Ways and Means Committee Chairman Dave Camp (R-MI) made the following statement in response to the announcement that Moody’s Investors Services “has placed the Aaa bond rating of the government of the United States on review for possible downgrade given the rising possibility that the statutory debt limit will not be raised on a timely basis, leading to a default on U.S. Treasury debt obligations.”

“This announcement should come as no surprise.  The President is gambling with our credit rating by refusing to put a plan on the table to reduce our debts and deficits.  Just like American families with lower credit ratings, it means the country will face higher borrowing costs and those higher interest rates will ripple throughout the economy making it harder to buy a car, a home, or obtain a student loan.  The President’s call for higher taxes would also damage an already weak economy.  There is a clear path forward – cut Washington’s out-of-control spending to preserve a strong U.S. credit rating and, more importantly, get this economy back on track.”