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Congressman Bob Latta (R-Bowling Green) issued the following statement concerning the ongoing debt negotiations between Congress and the White House:

“The goal of any debt ceiling agreement should focus on making sure the United States meets its future financial obligations and cuts spending. Both Moody’s and Standard and Poor’s have warned the United States that unless significant long-term reductions are made they will downgrade our nation’s credit rating. President Obama ought to carefully listen to this and stop his self-destructive spending path; we need real spending reforms that fix our nation’s economy. Our nation’s financial future depends on cutting and capping federal spending, and putting in place a balanced budget amendment.

“Since President Obama took office in January of 2009, the national debt has increased by nearly  $4 trillion. President Obama’s budgets have run deficits of over $1 trillion per year."

According to the Bipartisan Policy Center, a major source of concern in the market is the need to roll over $470.5 billion in maturing Treasury securities in August 2011.