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The nation's job creators consistently cite government overregulation as one of the most significant obstacles to economic growth. Likewise in my August town hall meetings and conversations with Oklahoma business leaders, frustration with government overreach is mentioned again and again as a major barrier to hiring and expansion. An Illinois farmer who confronted President Obama at a town hall meeting spoke for many when he said, "Please don’t challenge us with more rules and regulations from Washington.”

The non-partisan Congressional Budget Office (CBO) just released a midyear update of its Budget and Economic Outlook, and the results are educational. Amid the grim economic news are glimpses of the progress that is possible when Washington get its act together and cuts spending.

Good economic news is hard to come by this month. The national unemployment rate remains above 9 percent. The stock market is increasingly volatile -- jeopardizing countless retirement funds with regular plunges. And, of course, August kicked off with the announcement that one of the three major ratings agencies has downgraded U.S. creditworthiness.

The decision by Standard and Poor's to downgrade the U.S. credit rating from AAA to AA+ is no real shock to those of us who have been warning that government debt levels are unsustainable. It has been clear for quite some time that the country is heading for bankruptcy unless federal spending is reined in and our massive entitlement programs are reformed.

The debt agreement that passed both houses of Congress last week may have ended the immediate threat of default, but it is only the beginning of the process to address the growing debt crisis. While the legislation doesn't have everything House Republicans would have liked, there is no question that it adheres to the conservative principles we have maintained throughout the debt ceiling debate.