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America's downgrade may serve as a wakeup call for its policymakers. It is an unambiguous and loud signal of the country's eroding economic strength and global standing. It renders urgent the need to regain the initiative through better economic policymaking and more coherent governance.

Washington's answer to a self-inflicted financial crisis reminded Americans why they so deeply distrust the political class. The 'fiscal cliff' process was secretive and sloppy, and the nation's so-called leadership lacked the political courage to address our root problems: joblessness and debt.

If you lose control of your debt and deficit, you get massive cuts in things such as health and education. You get appalling insecurity, jobs lost, firms going overseas.

Historically, the responsibility for voting on the debt limit has gone to the party in the majority.

You know, when the cost of capital goes down, when credit becomes cheap, people start taking greater and greater risks.

I mean, the fact of the matter is, Ohio 's coming back because we set a clear path, we cut taxes, we balanced our budget, we got credit upgrades when the whole rest of the world, including America, was being downgraded.

Even institutions of State, such as the judiciary, were seriously weakened, to the extent that the citizenry justifiably feared a breakdown in law and order. The business community was hit by a slump in sales and confidence, leading to reduced earnings and loss of jobs.

Restore, without delay, the equilibrium between revenue and expenditures, which has done so much to destroy our credit and derange the whole fabric of government. If that should not be done, the government and country will be involved, ere long, in overwhelming difficulties.