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(WASHINGTON, D.C.) – August 8, 2011 – Following Standard and Poor’s unprecedented downgrade in the U.S. credit rating from AAA to AA-plus, FreedomWorks President and CEO Matt Kibbe released the following statement:
“From the outset of the debt ceiling debate, the freshman Tea Party class in Congress made one point clear: that without substantial cuts in spending, the U.S. would be downgraded. Simply stated, we have a massive debt crisis being driven by a failure to rein in federal spending. Even after Washington passed a debt-ceiling bill that cuts $2 trillion over 10 years, the U.S. will continue to have trillion dollar deficits as far as the eye can see.
“As Tea Party members warned, S&P said that unless $4 trillion was cut from the budget, the U.S. would face a downgrade. And now that S&P has kept its promise, the Tea Party has only one thing to say to President Obama: We told you so.”
Yet over the weekend, the Obama Administration ducked any blame, partial or otherwise, in the S&P downgrade. On CBS’s “Face the Nation,” top Obama consultant David Axelrod called America’s loss of its AAA rating “essentially a Tea Party downgrade,” adding that “the Tea Party brought us to the brink of a default.”
In response to Axelrod’s comments, Kibbe said:
“Looking to avoid any blame for the downgrade, the Obama Administration has made one thing very clear: The buck doesn’t stop with the president; it stops with the Tea Party. If the Obama Administration refuses to take any responsibility, then it’s up to the Tea Party to lead the nation out of fiscal disaster. It is the Obama Administration, not the Tea Party, which has added $4.3 trillion to the national debt, and it is the Obama Administration that has balked at any attempt at entitlement reform as part of the overall debt-ceiling package.
“It has been the Tea Party, backed by the American people, which has pushed for real cuts that would preserve our AAA rating. The Tea Party members have kept their promise. They came to Washington to cut spending. They came to Washington to lead. If the president won’t lead, then it’s time to get out of the Tea Party’s way.”
Founded in 1984, FreedomWorks is headquartered in Washington, DC, and has hundreds of thousands of grassroots volunteers nationwide. The organization is chaired by former U.S. House Majority Leader Dick Armey and the President is Matt Kibbe. FreedomWorks recruits, educates, trains and mobilizes volunteer activists to fight for less government, lower taxes, and more freedom. Mr. Kibbe and Leader Armey are authors of the book, Give us Liberty: A Tea Party Manifesto.