Mike Huckabee reacted to the Standard & Poor's warning by posting the statement shown below on his HuckPAC website. You can leave a comment by clicking here:
April 20, 2011 - 04:10 PM
Standard & Poor's: A Warning
by Mike Huckabee
"The American people have been raising their voices for many months telling Washington politicians to get our fiscal house in order. To no one's surprise, Washington has simply gone on doing what it seems to do best - spending money we don't have.
Enter Standard and Poor’s – an entity known to investors worldwide as a leader of financial-market intelligence. S&P just issued a warning to America: get serious about reducing your deficit, or risk losing your AAA financial rating. We all know how hard it is to borrow money with poor credit, and if the United States loses its AAA rating it would mean America would have to pay higher interest rates on money we borrow. For a government that doesn't want to put away its credit card, this could be a catastrophe.
S&P bases creditworthiness on facts, not just words, and it is not convinced that Washington will seriously address our mounting debt. It hears talk about deficit reduction but sees only incremental changes and the wild demonization of anyone who actually tries to do anything about it.
While losing the nation's top financial rating may have a cataclysmic impact on our nation’s debt, it would also be devastating to every day Americans. The cost of doing business will increase and that means companies are going to pass that increase on to you – most goods you buy will simply cost more and we will all pay higher interest rates. The bottom line - the cost of living will increase.
House GOP Leader Eric Cantor called it a wakeup call. But the White House? Well, they issued a statement brushing off S&P’s warning as a political judgment they disagree with and said - we shouldn’t make too much of it. Still, they said Joe Biden will meet with Congressional Leaders next month and they’ll be talking about a deficit reduction plan.
We just hope that he can stay awake for the whole meeting…"