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Beyer Statement On Fitch Downgrade of U.S. Credit

Rep. Don Beyer, the Senior House Democrat on the Joint Economic Committee and member of the House Ways and Means Committee, today issued the following statement after Fitch downgraded the U.S. credit rating from AAA to AA+:

“As many economists have noted, the logic and timing of this ratings cut are nonsensical. The American economy is strong, and continues to get better. Our economy grew at an annual rate of 2.4% in the second quarter of 2023, unemployment is at a 50-year low, and economists are no longer forecasting a recession.

“Just as we warned, the recklessness of extreme MAGA Republicans risked massive damage to our economy and harmed our credit rating. Fitch cites declines in the governance rating, particularly impacted by January 6th, as a key driver of this ratings cut – even though the governance rating has improved under President Biden. Republican brinksmanship has consequences, and the American people are paying the price.”