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U.S. Credit Rating Downgraded for Second Time Ever on Biden's Watch - White House Says They Disagree

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  • Source: Bongino
  • 08/02/2023
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In response to news breaking that Fitch Ratings, one of the “Big Three” credit rating agencies, had downgraded the creditworthiness of the United States, the White House responded by deciding to disagree with reality. 


On Tuesday, Fitch Ratings cut the U.S.’ long-term foreign currency issuer default rating from AAA to AA+, pointing to “expected fiscal deterioration over the next three years,” eroding governance, and growing debt. The last time (and only other time) the U.S. debt was downgraded by one of the Big Three was in 2011 (that time by Standard & Poor’s), on Barack Obama’s watch. 

And in response, the White House has reacted to the news by telling Fitch that they're wrong - and also blaming Trump.

According to the Washington Examiner

"We strongly disagree with this decision," Karine Jean-Pierre said. "The ratings model used by Fitch declined under President Trump and then improved under President Biden, and it defies reality to downgrade the United States at a moment when President Biden has delivered the strongest recovery of any major economy in the world."

Despite disagreeing with the agency's decision, the White House also pointed fingers at the GOP. "It’s clear that extremism by Republican officials — from cheerleading default, to undermining governance and democracy, to seeking to extend deficit-busting tax giveaways for the wealthy and corporations — is a continued threat to our economy," Jean-Pierre added.

Treasury Secretary Janet Yellen, meanwhile, put out a statement that she “strongly disagree[s]” with Fitch, and claimed their decision is both “arbitrary” and “based on outdated data.” 

Matt Palumbo is the author of Fact-Checking the Fact-Checkers: How the Left Hijacked and Weaponized the Fact-Checking Industry and The Man Behind the Curtain: Inside the Secret Network of George Soros

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