From Progress Iowa –
Bringing US to the brink of default, Congressional Republicans created ‘rating watch negative’ from Fitch Ratings
DES MOINES – Fitch Ratings today placed the United States AAA rating on ‘Rating Watch Negative’ – citing political ‘brinkmanship’ as well as an increase in the likelihood that the United States would default.
In their publicly stated reason, Fitch also stated that “the prolonged negotiations over raising the debt ceiling (following the episode in August 2011) risks undermining confidence in the role of the U.S. dollar as the preeminent global reserve currency, by casting doubt over the full faith and credit of the U.S.”
Progress Iowa Executive Director Matt Sinovic issued the following statement in response to the potential downgrade by Fitch and the ongoing Congressional gridlock:
“Congressman Latham and Congressman King should be ashamed of themselves. Because of their political games, Iowa families now have to wonder whether their jobs are safe, whether their 401k is safe, and whether their economic future is at risk.”
“Latham and King need to snap out of it and start working for Iowa instead of the most extreme elements of their party. They are putting the economic security of our entire country at risk to try and stop the Affordable Care Act, a law that has passed, been in effect for years, and has been upheld by the Supreme Court.”
“Immediately after Fitch made their announcement today, the stock market fell in what reports called a ‘volatile’ session, reacting to the negative news that Congressional Republicans might not allow the US government to pay its bills on time.”
“When will Congressman Latham, Congressman King, and Tea Party Republicans learn their lesson? Hopefully soon — if not it might be too late for the people they’re supposed to represent.”
###
Background:
Wall Street ends lower, futures fall after Fitch rating move
http://finance.yahoo.com/news/
Fitch Ratings: Fitch places United States ‘AAA’ on Rating Watch Negative
http://www.fitchratings.com/
NBC News: Fitch signals it could downgrade U.S. credit rating
Why are they just picking on King and Latham? The President and Ried could have ended this anytime. They could have agreed to put off the individual mandate for year and the CR would have been passed. The President has already illegally gave waivers and extensions to his friends and congress. This could have been solved if the Senate would have taken up any of the budgets that he house has sent them the last four years, then a CR would not have been needed. The country is not going to default there is money to pay the debt. The president and the Democrats just want to be able to borrow more money to put us deeper in debt.
Even if they didn’t agree to put it off for a year, just sitting down to discuss it would have been a huge step but they refused to do that.
Let Mr. Liberty explain to the less informed as simply as I can. The more money that is sent to the fedetral government the less individual freedoms we all have. I know I know some of you flower children are scratching your heads…..
Who made this famous quote?
“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure.”
“It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.”
Our current POTUS in 2006. Have times changed is debt a good thing now? The only thing that has changed is we have sunk twice as deep in debt and he is in charge. It would be nice if any politician would stick to one set of beliefs and ideals. Truly pathetic. The article is bull.
Do you hear that everyone?
Do you hear the wailing death cry of an aging and dying generation?
Do you hear the racists and the religious nut jobs thrashing futility as their political party collapses?
This generation, the great “baby boomers” who sucked the land dry only to leave a vestige of hope for the next generation and then has the audacity to proclaim “I got mine”.
You and your ilk are a dying breed, and I for one celebrate the fact your pestilence will soon be purged by the march of time.
Continue your talk about “communists” and “deadbeats” as you slip further and further into irrelevance. It’s scary isn’t it? And as the very wise Master Yoda once said:
“Fear leads to anger, anger leads to hate, hate leads to suffering”
Suffer well, friends!
Calvin – take your meds, please.
Calvin, you’re nuttier than a fruitcake! Baby Boomers will outnumber every other generation for several decades yet. We will have unprecedented clout during this time and we WILL work to make our country better. Most of us are middle class. All we ask for are justice and fairness. Considering our current Congress, do you think this fight is easy? Your naivety is showing. Please cover it up. And then quit bashing the people who are working just as hard as you (probably harder) to get our country back.
