In an alarming move, the credit agency Standard & Poor's has downgraded its long-term expectations of our federal government's financial situation from "stable" to "negative." S&P had never before done so.
Why now? Because President Barack Obama and Congress have not agreed on a plan to deal with our out-of-control spending and catastrophic $14 trillion-plus national debt. If a reasonable deal isn't struck, S&P could deny the federal government its top investment rating. That could make it harder for businesses and individuals to get credit, and more costly to repay whatever loans are made.
That's serious!
The president has proposed too-small spending cuts coupled with huge tax hikes. Republicans in Congress generally want much bigger cuts in spending without adding big new taxes.
With our credit rating at stake, it's time for the GOP's bolder approach, not the president's half measures.