Boehner Aide: Moody's Shows Need to Cut U.S. Spending

Moody's Investors Service's warning that it may downgrade the United States' top-notch credit rating shows the need to cut U.S. spending, a spokesman for House of Representatives Speaker John Boehner said Thursday.

``As Speaker Boehner has warned for months, if the White House does not take action soon to address our nation's debt crisis by reining in spending, the markets may do it for us. This action by Moody's today reinforces the speaker's warning,'' said the spokesman for Boehner, the top Republican in the U.S. Congress.