Press Releases

Last night, Fitch sent ripples through the U.S. and global economy when it downgraded long-term U.S. debt from AAA to AA+. This is the first time in U.S. history that Fitch has downgraded the United States' credit rating and only the second time that any ratings agency has downgraded U.S. credit. 

S&P was the first ratings agency to downrate the U.S. long-term debt and it did so after the 2011 debt ceiling showdown. S&P similarly cited political dysfunction as well as inadequate action to confront the nation's growing debt. Fitch had previously put the United States' credit rating on watch in May during the debt ceiling debate and cited "political disfunction" as the main reason for the downgrade. 

"Despite a looming deadline and repeated invitations by the Speaker to meet, President Biden waited 97 days to meet with the Speaker, only doing so 10 days before we would default," said Representative Lawler (NY-17). "We then came back to Washington for an 11th-hour vote to avoid such a default."

"While the Fiscal Responsible Act showed that both parties are capable of coming together on a legislative compromise to deliver a win for the American people, it also showed that the brinkmanship was totally unnecessary," added Representative Lawler (NY-17). "That headache - and this credit downgrade - could have been avoided if the White House and Senate Democrats hadn't refused to negotiate for months and taken a 'my-way-or-the-highway' approach on a 'clean debt ceiling increase' or bust."

New York's 17th Congressional District is just north of New York City and contains all or parts of Rockland, Putnam, Dutchess, and Westchester Counties.