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.