Statement from Congressman Mike Fitzpatrick on S&P Rating

LANGHORNE, Pa.--Congressman Mike Fitzpatrick today issued the following statement following the announcement by Standard & Poor’s that they have downgraded U.S. debt from AAA to AA+.

"Last evening's downgrade of the credit rating of the United States government is a further demonstration that our nation's fiscal woes are notover.  The legislation signed by the President last week to increase ourfederal government's borrowing authority and begin deficit reduction was an important start, but it is not enough. There are no more gimmicks left, we must address our fiscal crisis head-on.

"I urge the House and Senate leadership to call Congress back to Washington to immediately begin work on deficit reduction and prevent further harm toan already fragile economy.  Over the last few weeks we've heard talk of the need for a balanced plan-- what we need is a balanced budget.  Unfortunately, President Obama refusedto consider a plan that would have  aggressively attacked the deficit  andprevented  another fiscal crisis.  Instead, he chose to hold the threat ofdefault and "missed" Social Security checks over the heads of the American people. Congress needs to go back to work.”