BOSTON (CBS) – The nation’s credit crisis is causing a lot of concern on Wall Street and in local communities concerned about their credit rating.
The recent economic and political turmoil in Washington is putting the credit rating of some cities and towns in Massachusetts at risk of downgrade.
“I think it’s pretty clear that we are in some kind of economic crisis. How you would define it? That’s obviously in the mind of the beholder. On Friday, the consumer confidence numbers came out – the lowest level in 31 years. People are frozen, paralyzed, uncertain, fearful, and that goes for small businesses and large businesses. When businesses are in that kind of a mindset, they don’t invest, they don’t hire, and it could have a chilling effect on the economy,” said State Treasurer Steve Grossman.
Recently, Grossman called on Congress to cut short their summer recess and get back to work dealing with the nation’s budget woes.
“Why on earth does Congress take a month off, not come back until Labor Day, not have the first meeting of this 12-person bipartisan commission until the 16th of September when the British prime minister had a crisis in Britain, he cut short his vacation, brought Parliament back to try to deal with the crisis. Let them get to work right now. Let them bring out the work of the bipartisan commission…and get a deal done for the American people,” said Grossman.
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