U.S. Senator Chris Coons (D-Del.), a member of the Senate Budget Committee and of the bipartisan group of senators seeking balanced deficit reduction, issued the following statement after Moody's Investors Service warned that if Congress fails to take the actions necessary to avert the so-called "fiscal cliff" and stabilize our nation's debt, the United States' credit rating will likely be lowered.
"The warning from Moody's today is just the latest in a long line of reminders that it is long since time that Washington gets serious about the dangerous deficits and staggering debt that loom over our economic recovery. I hear regularly from business leaders, local government officials and community leaders in Delaware who are wondering why Congress doesn't appear more concerned about the so-called "fiscal cliff' that threatens to undo the progress we've made in rebuilding our economy. It is frustrating that so many in Washington seem willing to wait until after the election to address this crisis. We need to act now. I urge my colleagues on both sides of the aisle to heed the warning from Moody's today and join me in working seriously on solutions for steering clear of the "fiscal cliff' and confronting our deficits in a balanced and responsible fashion."