Ellison Statement on S&P Downgrade and Stock Market Prices

Press Release

"The S&P downgrade and stock market drops show that Republicans are willing to gamble with our economy. I disagree with S&P's decision to issue a downgrade, but I understand why S&P would find the Republican approach alarming.

"After a default was averted last week, Republicans started touting the crisis they created as a sensible way to govern in the future. Senator Mitch McConnell said last week, 'In the future, any president, this one or another one, when they request us to raise the debt ceiling, it will not be clean anymore. This is just the first step.'

"It is time to get serious and focus on creating jobs and lowering unemployment.

"We have all had enough of the Republican 'brinksmanship of recent months.' Stock market losses hurt retirement savings. This downgrade could also impact Americans by increasing the cost of mortgages, credit cards and student loans.

"But we should be careful not to take this downgrade at face-value. America remains the strongest economy in the world. It is no surprise that investors turned to U.S. Treasurys last week. We cannot let the S&P or Republicans in Washington threaten our ability to put America back to work."

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