U.S. Senator Mark Kirk (R-IL) spoke about the Senate's debt limit vote, saying: "Washington, D.C.'s appetite for over-spending has led to unsustainable, excessive borrowing. In this era of trillion-dollar deficits, giving the President additional borrowing authority without even a dime of spending cuts in exchange is not sound fiscal policy. Continuing down this path will result in higher interest rates and a worsening of the United States' credit rating in the global economy. Only a long-term solution to our fiscal problems will give our markets the stability that they need and deserve."
The chart below illustrates what may happen to the U.S. credit rating if we continue a policy of unrestrained spending and debt.