Boehner blames S&P downgrade on ‘out-of-control spending’

In as statement issued late Friday night, Speaker of the House John Boehner called a decision by Standard & Poor’s to downgrade the U.S. credit rating for the first time since 1917 “the latest consequence of the out-of-control spending” that “has resulted in job-destroying economic uncertainty and now threatens to send destructive ripple effects across our credit markets.”

‚ÄúRepublicans have listened to the voices of the American people and worked to bring the spending binge to a halt,” Boehner said “We are no longer debating how much to spend, but rather how much to cut. Unfortunately, decades of reckless spending cannot be reversed immediately, especially when the Democrats who run Washington remain unwilling to make the tough choices required to put America on solid ground.

“In May, I warned, ‘if we don’t act boldly now, the markets will act for us very soon. It is my hope this wake-up call will convince Washington Democrats that they can no longer afford to tinker around the edges of our long-term debt problem. As S&P noted, reforming and preserving our entitlement programs is the ‘key to long-term fiscal sustainability.'”