Lost in the uproar about the U.S. debt-ceiling battle and the ensuing downgrade by Standard and Poor’s, Michigan received good news from Fitch Ratings, which revised the State of Michigan’s bond outlook to “Positive” from “Stable,” citing “prudent budgeting and efforts to grow reserve levels in the context of an economy beginning to slowly rebound.
Gov. Rick Snyder, R-Mich., released a statement on the Fitch announcement on July 27th:
“This is very positive and encouraging news,” Gov. Snyder said. “Wall Street is recognizing Michigan’s hard work and commitment to returning our state’s fiscal integrity and fixing our structural deficit once and for all while starting to pay down our long-term debt and save for the future. Working together with lawmakers, we demonstrated in just over six months that we can avoid gridlock, move Michigan forward and lay a strong foundation for the future. We’ve got AAA in our sights and will work relentlessly to get there.”
If only federal elected officials could make similar reforms in the national budget deficit.
