"S & P made it very clear the agency wants significant spending reductions and the only way to restore our credit rating is to make the serious cuts that are needed, the same types of cuts ALL Americans are making in their household budgets," Schostak said. "And, we must assure job creators and entrepreneurs that there will be no more tax increases in the foreseeable future."

Schostak said that American families will now have to live for years, or even decades, paying more for the country's enormous debt because President Barack Obama failed to cut spending when he had the opportunity and ignored warnings from financial markets about the federal government's huge budget deficit.

The credit-rating agency's downgrade of America's ability to pay its debts was the first since 1941. According to press reports, the agency had issued warnings that the government needed to make $4 trillion in cuts to avoid a downgrade.

"Barack Obama will go down in history as the first president to watch our country's credit rating fall below AAA," Schostak said. "But the rest of us will have to live in the aftermath of his failed stimulus spending plan, failed economic policies, and complete lack of leadership."

Even a 4 trillion cut that is counted in the way these things are, would not be sufficient in my view to fix what is now the circling in the toilet bowl for the United States, and its economy.

Higher interest rates, higher taxes, and unreasonable regulatory environments.