August 02, 2023

New Dem Chair Kuster, Vice Chair Schneider Statement Following U.S. Credit Downgrade

Today, New Democrat Coalition (NDC) Chair Annie Kuster (NH-02) and Vice Chair for Communications Brad Schneider (IL-10) released the below statement following yesterday’s downgrading of the U.S. credit rating:

“We disagree with Fitch Ratings’ downgrade of the United States creditworthiness, but their position nevertheless clearly shows how Speaker McCarthy’s ceding control of the House to the extremist right fringe of the Republican party has real consequences for our country and our economy. Fitch Ratings’ managing director said it explicitly: ‘What we’ve seen in the United States is a steady deterioration in governance.’

“President Biden and Democrats have tirelessly worked to grow the economy from the bottom up and middle out—as demonstrated by a strong jobs market, growth in GDP and progressive decline in core inflation. Meanwhile, Republican Leadership has consistently caved to extremists and has repeatedly threatened to hold the U.S. economy hostage. 

“Taking the economy to the brink of default was irresponsible. It’s past time for Speaker McCarthy to lead his Conference, and to show the necessary strength to work with reasonable Members on both sides of the aisle to responsibly govern. We must end the threat of default once and for all. 

“Speaker McCarthy also faces an important fiscal test next month as we rapidly approach the September 30th deadline to fund the government. New Dems are committed to working with all responsible lawmakers to pass legislation to properly fund lifesaving programs and avoid a government shutdown. Failure to do so will prove Fitch Ratings right, and have disastrous economic consequences for our country.”