Posted Online: Aug. 06, 2011, 10:26 pm
State officials react to U.S. credit downgrade
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CHICAGO (AP) — Illinois officials say the downgrading of the United States' credit rating is a 'wake-up call' for lawmakers in Washington.
They're reacting to the decision Friday by the credit agency Standard & Poor's to downgrade the country's credit rating for the first time in history, down one notch from AAA to AA-plus.
Republican Congressmen Judy Biggert and Joe Walsh say the move highlights the need for lawmakers to cut spending and borrowing.
Democratic U.S. Sen. Dick Durbin is calling for an end to what he calls 'partisan gamesmanship.' His Republican counterpart, Sen. Mark Kirk, says President Barack Obama should recall Congress to improve the $2 trillion deficit reduction plan.
Republican state Treasurer Dan Rutherford says the reduced federal credit rating has the potential to sink the state's rating.