WASHINGTON — U.S. Senator Chris Coons (D-Del.) today released the following statement after Standard & Poor’s announced Friday it was downgrading the United States’ credit rating from AAA to AA+. The ratings agency said the federal government “fell well short” of the serious deficit-reduction strategy necessary for long-term economic stability.

“I am disappointed but not surprised by S&P’s decision. Stability requires balance. By refusing to negotiate in good faith, Republicans turned the debt ceiling debate into a hostage crisis and last night we saw its first casualty. Congress was explicitly and repeatedly warned that such reckless political behavior would result in an insufficient plan for addressing our long-term debt and would have real consequences. We knew full well that ratings agencies, markets and foreign governments were watching closely to see whether Congress would handle this responsibly, and it failed. When is Washington going to stop thinking about the next election and start focusing on the next generation?

“As stated by the Bowles-Simpson commission, the ‘gang of six,’ and economists across the board, the United States needed to find $4 trillion in savings over the next 10 years to credibly stabilize our staggering debt. Unwillingness to share in the sacrifice resulted in just $2.1 trillion in savings in the deal Congress passed on Tuesday. We must reform the tax system in a way that increases revenue without raising tax rates, by closing the tax loopholes that allow billionaires and many large corporations to get away with paying far less than their fair share. We must also reform our entitlement programs to ensure they will stay strong and solvent over the long-term.

“In settling on this ‘small’ deal last week, Congress failed in its duty to protect the American people from this very real threat to our nation’s economy. If we don’t start taking seriously our nation’s crippling deficits, this may not be the last downgrade the United States will face.”

Senator Coons is a member of the Senate Budget Committee.