Maloney protests U.S. credit downgrade

Aug 8, 2011
Press Release

New York, NY – U.S. Rep. Carolyn Maloney (D-NY) issued the following statement on the decision by Standard and Poor’s (S&P) to downgrade America’s credit rating.

“I believe S&P’s decision to downgrade America’s AAA credit was deeply flawed.  Let’s begin with the fact that two other rating agencies, Moody’s and Fitch, continue to give our credit the highest rating possible.

“Plus, markets around the world have already spoken quite clearly on the issue. America remains the best place in the world to safely and securely invest money.  Seventeen other nations around the world are rated AAA by S&P, and with all due respect, some of those economies are nowhere near as strong as America’s.

“S&P said that an ‘irresponsible process’ and ‘political brinksmanship’ led to the credit downgrade.  While I can agree that it was a disheartening spectacle to witness, the battle to raise the debt ceiling was certainly no more dangerous to our economy than the financial crisis.  And even on the edge of that abyss, our credit rating remained AAA.   As Mark Zandi of Moody's Analytics put it: 'U.S. Treasurys are still the gold standard.'

"And then of course, S&P made this downgrade even after acknowledging a $2 trillion error in its deficit projections.

"S&P was wrong on their math and wrong on the downgrade.  America deserves to stay triple-A.”