Fairfax County faces credit rating downgrade in wake of national debt crisis
Citing their ability to "make difficult and unpopular decisions" about balancing their budget, the chairman of the Fairfax County Board of Supervisors says that she is troubled by the possibility of seeing the county's credit rating cut due to the national debt crisis.
Chairman Sharon Bulova says that since 1975, Fairfax County has held an AAA bond rating, one that was most recently reaffirmed on July 6. However, Moody's has notified even the stable bond holders that they might be downgraded in the event the U.S. Credit rating is downgraded.
The United States government faces a default on its massive debt if an agreement isn't reached to raise the debt ceiling by Aug. 2.
Bulova says that Fairfax County is home to a large population of federal workers and businesses that rely on federal contracts and that Fairfax County doesn't have a debt problem of its own.