More dismal news regarding our country’s fiscal standing was released yesterday by Moody’s Investors Service. As reported by Bloomberg News
, the cost of servicing our debt is raising, therefore the United States has been brought “substantially” closer to losing our AAA, or highest level, credit rating.
“Under the ratings company’s so-called baseline scenario, the U.S. will spend more on debt service as a percentage of revenue this year than any other top-rated country except the U.K., and will be the biggest spender from 2011 to 2013.”
The potential loss of our prized AAA credit rating must serve as a wake-up call to Congress and the White House to bring spending levels under control. Before the State of the Union address, President Obama called for a freeze in discretionary spending. However, the budget for fiscal year 2011 he sent to Congress days later forecasts a record-breaking deficit of $1.6 trillion. Congress also recently voted to raise our country’s debt limit by $1.9 trillion to an astounding $14 trillion. These examples do not speak to fiscal restraint.
Now, Democrats in Congress are pushing a multi-billion dollar health care plan that the American people don’t want and cannot afford. For the sake of our country's economy, we must get our fiscal house in order and stop the reckless spending.