What are you trying to get back exactly?
And I wouldn’t be so sure about baby boomers being around for “several decades” as 36% of baby boomers are obese, compared to 25% of the generations ahead and behind them.(http://www.medicalnewstoday.com/articles/231350.php)
You speak of justice and fairness. Do you think it’s fair that 75% of retirement age folks in 2010 (baby boomers) had less than $30,000 saved?
(http://www.economicpolicyresearch.org/guaranteeing-retirement-income/528-retirement-account-balances-by-income-even-the-highest-earners-dont-have-enough.html)
Guess who will be picking up your tab?
We got our social security screw the rest of you!
We got our medicare screw the rest of you!
I don’t want your country back!
cri moar
While spending has been an issue for the past 13 years the real issue at hand is paying our bills. Not spending. The right wing element of the republican party wants to tie these to issues together and that is where the problem lies. They are 2 different issues and should be tackled as separate issues. Raise the debt ceiling and then work on spending. But 40 congressmen should not be holding the economic future of most Americans hostage.
@DR Dunn-that statement I totally agree with you on. The Republicans should not be allowed to hold the country hostage and neither should Obama. The country should come before politics.
OK I am thinking that I am watching the wrong channel here. I see the House passing bill after bill trying to come to some compromise and I see the speaker of the senate sitting on these bills refusing to vote on them. What I see is reid holding this country hostage, not the republicans. Let me know if I am on the right channel or not.
@maybe-my point was that they should be talking to each other and working this crap out. Neither side should hold the country hostage. The ones hurt were the little people again. The politicians didn’t risk anything except maybe some votes in the next election. They are all there to do what we want and I know no one who wants the country shut down. Look at all the people hurt by this damn shut down that have absolutely nothing to do with politics.
DR Dunn & LVS – paying our bills is not related to spending? You cannot disconnect the two – if we don’t continue to link them how will we ever get the DC morons to get real about a solution? Raising the debt ceiling & then working on spending is a mirage – that is how we got to where we are.
The only way to make politicians knuckle down and make the hard choices is to put them into a corner. We simply cannot continue to print dollars by selling bonds to the Fed. At this time the Fed has over $2 trillion in bonds because no one else wants them. Interest rates have begun to rise even though the Fed keeps trying to hold them down.
When the bubble bursts the rates will rise dramatically and out of their control – then the Federal budget will really be in the toilet. Currently annual revenue inflows to government are +/- $2 trillion. Bond rates rising to just 5% x $17 trillion = $850 billion per year, this is nearly one-half of revenue. Game over.
Progress Iowa uses revolutionary communist teachings to guide them. Carl Marx is there hero.
Progress Iowa hates the United States and our Constitution.
Nobody in their right mind would pay the communists at Progress Iowa any attention or give them ANY credibility.
Worked since I was 15 except when I was in the Marines. Put in 50-hour weeks, and didn’t call in sick in for 40 years. Made a reasonable salary, and didn’t inherit my job or my income. I worked to get where I am.
Given the economy, it looks as though retirement was a bad idea, and I’m tired of the Democrats telling me I have to “spread the wealth” to people who don’t have my work ethic.
I’m tire of the Democrats refusing to work with the Republicans.
I’m tired of being told the government will take the money I earned, by force if necessary, and give it to people too lazy to earn it.
Obama and Reid should listen to the Republicans and start fixing our run-a-way spending. Start with repealing Obamacare and you will end the shut down!
Yes, I am tired of the all the BS from the spending fools!
I am tired of the corrupt media and Democrats always blaming the Republicans for all our debt and spending problems.
So tired of the lies.
Preach on brother!!!!!!!
What about the spend o crats wanting an unlimited budget to continue to buy votes from their deadbeat nation. Or their refusal to be enrolled in the same Obama scare program they are forcing on the American public. I am ashamed that I was ever a registered Spend o crat and will continue to vote independent from now on. Both sides including our supreme dictator Obama are responsible for this mess.