Wednesday, September 12, 2012

Tim Kaine comments on Moody’s U.S. debt downgrade warning

The finger pointing continues in Congress as they ignore Moody’s warning that it may downgrade U.S. debt from its AAA rating as S&P did last year.

They emphasized the political dysfunction in Washington and the looming across the board spending cuts due to hit the first of the year as a result of the bipartisan super committee’s failure to reach consensus on another trillion dollars of spending cuts and the expiration of the Bush-era tax cuts. Financial analysts say not only will millions of jobs be lost but that the U.S. will plunge into another deep recession if not worse.

Virginia Democratic candidate for Senate Tim Kaine released a statement in response to the warning by Moody’s that continued political posturing could lead to a credit downgrade:

“Virginians have seen what happens when politicians put ideology and political posturing ahead of what’s best for the country’s fiscal well-being – uncertainty for global markets and the threat of downgrade for our nation’s credit. It is well past time for both sides to put gamesmanship aside and put all options on the table to avert the looming fiscal cliff, which would include devastating cuts to defense and important priorities like education and infrastructure. Today’s announcement by Moody’s, coupled with S&P’s actions last year, shows that gridlock in Congress continues to be a cause of economic uncertainty. As long as representatives in Congress continue to receive a paycheck, they should do the people’s work.“I’ve continued to advocate a middle of the road approach that would allow the Bush tax cuts to expire for income over $500,000, leading to an estimated $500 billion in new revenue over the next ten years that could prevent harmful cuts. No side will get everything they want, but without the will of both sides to reach a consensus, the people that will pay the price are hardworking families and businesses in Virginia.”

Posted By Valerie Garner

Categories: Election 2012, Elections, Finance, National, Politics

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