Courtney: U.S. Deserves AAA Rating

Despite what a major ratings house indicated today, U.S. Rep. Joseph Courtney says the United States, "is still a Triple-A Nation.''

Standard & Poor's today downgraded the U.S. Government's long-term investment rating to AA-plus, a demotion from the typical AAA status.

The full report can be downloaded on the S&P Web site.


President Obama has defended the government. Courtney, a 2nd District Democrat and a Vernon resident, echoed the President's sentiments in a statement released today.

“As I stated on the floor of the House of Representatives two weeks ago, a comprehensive package of deficit reduction was needed to avoid not only default, but downgrade. I agree with the President that the United States is still a triple-A nation, and we need to build on that strength to rescue its future,'' Courtney said. ''A balanced plan to reduce our debt will help our nation grow and dispel any doubts about our fundamental strength.''

Courtney added, “Ultimately, the best answer to our budget challenges is still to do all we can to spur economic recovery through job creation.”

Gov. Dannel P. Malloy released the following statement on what Standard & Poor’s downgrade of our country’s debt means to Connecticut:

“While Standard & Poor’s downgrade of our country’s debt is clearly not good news, we in Connecticut have a few things working in our favor,'' he said. "There is not much of a direct, immediate impact on our state since our rating has been recently affirmed by S&P and we do not have federally backed debt that will be downgraded based directly on the S&P action. We have balanced our budget without cutting pension contributions or borrowing, which are strong credit positives, and while Washington refuses to work together and address our long-term problems, the agreement I reached with state employee union leaders does – in terms of the sustainability of both health care and pension obligations on behalf of state employees."

He continued, "We are concerned, however, about the longer term impacts of large-scale cuts to discretionary spending, including transportation, defense, health, and environment, and to entitlement programs, which could mean more difficult decisions in Hartford in the coming years.  My administration will deal with those decisions directly and honestly, just as we have dealt with the fiscal crisis we inherited on Jan. 5.”