Governor LePage’s Statement on the U.S. Credit Rating Downgrade

August 6, 2011

For Immediate Release: Saturday, August 06, 2011 Contact: Adrienne Bennett (207) 287-2531

The following statement from Governor Paul LePage was released Saturday morning from the Office of the Governor.

“It’s clear now, Congress and the White House antics over raising the nation's $14.3 trillion borrowing limit has cost Americans. The U.S credit rating downgrade from AAA to AA+ will deeply affect our Nation in a way that we have not experienced since 1917.

The political posturing and last minute decision by Congress proves to be part of S&P’s downgrade. Using debt default as a bargaining chip rather than putting our fiscal house back in order was an enormously risky maneuver that failed. It is a major setback for our future and economic credibility of our Country and it’s time our leaders in Washington start working to get our economy back on track instead of worrying about upcoming elections.”

In addition, spokeswoman Adrienne Bennett offered, “Maine has chosen to do the right thing in not taking on new debt and reducing our unfunded liability long-term. Maine has done exactly what S&P’s John Chambers said is what Washington should have done. We can take away a very valuable lesson from this downgrade decision, in that, it is important to not separate the budget process from debt authorization. In order to achieve fiscal stability we must examine both and acknowledge the impact they have on our State.”