U.S. Credit Suffers Second-Ever Downgrade, Republican Brinksmanship is to Blame for a Second Time
Maria Martinez: “[New York Republicans] were so eager to slash funding for essential programs working New Yorkers rely on that they did lasting damage to the American economy—damage that could harm New York families for years to come.”
NEW YORK — The United States’ long-term credit rating was lowered Tuesday, marking only the second-ever downgrade in the nation’s history. Fitch Ratings announced the downgrade from AAA—the highest rating—to AA+, citing “repeated debt limit standoffs and last-minute resolutions.” The downgrade could have significant consequences for the U.S. economy.
This major shift in global trust in U.S. financial stability comes after House Republicans forced a showdown over raising the debt limit earlier this year, bringing the country within days of default. This brinksmanship was forced on the American people as part of a GOP effort to slash federal funding for essential programs working Americans rely on. Every member of the New York Republican delegation—including Reps. George Santos, Anthony D’Esposito, Marc Molinaro, and Brandon Williams—joined in this irresponsible effort that shook global trust in the U.S.
"For years, Republicans were warned that their repeated brinksmanship and deficit-funded tax giveaways for the wealthy and big corporations would have consequences,” said Representative Brendan Boyle, the top Democrat on the House Budget Committee, “and now, for the second time in American history, Republican extremism and recklessness has undercut the American economy."
Empire State Voices Executive Director Maria Martinez released the following statement:
"Yesterday’s downgrade is a direct result of the sheer callousness and irresponsibility of Republican House members. Reps. George Santos, Anthony D’Esposito, Marc Molinaro, and Brandon Williams all aided and abetted the Republican effort to take the U.S. economy hostage earlier this year. They were so eager to slash funding for essential programs working New Yorkers rely on that they did lasting damage to the American economy—damage that could harm New York families for years to come.
To learn more about the campaign, please reach out at press@empirestatevoices.org
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About Empire State Voices
Empire State Voices (ESV) is a multi-year campaign dedicated to amplifying the voices of everyday working New Yorkers. ESV is fighting for economic policies that make life more affordable for constituents and holding members of Congress across the state accountable when they fail to do the same.
