WASHINGTON, D.C. – U.S. Senator Cynthia Lummis (R-WY) released the following statement in response to Fitch Ratings’ downgrade of the U.S. government credit rating from ‘AAA’ to ‘AA+’.
“Fitch’s downgrade of U.S. government credit is a glaring warning about the failures of Bidenomics and the Democrats’ out of control spending that has allowed a spending problem to spiral into an unsustainable debt trajectory,” said Senator Lummis. “The path America is on is completely unsustainable and it is unfair for future generations in Wyoming that are being saddled with a national debt they’ll never be able to pay off. I worry that if Congress fails to balance our nation’s checkbook soon, America may be on a collision course with economic catastrophe.”
Background:
- The U.S. government has held a AAA rating from Fitch since 1994.
- Fitch pointed to an expected fiscal deterioration over the next three years as well as a high and growing general government debt burden as the leading reasons for the downgrade.
- U.S. national debt currently sits at more than $32.6 trillion.
- The national debt is far from just a burden on our government with each U.S. citizen responsible for $97,487 and each U.S. taxpayer responsible for $253,686.
- Our national debt is set to exceed our gross domestic product (GDP) in 2024.
- Senator Cynthia Lummis has led the fight for fiscal sanity in Washington with her Sustainable Budget Act that would form an 18-member commission chosen by the President and House and Senate leadership tasked with creating a bipartisan plan to reduce the deficit and balance the budget within 10 years.
###