Durbin Statement on S&P Downgrade of US Credit Rating

[SPRINGFIELD, IL] – US Senator Dick Durbin (D-IL) released the following statement after the S&P downgraded the US credit rating from AAA to AA+:

“S&P’s decision to downgrade the US credit rating due to our ongoing debt crisis is unfortunate and underscores the need for a balanced, bipartisan and comprehensive solution to the problem. In the coming weeks, a Joint Committee of Congress will begin its work to reach just such an agreement. Their work will be incredibly important and must balance spending cuts with revenue increases.”

“Last night’s downgrade is also a political one. Partisan gamesmanship over the debt has left global markets, rating agencies and the American public searching for stability. Until we agree that bipartisan leadership is the only path forward, our economy and America’s faith in its leaders will continue to be at risk of downgrade.” 

Last year, Senator Durbin served on the President’s Bipartisan Fiscal Commission and voted to support its debt reduction proposal. Since January, Durbin has worked with a bipartisan group of Senators, in a group known as the “Gang of Six,” to craft a proposal to cut the nation’s debt by $4 trillion over the next 10 years.