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Costa Statement Regarding Credt Rating Downgrade

August 5, 2011

WASHINGTON, D.C. - Congressman Jim Costa (D-Fresno) released the following statement upon hearing that a leading credit rating agency decided to downgrade the credit rating of the United States.

"Tonight, Standard & Poor's, a leading credit rating agency, decided to downgrade the United States' credit rating from AAA. Our country's credit rating was not downgraded due to an inability to pay our debts. Our credit rating was downgraded because the global economic market no longer trusts our political system to make prudent, wise decisions. We can longer tolerate a radical minority holding our economy hostage only to prove a partisan point. It's time to put aside the politics and work to create the conditions necessary for job creation and economic growth," said Costa.