NM credit rating at risk if debt ceiling not raised.

Washington, D.C. – Congressman Ben Ray Luján of New Mexico’s Third District released the

following statement on the

the credit rating of New Mexico and four other states. New Mexico’s credit rating would likely

be downgraded should the federal government default on its debt payments due to a failure to

increase the debt ceiling,

announcement by Moody’s Investors Service that it would review

impacting people across the state

.

“Today’s announcement by Moody’s that the state of New Mexico’s debt rating could be

negatively impacted by a failure to raise the debt limit is the latest sign that this issue is too

important to New Mexico to play politics with. A downgrade of the state’s top-ranked credit

rating would impact families and businesses across New Mexico and could threaten to further

weaken our economy. Families could see interest rates on mortgages and car loans increase

while small businesses could have greater difficulty finding access to credit.

“It is critical that we find a balanced approach that begins to rein in our deficit without doing so

on the backs of New Mexico’s seniors and working families and does not destroy jobs.

Unfortunately, the House is debating a bill today that fails on all accounts. The House

Republican legislation would drastically cut vital services even deeper than the Republican

budget that ends Medicare as we know it, slashes education at every level, and destroys as

many as 700,000 jobs.”

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Luján Statement on Moody’s Review of New Mexico’s Credit Rating

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Tuesday, July 19, 2011