Oshkosh, WI – Senator Ron Johnson (WI) made the following comments this morning upon news that Standard and Poor's (S&P) will downgrade the long-term credit rating of the United States:
"S&P's downgrade of US Debt to AA+, together with the recent plunge in stock prices, provide further evidence that President Obama's agenda has been a disaster for our economy. No one denies President Obama came into office facing tough economic conditions, but the policies of his Administration have made matters far worse.
"The secret, last minute negotiations that produced paltry deficit reduction at best, only increased public cynicism and further reduced confidence that our political system is up to the task.
"Instead of creating jobs, President Obama's failed stimulus plan only increased our nation's debt. His health care and financial reforms have dramatically increased economic uncertainty, and the regulatory overreach of his agencies is putting a stranglehold on job creators.
"We need leadership and bold action. Congress should reconvene immediately for the sole purpose of repealing the entire Obama agenda and developing a real plan for deficit reduction and job creation. Unfortunately, we can't repeal the more than $4 trillion in additional debt he has incurred. But we can enact real spending controls and we should repeal Obamacare, Dodd-Frank, and the explosion of Obama regulations that are assaulting job creators in the private sector.
"Until we remove these failed policies that are shackling our economy, we>> will be unable to return to the level of prosperity that is required to avert financial collapse. All of our policies should be designed to strengthen economic growth and job creation. Now is the time to act."