{"id":1988571,"date":"2023-08-02T10:31:02","date_gmt":"2023-08-02T14:31:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bizarre-biden-team-blames-trump-for-downgrade-of-us-credit-rating\/"},"modified":"2023-08-02T10:32:48","modified_gmt":"2023-08-02T14:32:48","slug":"bizarre-biden-team-blames-trump-for-downgrade-of-us-credit-rating","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bizarre-biden-team-blames-trump-for-downgrade-of-us-credit-rating\/","title":{"rendered":"&#8216;Bizarre&#8217;: Biden Team Blames Trump for US Credit Rating Downgrade"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbizarre-biden-team-blames-trump-for-downgrade-of-us-credit-rating%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1988571&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div>\n<h2>Biden \u200bAdministration Disputes Fitch&#8217;s Downgrade of U.S. Credit \u2062Rating<\/h2>\n<blockquote>\n<p>Biden administration officials expressed their dissatisfaction on Tuesday with ratings agency Fitch&#8217;s decision to downgrade\u200b the top U.S. \u200cgovernment \u200ccredit\u200d rating. They argued that Fitch&#8217;s methodology\u200d was flawed as it focused on issues from the previous Trump administration.<\/p>\n<\/blockquote>\n<p>Leading \u200cthe \u2064charge \u200cwas Treasury Secretary Janet Yellen, who promptly\u200c issued a statement declaring her strong \u2062disagreement with Fitch Ratings&#8217; decision. Fitch had announced the downgrade of U.S. \u200c<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russia-on-verge-of-150-billion-debt-default\/\" title=\"Russia on Verge of 0 Billion Debt Default\">long-term debt<\/a> \u2062from AAA to \u200dAA+.<\/p>\n<p>Fitch&#8217;s report cited &#8220;a steady deterioration in standards of governance over\u200b the last 20 years&#8221; \u200dand expressed concerns\u200d about the erosion of \u2062confidence in fiscal management due to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bizarre-biden-team-blames-trump-for-downgrade-of-us-credit-rating\/\" title=\"'Bizarre': Biden Team Blames Trump for US Credit Rating Downgrade\">repeated \u2064debt-limit political standoffs<\/a> and last-minute resolutions.<\/p>\n<p>This downgrade comes after a recent partisan\u200b battle \u2064over the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/speaker-pelosi-promises-to-pass-bill-to-suspend-debt-limit\/\" title=\"Speaker Pelosi promises to pass bill to suspend debt limit\">federal debt ceiling<\/a>, which \u2062was eventually \u2063raised. It is \u200creminiscent of a similar downgrade in 2011 \u2063by \u2064rival ratings\u2062 agency Standard and Poor&#8217;s, which occurred \u2062during a \u200cdebt ceiling fight that also threatened a U.S. \u200bdefault.<\/p>\n<p>The Biden administration emphasized that the governance \u200cissues highlighted by Fitch occurred during the Trump administration, while noting that Fitch had\u2062 maintained the \u200cAAA\u2064 rating during \u2062those years.<\/p>\n<p>&#8220;This is a bizarre and baseless decision\u200b for Fitch to make now,&#8221; said a senior Biden administration official, highlighting \u2064the improvements in U.S. governance during the \u200dBiden \u2062presidency. They added, &#8220;It <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/schumer-blasts-biden-for-haitian-deportations\/\" title=\"Schumer Blasts Biden for Haitian Deportations\">defies common sense<\/a> \u200bto attribute \u200bthis downgrade to the mess caused by\u2063 the previous administration and reckless \u200cactions by congressional Republicans.&#8221;<\/p>\n<p>The official also\u200d expressed\u200c skepticism \u2064about \u200da significant\u200c increase in federal borrowing costs resulting from the downgrade, citing\u200c the limited market reaction thus\u200b far and \u200cthe decline in rates after the 2011 downgrade.<\/p>\n<p>Economists\u2062 and analysts responded with confusion \u200bto the \u2063move, questioning its \u2064timing and predicting minimal impact on Treasury debt markets.<\/p>\n<p>Biden&#8217;s reelection campaign \u200cspokesman Kevin Munoz and \u2062White House press \u200csecretary Karine Jean-Pierre placed blame on Trump and congressional Republicans for the downgrade. Munoz stated, &#8220;This Trump downgrade \u2062is a direct result of an extreme MAGA Republican \u200bagenda defined by chaos, callousness, and recklessness that \u2063Americans continue to reject,&#8221; referring\u200d to Trump&#8217;s encouragement of Republicans\u2062 in Congress to &#8220;do the default&#8221; over the debt ceiling.<\/p>\n<p>Yellen criticized \u200cthe decision, \u200barguing \u200cthat it disregards the resilience of the U.S. economy and assumes a recession this year. She pointed out that the \u2063unemployment rate is near historic lows, inflation\u2063 has\u2063 decreased significantly since last\u200d summer, and recent\u200c GDP reports indicate continued\u2063 economic growth.<\/p>\n<p>(Reporting \u2064by David\u200d LawderEditing by \u2062Chris Reese, Heather Timmons and\u2062 Sam \u200bHolmes)<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Biden officials criticized Fitch&#8217;s downgrade of US credit rating, claiming flawed methodology that emphasized Trump-era problems. Treasury Secretary Janet Yellen led the opposition, swiftly expressing her strong disagreement with Fitch&#8217;s decision.<\/p>\n","protected":false},"author":66,"featured_media":1988572,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-1988571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1988571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1988571"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1988571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1988572"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1988571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1988571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1988571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}