Original article at TheNationalDesk.com.
WASHINGTON (TND) — It has been a rocky week for America's credit after being downgraded from AAA to AA by Fitch Ratings making this the first downgrade by a major rating in over a decade.
CEO of Open the Books Adam Andrzejewski joined The National Desk’s Angela Brown Frida to discuss the issue.
“Congress has been spending wildly since 2019. For example, our credit card or national debt has gone up by $10 trillion since 2019,” he said. “Obviously, we had to deal with a pandemic but they've been spending like it's not a control.”
Andrzejewski says this downgrade did not come out of nowhere. Fitch warned us in May and downgraded our credit in August.
“President Joe Biden is hitting the campaign trail and reelection and there's two actions of Bidenomics that have put us in this middle. One is more spending and more debt. But. make no mistake, Republicans for far too long have joined Democrats to bring the U.S. Treasury from the left and the right. So this is a bipartisan problem.”