Credibility Downgrade?

June 26, 2012

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Germany Rebukes America Over Deficit

Arlington, Va.—The Associated Press reported that Germany’s finance minister, Wolfgang Schaeuble, “rejected President Obama’s calls on Europe to move faster in fighting its debt crisis, telling him to get the American deficit under control instead.”  According to the article, Schaeuble said in an interview, “Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone.”  The AP reports the bloc’s debt relative to its economic output stands at about 80 percent, while the U.S. is about 100 percent.

Gretchen Hamel, executive director of Public Notice, issued the following statement:

First it was America’s creditworthiness that was downgraded, now it’s our credibility.  For the fourth straight year the federal government is on track to post a trillion dollar deficit, and Europe is taking notice.  This is just more evidence that Washington’s continued failure to get spending under control and address our debt crisis in a serious way is undermining our standing in the global economy and setting us up to follow in Europe’s footsteps.

To schedule an interview with Gretchen Hamel, please contact the Public Notice Press Office at (571) 970-6490 or e-mail

 ### is an educational project of Public Notice, an independent, nonpartisan, non-profit, 501(c)(4) organization dedicated to providing facts and insight on the effects publicpolicy has on Americans’ financial well-being.


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