Statement on the Credit Downgrade of the United States

Statement

Congressman Henry Cuellar (TX-28) released the following statement after news over the weekend that the country's credit rating was downgraded to an AA+:

"I am deeply concerned of Standard and Poor's credit rating downgrade of the United States. Friday evening, S&P analysis lowered the United States top-notch AAA credit rating to AA+, a first in U.S. history.

"The rating agency downgrade reflects Washington's instability -- a handful of vocal extremists calling themselves the Tea Party hijacked the process for political purposes. As a result homeowners, student loan recipients and small businesses may pay higher interest rates through no fault of their own. The House Majority staged political theatrics that went hand-in-hand with economic uncertainty that created shock waves weakening the U.S. credit rating.

"It won't be easy to bring back the AAA rating that our country has held for 70 years. As we have seen from other countries across the world, it could take years. This is unacceptable -- interest rates for homeowners may go up and Americans may have to pay the price for House Republicans lack of leadership on the debt crisis.

"Now, America must brace for more economic uncertainty as a result of the downgrade. I am ready to work with my colleagues to return the U.S. to its AAA status and once again make it the safest investment in the world."

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