Opinion, The Wall Street Journal | July 15, 2011
The US political elite is responsible for the country’s current debt-ceiling crisis, a direct result of public spending that has skyrocketed to its highest levels since World War II. ++ President Obama has failed to create jobs and improve the economy despite massive spending projects that have increased federal debt to a staggering 72% of GDP. ++ The US is now in danger of losing the AAA credit rating it has maintained since 1917. If Mr. Obama wants to save his presidency, he must cut excessive public spending and keep taxes low.