Chairman Arrington: There Are Serious Cracks in America's Fiscal Foundation
House Budget Committee Chairman Jodey Arrington (R-TX) today released the following statement after Fitch Ratings downgraded the U.S. government's credit rating from AAA to AA+, only the second time in our nation’s history this has occurred:
“You can’t burn through an unprecedented eleven trillion dollars igniting an inflationary firestorm without setting off the fiscal fire alarm.
"With annual deficits projected to double and interest costs expected to triple in just ten years, our nation’s financial health is rapidly deteriorating and our debt trajectory is completely unsustainable.
"This is a wake up call to get our fiscal house in order before it’s too late."
- Fitch identified our deteriorating debt and fiscal situation as a key factor in their decision’s to downgrade.
- Fitch added that “a steady deterioration in standards of governance over the last 20 years” regarding “fiscal and debt matters” weighed in to their decision.
- Both of the last two Democrat Presidents have had the U.S. credit rating downgraded after fighting against Republican Congressional attempts to restrain deficits.