S&P Decision the Latest Consequence of Washington’s Spending Binge

Speaker Boehner Pres Office - Following another disappointing jobs report and S&P’s decision on the United States’ credit rating, Rep. Michael Grimm (R-NY) urged President Obama in the Weekly Republican Address to abandon his ‘stimulus’ policies and support solutions that will promote long-term economic growth -- solutions like a Balanced Budget Amendment to the Constitution and the House-passed Path to Prosperity budget which would preserve and protect our entitlement programs from bankruptcy. Watch the address here and read more below:

  • Grimm says the House has already passed a number bills focused on creating jobs and paying down our debt, but they “are waiting on action from the Democratic-led Senate.”
  • These solutions include the House-passed budget which would reform and preserve our entitlement programs -- which S&P called the “key to long-term fiscal sustainability.”
  • Another solution tabled by the Democrat-controlled Senate without a legitimate debate: the House-passed Cut, Cap, & Balance Act, which would cut $4.4 trillion in government spending.
  • Speaker Boehner called the S&P decision “the latest consequence of the out-of-control spending that has taken place in Washington for decades,” and said Republicans “will continue to press Democrats to join us in taking meaningful steps to rein in our debt and deficits.”
  • According to analysis of Friday’s unemployment report by Speaker Boehner’s economic policy advisor, in the two years after the “stimulus” spending bill was enacted, more than 1.3 million jobs have been lost and the unemployment rate has averaged 9.5 percent.
  • Majority Whip Kevin McCarthy (R-CA) released a video entitled, “Mr. President, where are the jobs?” House Natural Resources Committee Chairman Doc Hastings (R-WA) called on the White House to help roll back the red tape blocking American energy production that would create jobs and help lower gas prices.
  • Learn more about the Republican blueprint for job creation, and track progress on jobs legislation, at Jobs.GOP.Gov. Don’t forget to watch the weekly address by Rep. Grimm, and be sure to stay connected with the Office of the Speaker on Facebook, Twitter, Flickr, and Speaker.gov. Thank you!
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