WASHINGTON — The U.S. credit rating suffered a downgrade on Tuesday, the first in over a decade, sparking a blame game between the White House and the GOP.
In response to the Fitch credit downgrade, White House press secretary Karine Jean-Pierre expressed strong disagreement, asserting that it was unreasonable to downgrade the United States given President Biden’s successful economic recovery efforts, which outperformed other major economies.
Jean-Pierre pointed fingers at Republican officials, attributing the downgrade to their extremism, which includes advocating for default, undermining governance and democracy, and pushing for deficit-busting tax breaks for the wealthy and corporations.
The current downgrade occurred about two months after Congress reached a debt ceiling agreement, during which Fitch had the U.S. AAA rating on negative watch due to concerns over fiscal management and debt trajectories.
Fitch’s announcement attributed the downgrade to repeated debt-limit political standoffs and last-minute resolutions, which have eroded confidence in the country’s fiscal management.
The downgrade announcement has added tension to the ongoing political landscape, with both parties engaging in debates over the nation’s financial direction.
