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United States In Danger Of Losing Its Credit Rating

Floor Speech

Date: Dec. 9, 2009
Location: Washington, DC

Mrs. SCHMIDT. Mr. Speaker, I rise again this morning to remind this body that we must stop this runaway spending in Congress or we are in jeopardy of losing our AAA credit rating. This would greatly hurt the United States of America's credit.

Moody's Investment Services indicates the United States will lose its AAA rating in 2013 if Congress continues to put us on this fiscal train wreck of too much spending and record Federal deficits. The Federal deficit for 2009 was $1.4 trillion, tripling our record. The President's own Office of Management and Budget estimated in August that the budget deficit would be more than $9 trillion over the next 10 years. Add this to the $12 trillion in U.S. debt, and we're on a track to nearly double our record.

Mr. Speaker, we must stop the spending and stop it now.


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