Thank you for writing regarding the debt ceiling.
My guiding principles during the debt debate have been straightforward: put our nation's finances on a path to solvency, avoid a costly credit downgrade, and avert the coming debt crisis. Unfortunately, the bill that passed the House yesterday is unlikely to achieve any of these and so I opposed it.
While federal spending has exploded by 28 percent in the last three years, this bill will decrease spending in the first year by a mere 0.1 percent little more than a rounding error in a government that will spend $48,000 per average family of four this year alone. It's little surprise that the credit agencies which have called for around $4 trillion in deficit reduction to avert a downgrade have so far been underwhelmed by the package.
Whether the U.S. credit rating will be downgraded remains to be seen. This much we know: Congress has squandered a golden opportunity to put our nation's finances on a firm footing, and in so doing, has left our nation at the mercy of the ratings agencies and our creditors.
Thank you for writing, and I look forward to hearing from you in the future.
Sincerely,
Tom
Yes Tom McClintock did good. Not many politicians like him that we can be proud of here in California. My previous Congressman Wally Herger caved just like Denham, and just like everyone figured he would.