Following the rating agency Fitch's Tuesday announcement that it would downgrade the United States' debt from "AAA" to "AA+," Texas congressman and Republican member of the House Budget Committee Chip Roy told Newsmax that it is a sign that Bidenomics isn't working.
In its report, Fitch highlights that the reason for the downgrade comes amidst a "deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025."
Roy told "Eric Bolling The Balance" Wednesday that Bidenomics is "failing. And they — the powers that be in Washington, the uniparty — they want to blame this all on, Oh, the showdown that happened, you know, back on Memorial Day, and Oh, we're not going to be able to have our rating."
"You saw a bunch of establishment Republicans racing to tweet this out and say, See? When you guys play brinkmanship, it undermines our debt," he added.
Roy maintained that this ignores the facts if "you read the actual Fitch report, and you look at what's driving people to not actually believe in our debt, it's because we're piling up so much of it. We've added another almost $1.5 trillion of debt since the deal."
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