S & P Slaps U.S., Moodys Threatens Endangers Virginias Top Rating
Standard and Poors downgraded the United States AAA bond rating for the first time in history late Friday, and now Moodys is threatening similar action if meaningful deficit reduction is not achieved. Meanwhile, since Virginia depends heavily on public sector jobs, particularly in Northern Virginia and Tidewater, its own pristine bond rating is now at risk.
AFP-Virginia state director Trixie Averill today issued the following statement:
This is indeed a sad day for America and by association, Virginia as the world now sees that the reckless fiscal habits that have taken root in Washington have exposed the fallacy of deficit spending as a means to prosperity. As a result, Virginias own valued credit rating is at risk, through no fault of our own.