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Smith: Biden’s Reckless Spending, Brinksmanship Pushes America’s Credit Off the Ledge

August 02, 2023

Washington, D.C. — After Fitch Ratings downgraded the U.S. government’s credit rating from AAA to AA+, Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement:

“Once again, America’s credit has been downgraded while Joe Biden has been in the White House. When Fitch specifically cited the problem of ‘last minute’ resolutions they may as well have noted Biden’s refusal to negotiate with Republicans for months, while insisting on even more wasteful spending. President Biden’s brinksmanship – not to mention the $10 trillion in new spending he and Washington Democrats passed over the past two years – pushed America’s credit rating off the ledge. Now families and small businesses already dealing with soaring interest rates and lost wages from Biden’s inflation crisis will also have to face the consequences of a reduced confidence in America’s sovereign debt.”