Staff Reports
Senator Joe Manchin has called on lawmakers in Washington to address the country’s fiscal issues following Fitch’s recent downgrade of the US credit rating. He described the downgrade as a “stark warning” that cannot be ignored. Fitch lowered the rating from AAA to AA+ due to what it referred to as an “erosion of governance.” This downgrade is the first of its kind since 2011 and comes after a bitter dispute over the nation’s debt ceiling.
As with any political controversy, both parties are quick to point fingers. Democrats blame Republicans for prioritizing budget cuts, while Republicans condemn the increased spending under the Biden administration. Former President Donald Trump was also criticized for his role in the Jan. 6 Capitol riot, which Fitch cited as a factor in its decision-making.
Both parties share the blame for willfully spending money we don't have. Everyone talks about cutting spending right up until they're in power.
Look to leaders like Ron DeSantis, who has an actual track record of managing a budget and paying off debt. https://t.co/D7N1d1AtHv
— Dan K. Eberhart (@DanKEberhart) August 3, 2023
Manchin, a centrist Democrat from West Virginia, sees the downgrade as a failure of leadership from both parties and the executive branch. He emphasized the need for Congress and the White House to fund the government without causing a shutdown, but also stressed the importance of fiscal reforms. In his statement, Manchin warned that if Washington’s politics obstruct long-term solutions, America’s superpower status will be at risk, and the nation will lose the confidence of its allies.
With lawmakers on a collision course over federal spending, Congress may resort to passing a short-term continuing resolution to postpone the fight until December. However, the outcome is uncertain. For Manchin, September is a crucial month, as the deadline to fund the federal government approaches. He believes it is time for elected leaders from both parties to work together and send a clear message that they are committed to taking the necessary fiscal steps to restore the country’s credit rating and strengthen the economy.
As Manchin considers whether to run for reelection in a predominantly Republican state, he has positioned himself as a centrist in Congress. He has even contemplated a third-party run for president under the banner of No Labels, but clarified during his visit to New Hampshire that he does not want to be a spoiler in the 2024 race.
