Mourdock’s Reaction to S&P Downgrade: Fire Geithner

INDIANAPOLIS, Aug. 6, 2011 /PRNewswire/ — IN State Treasurer Richard Mourdock,
US Senate Candidate running against 35 year incumbent Senator Dick Lugar in the
2012 Republican Primary, reacted to the historic news that Standard & Poor’s
(S&P) downgraded the United States’ long-term debt, which highlights an overall
concern about the financial health of our country.

“The downgrade by S&P of our debt from ‘AAA’ to’ AA+’ is a serious event that
will impact all Americans. Financial markets will open Monday to see the United
States with a credit rating of less than ‘AAA’ for the first time ever. How the
markets will respond is impossible to predict.

“This downgrade is the direct result of raising the debt limit on Tuesday,
August 2, without providing for substantive cuts in spending. The White House
and many in Congress failed in their jobs by settling for a political compromise
rather than seeking a fiscal resolution. They avoided the tough decisions on
real cuts in spending by simple kicking ‘the tin can of responsibility’ further
down the road. The downgrade reminds us that failing to act has consequences. Of
no surprise to many Hoosiers, Dick Lugar was counted among the majority of
Senators who agreed to the debt-ceiling compromise that was quickly signed by
President Obama.

“President Obama should fire U.S. Secretary of the Treasury Tim Geithner over
the debt downgrade. If Obama won’t remove him, then the US Senate should
withdraw its consent of Geithner’s appointment to U.S. Treasury because someone
in the White House needs to be held responsible for this disaster.

“S&P’s downgrade illustrates its viewpoint of our entire economy, not just the
government’s ability to pay its bills. In mandating its downgrade, S&P, in
effect, is stating that they have less confidence in the United States’ economy
to grow and recover in the long run. They believe the United States is losing
the ability to create the wealth, which is the basis of the taxes the government
needs to pay its bills.

“Perhaps there is a silver lining to this very dark cloud. The sound proposals
offered in the Cut, Cap and Balance Plan can again be put on the table. This
terrible situation might yet cause a Balanced Budget Amendment to be added to
the United States Constitution.

“Moving forward, there will again be calls for ‘bi-partisanship’ to solve this
latest fiasco. Let me be clear, we need less bi-partisanship and more
conservative, fiscal principles in this on-going debate. Bi-partisanship has
taken us to the brink of bankruptcy and now to our first ever financial
downgrade.

“Conservatives have said for years that the federal government must be forced to
live within its means. I take some consolation that S&P has now echoed our
call.”

Paid for by Hoosiers for Richard Mourdock, Inc.

SOURCE Hoosiers for Richard Mourdock, Inc.