Rep. Barney Frank, D-Mass., essentially conceded on CBS’s The Early Show that excessive spending led to the S&P downgrade this week, in contrast with other Democrats’ claims that the Tea Party or weaknesses in S&P’s assessment caused the U.S. to lose its AAA credit-rating.
Frank’s criticism of spending will ring true with conservative commentators, who may not care as much for his suggestions to cut defense spending — an initiative in which he has teamed up with Republican Rep. Ron Paul. In fact, when asked about the downgrade, Frank’s immediate reaction was to discuss American military spending.
Prudent defense cuts may be warranted, but $200 billion is a far cry from the $4 trillion that the U.S. needed to cut to avoid the downgrade. Frank’s comments should not be allowed to shift attention away from the domestic spending on the stimulus, Obamacare, and entitlements.
