State Treasurer: Mass. Has A Shot At A Credit Upgrade

In response to the credit rating downgrade, state Treasurer Steven Grossman is demanding Congress get immediately back to work. He also says Massachusetts has good shot at getting a credit upgrade.

Grossman says as a precaution, the state will stop borrowing this month and, if needed, until October, when the new federal budget kicks in. Despite the uncertainty, he says the state’s debt status and revenue are in good enough shape to receive what the U.S. Treasury didn't — a higher Standard and Poor’s credit rating.

"Our key ingredients of that are going to be our tax revenues, our economy, the way we're creating jobs. Also, we've got a rainy day fund or stabilization fund that ended the year at $770 million," Grossman said.

Grossman says Congress should be back in an emergency session, not on leave through Labor Day.

This report was compiled by Pippin Ross.