U.S. Senator Cynthia Lummis (R-WY) released the following statement in response to Fitch Ratings’ downgrade of the U.S. government credit rating from ‘AAA’ to ‘AA+’.
“Fitch’s downgrade of U.S. government credit is a glaring warning about the failures of Bidenomics and the Democrats’ out of control spending that has allowed a spending problem to spiral into an unsustainable debt trajectory,” said Senator Lummis. “The path America is on is completely unsustainable and it is unfair for future generations in Wyoming that are being saddled with a national debt they’ll never be able to pay off. I worry that if Congress fails to balance our nation’s checkbook soon, America may be on a collision course with economic catastrophe.”
The U.S. government has had a AAA rating since 1994. An expected fiscal deterioration over the next three years coupled with high and growing general government debt are the top reasons for the downgrade. The U.S. is currently $32.6 trillion in debt.
Each citizen is responsible for $97,487 of the national debt, which is set to exceed America’s GDP in 2024.
