Manchin slams ‘leadership failure’ following Fitch credit downgrade.
Sen. Joe Manchin Calls for Fiscal Responsibility
Sen. Joe Manchin (D-WV) has issued a strong call for Washington to address its fiscal challenges following the recent credit rating downgrade by Fitch. Describing the downgrade as a “stark warning” that cannot be ignored, Manchin emphasizes the need for urgent action.
“We must act now to fully fund the government and address our national debt before we wake up to a future where America’s superpower status is in jeopardy and we have lost the confidence of our allies around the world,” Manchin said in a statement. “Every American will suffer if Washington politics get in the way of long-term solutions that address these challenges.”
A Historic Failure of Leadership
Fitch downgraded the country’s credit rating from AAA to AA+ due to an ”erosion of governance.” This is the first time a credit agency has taken such a step since 2011. The downgrade follows a bitter fight over the debt ceiling, with Manchin blaming both political parties and the Executive branch for the failure of leadership.
A Blame Game
The announcement of the credit rating downgrade has sparked a familiar blame game among party leaders. Democrats fault Republicans for insisting on budget cuts, while the GOP denounces the trillions in new spending approved under the Biden administration. Former President Donald Trump also faces blame, with Fitch citing the Jan. 6 riot at the Capitol as a factor in its decision-making.
A Showdown Over Federal Spending
Congress is heading towards another showdown over federal spending, with a Sept. 30 deadline to fund the government looming. Speaker Kevin McCarthy (R-CA) and President Joe Biden reached an agreement in May that effectively froze spending for next year and raised the debt ceiling until after the 2024 election. However, demands for deeper cuts and desires to circumvent budget caps have set Washington on a collision course once again.
Manchin’s Call for Bipartisanship
As the deadline approaches, Manchin urges elected leaders from both parties to work together and send a clear message to the world. He emphasizes the importance of taking necessary fiscal and budgetary steps to restore the country’s credit rating and ensure a strong economy for future generations.
Manchin, known for his centrist approach, is considering whether to run for reelection in a deeply red state. While he has explored the idea of a third-party run for president, he has assured voters that he has no intention of being a “spoiler” in the 2024 race.
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