Indiana Treasurer Richard Mourdock is calling for the resignation of U.S. Treasury Secretary Timothy Geithner following the S&P's downgrade of the country's credit rating.

 

Mourdock says the lowering of the U.S. credit rating from AAA to AA+ is a direct result of raising the debt limit without providing enough spending cuts. He tells 93 WIBC's Denny Smith the U.S. will now see higher interest rates for the U.S. government which will lead to higher interest rates across the board.

 

Listen to the Interview:

 

"I think it's almost inevitable that we're going to see a further slowing of the economy because businesses can't afford to be paying higher rates, banks can't afford to be paying higher rates right now. It's just going to slow things down even further," Mourdock says.

 

However, Mourdock says the lowering of the credit rating will not greatly affect Indiana government.

 

Mourdock, who is running against Senator Richard Lugar in the 2012 Republican primary, says President Obama should fire Timothy Geithner and if that doesn't happen, the Senate should withdraw its consent of Geithner's appointment to the U.S. Treasury.