On August 18, 2023 Rep. Wiley Nickel (NC-13) – joined by Blue Dog Coalition Co-Chairs Rep. Jared Golden (ME-02), Rep. Marie Gluesenkamp Perez (WA-03), and Rep. Mary Peltola (AK-AL) – led a letter to Speaker Kevin McCarthy, Majority Leader Steve Scalise, Minority Leader Hakeem Jeffries, and Minority Whip Katherine Clark in response to Fitch’s recent downgrading of the United States’ AAA credit rating to an AA+ rating.
This decision to downgrade the United States’ credit, as communicated by Fitch, was prompted by repeated debt-limit political standoffs and last-minute resolutions that have recently plagued our nation.
The letter, also signed by Blue Dog Coalition members Rep. Vicente Gonzalez (TX-34), Rep. Josh Gottheimer (NJ-05), Rep. Sanford Bishop (GA-02), and Rep. Jim Costa (CA-21), warns of the potential consequences of an additional downgrade of the United States’ credit rating that could result in a tumbling stock market, increased borrowing costs, decreased value of federal government bonds, and weakened confidence in our markets.
“In light of these pressing challenges, we cannot continue to kick the proverbial can down the road. The world is watching, particularly as the September 30th government funding deadline looms closer. We must demonstrate our commitment and capability by passing the remaining appropriations bills with robust bipartisan support,” the group wrote in their letter. “Failure to act responsibly in this matter may result in irreparable damage to the United States economy, with adverse consequences disproportionately impacting American families.”
Original source can be found here.
