Release Date: Aug 06, 2011Contact: 888-249-NEWS
U.S. Chamber President Comments on S&P Downgrade
WASHINGTON, D.C.—U.S. Chamber President and CEO Thomas J. Donohue issued the following statement on Standard and Poor’s decision to downgrade the United State’s credit rating:
“While we don't agree with S&P’s decision to downgrade America’s credit rating, its action should be another powerful incentive for lawmakers to do the hard work necessary to get our fiscal house in order. While the Chamber supported the debt ceiling deal as an important first step, let’s not forget that the agreement only slows the increase in the rate of spending. Instead of adding $10 trillion in debt over the next decade, we will add $7 trillion to $8 trillion. That’s not good enough.
“We will never tackle debts and deficits, jumpstart this recovery, reduce uncertainty, and create millions of jobs until we overhaul our tax code and reform runaway entitlement programs that threaten to push us into insolvency.
“This downgrade is additional proof that we can’t kick the can down the road any longer. The time to act is now.”
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.