In a new, op-ed for the Manchester Union-Leader, Mitt Romney compares S&P's recent downgrade for U.S. Treasuries to the outset of his term as governor of Massachusetts.
When I took office in Massachusetts, we faced job losses and a fiscal crisis that had the potential to shake the faith of the credit raters in our bonds. We went to work to convince S&P and the other rating agencies that we were committed to reducing spending to balance our budget. I met personally with these officials in my office in Boston, and I traveled to New York City to meet them in their offices. S&P responded in 2005 with a credit rating upgrade that acknowledged the state’s sound fiscal management and the improving strength of its revitalized economy.
Barack Obama is facing a financial emergency on a grander scale. Yet his approach has been to engage in one of the biggest peacetime spending binges in American history.
