Fitch: Obama’s Debt Ceiling Plan Will Cause Credit Downgrade

The credit rating agency Fitch came out with a new report this morning saying that a debt ceiling agreement which “does not include a plan to put public finances on a more sustainable footing” will result in a downgrade in our country’s credit rating.

“‘In the absence of an agreed and credible medium-term deficit reduction plan that would be consistent with sustaining the economic recovery and restoring confidence in the long-run sustainability of U.S. public finances, the current negative outlook on the ‘AAA’ rating is likely to be resolved with a downgrade later this year even if another debt ceiling crisis is averted,’ it said in a statement.”

This means that following President Obama’s plan set forth in yesterday’s press conference would clearly result in yet another credit downgrade on his watch. President Obama refuses to negotiate on the debt ceiling and is insisting Congress raise the limit without any spending cuts.

President Obama’s policies are bankrupting this country. We need to make sure that he doesn’t further damage the U.S. credit rating and our nation’s fiscal health. Stand up to the president and his liberal allies that refuse to cut spending. Sign our petition here: www.nrcc.org/spending.