Republicans took "a step in the right direction" to creating jobs in the debt-ceiling negotiations because the eventual deal limits President Obama's plans for more stimulus spending and taxes, Rep. Michael Grimm (R-N.Y.) said in his party's weekly address.

“We were right to the hold the president accountable on the debt limit, because he’s already back to proposing more ‘stimulus’ spending, higher taxes, and even more regulations," Grimm said. "Doubling down on the same failed policies is not the answer."


His weekend message was taped before Standard & Poor's downgraded the U.S. credit rating. 

The credit-rating firm said Friday night the recent plan to raise the debt limit while reducing the debt "falls short" of its expectations.

"I voted for this legislation, but I have to be quite honest in telling you that it’s far from perfect," Grimm said. "The cuts and reforms do not go nearly far enough."

The credit-rating agency also cast blame on both parties in their rationale for knocking down America's rating, saying the recent "political brinksmanship" over raising the debt limit caused primarily by Republicans highlighted the fact that U.S. governance has become "less stable, less effective, and less predictable."

"The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy," S&P wrote.

Grimm cited the high unemployment rate as evidence that "the overspending, overtaxing, and over-regulating coming out of Washington is creating uncertainty and holding our job creators back."

A Friday report from the Bureau of Labor Statistics showed the economy added a better-than-expected 117,000 jobs for the month of July.

The unemployment rate ticked back to 9.1 percent, and the Labor report found the private sector added 154,000 jobs.

"So my questions for Washington are this," Grimm said. "How many more jobs reports will it take before we change course? What will it take for all of us to just say ‘enough?’ "