Monday, 25 July 2011 20:13
July 25th, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today urged Congress to avert a credit downgrade by enacting legislation that will slash borrowing by trillions:
"A solution is not the same thing as a deal, and today America needs a solution to the debt crisis. S&P has warned that a credit downgrade of the nation's Triple-A rating is imminent within 90 days if action is not taken to slash borrowing by trillions of dollars. A downgrade will cause interest rates to soar, as annual interest owed rises to over $1.3 trillion by 2021. Soon, the debt will become so large it cannot be refinanced, making a catastrophic default more likely down the road.