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The Threat of a Downgrade

The Threat of a Downgrade

On Tuesday, Moody’s credit rating agency threatened to downgrade our credit if Congress does not get to work on a budget to stabilize the U.S. federal debt, saying: “Budget negotiations during the 2013 Congressional legislative session will likely determine the direction of the US government's Aaa rating and negative outlook.”

All Congress has to do to prevent this is work together, but instead they’re playing political games. Ezra Klein in The Washington Post doesn’t wonder why Moody’s would downgrade our credit, he wonders why not: “How many times should the American political system be permitted to fail to accomplish its stated aims before we begin concluding that there’s something structurally wrong in American politics that needs to be priced into our predictions of how well Washington will manage its budget going forward?”

And it’s not the first time Congress has done this. After the debt ceiling debacle last summer, Standard & Poor’s became the first agency to downgrade our credit rating. S&P defended their downgrade, saying: “The political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed.”

We paid the price for our elected officials’ inability to solve problems. We can’t let this happen yet again. The only way to make Congress get to work is if a massive groundswell of people takes a stand. Add your voice to the No Labels petition today to make a difference.

Click here to tell Congress: Stop fighting, start fixing!

Related Posts

  • August 6, 2011
     
    Allies and critics of President Obama are already pointing fingers over the credit rating downgrade by Standard & Poors. House Speaker John Boehner, R-Ohio, who clashed with Obama repeatedly during the recent debt ceiling dispute, attributed the downgrade to government spending.
  • November 21, 2012
    Shelby Wieman
    One year ago today, a Super Committee composed of Democrats and Republicans admitted hyper-partisan paralysis would prevent it from coming to long-term solutions for the American people.
  • December 27, 2012
    Jack McCullough
    In today's Problem-Solver's Daily, fiscal cliff talks continue to go poorly, a debt ceiling showdown may start this year and Rep. Steve LaTourette is tired of watching the blame game.

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