Hultgren Statement On U.S. Debt, Illinois Downgrade
Washington, D.C. – U.S. Rep. Randy Hultgren (IL-14) today released the following statement regarding news that the U.S. national debt has surpassed the entirety of the U.S. economy, and news that Moody’s downgraded the State of Illinois’ General Obligation bond rating.
“The news that our national debt has now surpassed our nation’s economy is both stunning and deeply disturbing. It underlines the need for Washington to get its fiscal house in order – reduce the size of government, cut spending, and reform entitlements while protecting current and future retirees. House Republicans have worked hard to do exactly this, and in just twelve months we have succeeded in changing the conversation from ‘how much more can we spend?’ to ‘how much can we cut?’ While I know that restoring America to fiscal health will not happen overnight, I am committed to making the tough decisions necessary to do so.
“It is also troubling to read that Moody’s has downgraded Illinois’ bond rating. I hope that this news compels Governor Quinn to produce credible plans to balance the state’s books, without more job-crushing tax hikes, and address its enormous unfunded pension liabilities. Regardless of whether Governor Quinn chooses to lead on this issue, he should remember that Congress will not bail Springfield out; solutions to the state’s profligacy must come from within.”