Moody's Downgrade is No Idle Threat
House Economic Leader says Washington must cut spending and debt
Washington, DC -- U.S. Congressman Kevin Brady, the top Republican on the Joint Economic Committee, released the following in response to Moody's statement:
"It is no idle threat that Americans faces a credit rating downgrade if the President and Congress don't act quickly to get our country's fiscal house in order.
"According to Moody's, the right path forward includes 'meaningful progress toward substantial and credible long-term deficit reduction.' As a recent Joint Economic Committee Study points out, reducing government spending and debt grows economies. As we've seen in recent years, deficit spending and quantitative easing holds back economic growth."
