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Jun 08, 2006 -- U.S. may lose its credit rating

The U.S. government is spending so much money every year that the country could lose its credit rating. We currently enjoy a top tier credit rating, but the country has been warned by Standard & Poors about losing that credit. We’re being looked at as a struggling country, and it’s because our elected officials are spending money like crazy. If we keep spending money like we are, we will have debt that is 350 percent of our national output. That makes us a third world country. In addition, our budget deficit will rise to more than one-fourth of our national income if we keep spending this way. There are only two answers here. We must reduce government spending, which Clark prefers. Or we must raise taxes, the undesirable move. We are all affected by this. As a result, we have to change our expectations of our government and plan for our own futures.

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