Liberal watchdog group blames Congressmen Latham and King for endangering U.S. credit rating

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.”

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Background:

Wall Street ends lower, futures fall after Fitch rating move