ICYMI: Chairman Arrington on Fox Business to Discuss Fitch Downgrade
Today, House Budget Committee Chairman Jodey Arrington (R-TX) joined "Varney & Co" on Fox Business to address Fitch Ratings' recent decision to downgrade the U.S. government's credit rating from AAA to AA+. Republicans have been repeatedly sounding the alarm on how the Biden administration’s reckless spending is hurting the economy and jeopardizing the future of our country.
Arrington on Fitch Ratings Downgrade
“I think if you read the Fitch report, it's clear and it's what we've been saying during the debt ceiling negotiations - even though it took months to get President Biden and Chuck Schumer to the table - and that is our spending is out of control, 11 trillion in two years, we have a cost of living crisis, our economy's in the tank, and Fitch says it's heading for recession; our debt trajectory is totally unsustainable. And in a worst case scenario - and Fitch outlines this - we will undermine the currency and we could have a sovereign debt crisis, which, as you know Stuart, would undermine not only the economy, and our national security, but our leadership in the world and our children's future. I think the national debt is the greatest 21st century threat to the United States for all those reasons and I guess Fitch doesn't think we're taking it seriously enough. I'm actually surprised it's taken this long for them to arrive at this decision."