Blackstone CEO Steve Schwarzman said Fitch Ratings’ recent downgrade to long-term U.S. debt was justified.
Blackstone chief executive officer Steve Schwarzman said Fitch Ratings’ recent downgrade to long-term U.S. debt was justified, and it is a “shot across the bow” after repeated debt-ceiling standoffs over the borrowing limit make the U.S. government less trustworthy than before.
“We’ve had an explosion of debt since the global financial crisis and we don’t appear to have a lot of discipline going forward,” Schwarzman said in a CNBC interview on Friday. “We’re running huge deficits now.” Treasury Secretary Janet Yellen on Wednesday slammed the move by Fitch Ratings, calling it “arbitrary and based on outdated data” as it came two months after a debt-ceiling agreement that averted a U.S. default. She said the decision “does not change what Americans, investors, and people all around the world already know: that Treasury securities remain the world’s pre-eminent safe and liquid asset, and that the American economy is fundamentally strong.
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