The Obama Legacy: U.S. Credit Downgade

Editor's Comment: In the following article, RNC Chairman Priebus could have even piled on even more about President Obama failure to maintain the credit worthiness of the United States. The U.S. Credit rating also suffered a second downgrade in April, 2012. Bloomberg reported: "Egan-Jones Ratings Co. cut the U.S. credit rating one step to AA, the second downgrade in nine months and two levels below its highest grade, with a negative outlook citing the nation’s increasing debt burden.

U.S. debt has increased to 100 percent of gross domestic product, while debt climbed 23.6 percent from 2008 to 2010, the credit-rating firm said in a statement today. Egan-Jones lowered the U.S. grade to AA+ in a July. . . . The downgrade was based on “the increasing debt load coupled with the fact that there has been no tangible progress in addressing the country’s growing debt to GDP” ratio . . . Standard and Poor’s cut the U.S. grade by one step to AA+ on Aug. 5 and has a negative outlook on the country’s debt."

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Reince Priebus, Chairman, Republican national Committee: One year ago yesterday, as a result of President Obama's failure to cut the debt and rein in federal spending, America's creditworthiness was downgraded. For the first time in American history, America lost its sterling AAA credit rating.

Just as American families have to work hard to ensure they have good credit, so too does the federal government. The President and his liberal allies' spending binge is on track to add more than $1 trillion to the debt for the fourth straight year.

Our country needs real leaders to turn things around. As Governor of Massachusetts, Mitt Romney led the state to a credit upgrade. His plan for a stronger middle class will deliver more jobs and more take-home pay for American families while reducing spending to responsible levels.

Mitt Romney and the entire Republican team (House and Senate Republican candidates) have the experience needed to lead us toward a balanced budget and they will work to restore the sterling credit rating our nation lost under President Obama.

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Tags: United States, credit rating, downgraded, Obama legacy, government spending, government waste, high taxes, declining GDP To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!