The week before Easter is normally a quiet one in the nation's capital, but it grew very loud yesterday after Standard & Poor's (S&P), a credit rating outfit, said that there is a "one-in-three" chance that the United States' credit rating will be downgraded. S&P's warning came because they don't think that politicians in Washington will seriously address the increasing debt problem our nation is facing.
It is little surprise that the ratings group has taken this stance. Instead of offering up real solutions, President Obama -- who voted against the last debt increase when he was a senator -- and Democrats in Congress are reverting back to false scare tactics over entitlement reforms.
Such rhetoric might win the President and Democrats in Congress political points, but the burden they are seeking to put on future generations borders on dishonesty. Two weeks ago, Treasury Secretary Tim Geithner sent a letter to congressional leaders estimating that the U.S. will hit the $14.3 trillion limit on its borrowing ability by mid-May and with some creativity we could stave off the deadline till July 8th.
If the Republicans agree to raise the debt limit once again, they should only agree to do so if the increase is coupled with real spending reforms, such as passage of Senator Mike Lee's (R-Utah) Balanced Budget Amendment or a repeal of President Obama's multi-trillion dollar health care fiasco. This will send a clear message to our nation's creditors that we are serious about paying our debts.