(Headline USA) Florida Republican Gov. Ron DeSantis blasted President Joe Biden for his “failed” economic policies this week after Fitch Ratings downgraded the U.S.’s credit rating for the first time in decades.
Fitch Ratings, one of the top three global crediting agencies, downgraded the country’s Long-Term Foreign-Currency Issuer Default Rating from top-rated “AAA” to “AA+”, citing the U.S.’s unsustainable national debt accumulation and spending.
DeSantis argued that Biden’s massive spending spree is largely to blame.
“@FitchRatings’ downgrade of the nation’s credit rating from AAA to AA+ is a result of frivolous spending and ballooning national debt for programs like the CARES and ‘Inflation Reduction’ Acts,” DeSantis wrote on Twitter.
.@FitchRatings’ downgrade of the nation's credit rating from AAA to AA+ is a result of frivolous spending and ballooning national debt for programs like the CARES and "Inflation Reduction" Acts. Florida's AAA rating remains the standard-bearer, serving as the nation's blueprint… https://t.co/ASwenYAz11
— Ron DeSantis (@GovRonDeSantis) August 2, 2023
Florida’s economy should serve as an example for the rest of the nation, he continued.
“Florida’s AAA rating remains the standard-bearer, serving as the nation’s blueprint for fiscal responsibility. In FL, we have run large budget surpluses and have paid off nearly 25% of the state debt,” he added. “National economic decline is a choice.”
Former President Donald Trump also released a statement on Fitch’s score, saying, “Fitch just downgraded U.S. Debt. First time in many years. WOW!”
Republicans aren’t the only ones pointing the finger at Biden over the economic news. Sen. Joe Manchin, D-W.Va., said the ratings score is the result of a “historic failure of leadership by both political parties and the executive branch.”
“The credit agency specifically cited the decline in governance, erosion of cooperation in the federal government and ballooning national debt when making the determination to lower our credit rating,” he said.
“This is a stark warning that cannot be ignored. We must act now to fully fund the government and address our national debt before we wake up to a future where America’s superpower status is in jeopardy and we have lost the confidence of our allies around the world.”
