Washington, D.C.—This week, Senator 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.”
About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman-Designate of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.