Yet we do face warnings of a ratings downgrade because of President Obama's acceleration of deficits and debt along our unsustainable fiscal path and unsustainable entitlement promises. With spending as a share of the economy up to levels not seen since World War II, and a lack of willingness by the administration to break its deficit spending addiction, ratings agencies have been brought to the edge and warn of impending downgrades. Those downgrades would immediately harm job creation, the economy, the cost of credit for every American family and business, and, indeed, overall financial stability. However, instead of a forthright discussion of this threat, the FSOC chose to instead bury an academic discussion of it in their annual report. Let me remind everyone how important Democrats said the FSOC would be as an early warning system, protecting us from the imminent threats to stability. It was supposed to be a watchdog, a cop on the beat combing global financial markets for imbalances and stability threats, and then giving warning to everyone.…”