"...So the worst of three worlds has all occurred as a result of years of irresponsible Washington spending, capped by the recent actions of Congress and the President. We now have 1) more debt; 2) no real cuts; and, 3) a downgrade of our debt.
Since this campaign began in December, I have been talking about ending the fiscal insanity in Washington.
I have said time and time again that federal spending needs to be decreased immediately and significantly in order to get our massive debt problem under control, and that the permanent structural restraint of a balanced budget amendment is absolutely necessary. I have noted that this problem can no longer be kicked down the road, because we have run out of road.
The Washington Establishment -- of both political parties -- called those of us who wanted serious spending cuts and a balanced budget every name in the book. Vice President Joe Biden went so far as to call us "terrorists."
Tonight, less than five days after the debt ceiling was raised, that downgrade has occurred. Through their actions, President Obama and the Washington Establishment have guaranteed much higher interest rates for everything from homes to cars to credit cards. They have effectively raised taxes massively on the American people, and taken us even closer to the brink of financial ruin.
We absolutely must send a new generation of courageous conservatives to Washington who will rock the boat, ignore the lobbyists, make serious cuts to federal spending right away, and pass a balanced budget amendment."