BusinessMoody's blames Congress for negative change in D.C.'s rating

Moody’s blames Congress for negative change in D.C.’s rating

The Wall Street credit agency Moody recently downgraded the District’s financial rating and D.C. Council Chairman Phil Mendelson (D) laid the blame on the U.S. Congress.

“[The decision] by Moody’s to change its rating outlook from ‘stable to negative’ is further evidence of how congressional oversight and lack of statehood actually hurts the District,” Mendelson said. “Only a few months ago, House members criticized the District for alleged fiscal mismanagement, but Moody’s actually lauds the District, while wholly faulting Congress for the negative change.”

Mendelson said the District lacking full voting rights in the U.S. Congress is a hindrance noting “none of us can vote for congressional members.”

“But the District government is well-managed fiscally — better than most states, which Moody acknowledges,” he said. “Moody’s notes that our financial challenges are whimsical federal government shutdowns and the congressional imposed commuter-tax prohibition. I would add that congressional riders such as prohibiting us from regulating cannabis, cutting MPD’s request for federal reimbursement, and proposing to prohibit traffic cameras, create further instability and economic harm.”

Mendelson said the Congress hurts the District and it is their fault for the downgrade, not city leaders.

James Wright Jr. is the D.C. political reporter for the Washington Informer Newspaper. He has worked for the Washington AFRO-American Newspaper as a reporter, city editor and freelance writer and The Washington…
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Source: Washington Informer

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