In 2011, the Republicans threatened to not raise the debt limit, the stock market fell and the S&P credit agency lowered America’s credit rating from AAA to AA+. It is estimated that interest on our national debt rose by 1 percent. On $16 trillion, that would be $160 billion more that we have to pay. Now, they want to extend the debt ceiling until May as they try to squeeze more spending cuts out of us.
The rest of the credit agencies have stated that if the House of Representatives does not set a sustainable fiscal policy along with plans to expand our economy, they will also be forced to lower our credit rating.
There is some talk among the Republicans in the House of Representatives that they will shut down the government completely if they don’t get their spending cuts. What would happen to your credit rating if you told your credit card company that you were only going to pay your bill for the next three months? What would your credit card company say if you threatened not to go to work to pay your bills? That is exactly what the Republicans in Congress have been doing.
Think about it.