JEC Chair Martin Heinrich

JEC News:

WASHINGTON, D.C. — This week, Sen. Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after Fitch downgraded the U.S. credit rating from AAA to AA+: 

“Actions have consequences and Republicans’ reckless stand-off on the debt limit has now caused one of the exact consequences we warned about: A leading rating agency has downgraded its U.S. debt rating. 

“I completely disagreed with House Republicans’ actions on the debt limit, and I disagree with the new threats coming from certain House Republicans related to our annual spending bills. No one should play politics with the good faith and credit of the United States of America or the economy that American families depend on.  

“As Chairman of the Joint Economic Committee, I also strongly disagree with Fitch Ratings’ decision.  They did not downgrade the U.S. debt rating when their model showed economic declines, increased federal debt, and reduced federal revenues under President Trump. And now, under President Biden, they are downgrading the rating despite positive economic trends and major, recent efforts to reduce the debt. Fitch Ratings’ decision here was not a reflection of their own economic modeling or the strength of our economy. It was only, unfortunately, a reflection of the recklessness House Republicans have embraced.  

“The reality is that wages are up, unemployment is down, inflation is coming under control, and the American economy has proven resilient because of the decisions made by the Biden administration and congressional Democrats.”