Boyle Statement on Fitch Downgrade of U.S. Credit Rating

Statement

"Fitch's decision to downgrade rests on the shoulders of Speaker McCarthy and the extreme MAGA Republicans who openly rooted for default. Sadly, it is the American people who will pay for their manufactured crises.

For years, Republicans were warned that their repeated brinksmanship and deficit-funded tax giveaways for the wealthy and big corporations would have consequences and now, for the second time in American history, Republican extremism and recklessness has undercut the American economy.

Thankfully, Fitch's decision does not change what Americans, investors, and people around the world already know: President Biden has presided over a historically fast and equitable economic recovery and the American economy is fundamentally strong.

President Biden and Congressional Democrats are committed to fiscal responsibility and will continue to put forward solutions that will lower costs for families, support pro-growth investments over the long-term, and reduce deficits. However, we need to address the root cause of this downgrade: Congress must pass my Debt Ceiling Reform Act to put an end to Republican brinksmanship and hostage-taking once and for all. I look forward to working with the Administration and my colleagues in Congress to make this happen."

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