Statement from Washington State Treasurer Mike Pellicciotti on the Credit Downgrade of the United States
OLYMPIA – Commenting on the credit rating action by Moody’s Ratings to downgrade the United States from Aaa to Aa1, Washington State Treasurer Mike Pellicciotti issued the following:
“Today’s move by Moody’s to downgrade the United States credit rating should send a clear message to leaders in our federal government: get our house in order!
“The United States benefits immensely by being the financial bedrock to the global economy, but this is yet another signal that our foundation is cracking. The long-term downstream consequences will be profound if we cannot correct course and will add yet another upward pressure on costs for projects and programs system wide.
“It is no cause for celebration to note that many states, including Washington, now hold a higher credit rating than our federal partner.
“As Congress deliberates our next federal budget, it should soberly consider how it has contributed to the explosion of US debt and whether continuing that trajectory to benefit the wealthiest among us through tax breaks is a tradeoff we can survive.
“Americans have had enough; we must make disciplined decisions today so that we will not ruinously burden generations to come.”