Statement by Senator Santorum on the Downgrade of U.S. Debt

Urbandale, IA - Former Senator Rick Santorum (R-PA) made the following statement in response to S&P's decision to downgrade U.S. debt from AAA Rating.

"If this downgrade holds, then it's another example in a long line of examples of the President's failure of leadership. Is anyone surprised at this point? There are 14 million people out of work and looking to the White House for answers - but they are receiving nothing but a blank stare. The markets are scared and the credit downgrade has happened because the President and this Congress continue to address the symptoms and not the disease. This nation is spending more money than it takes in and the world knows it - now, it's time to show the world that the United States has the fortitude and resolve to pass a Balanced Budget Amendment to stop out of control spending and shrink the scope of government once and for all. The deal the President cut with Congress was supposed to avoid this downgrade but all it did was once again kick the can down the road.

President Obama and his Administration have been a failure.

I understand the US Treasury is going back to Standard and Poors to say that a two trillion dollar mathematical error by S&P contributed to the downgrade. So, in addition to blaming President Bush for all of its problems, now the White House is blaming S&P - but this happened on the President's watch - and he has to deal with it. I guess President Obama is left to cling to the "hope" that a mathematical error caused this. Is that the "hope" the President was talking about?

Folks, an AA rating should be so far in our rear view mirror that no mathematical error should affect it.

Tonight, I'm saddened for the millions out of work - but I'm hopeful that I will replace Barack Obama as President and get this country and its economy moving again."