Moody's Investors Service, one of three main credit rating agencies, announced Monday that it had dropped North Carolina's bond rating one spot from AAA to Aa1.
Easley charged the legislature with expediting the appropriations process and passing a sound budget that doesn't devastate the state's reserves to regain its AAA standing.
Senate Majority Leader Tony Rand, D-Cumberland, said the bond rating drop is a disturbing development, the reversal of which is a priority among legislators.
"We will pay more," he said. "This will raise the cost of doing business for the state.
"It will be up to us to get (the bond rating) back up."
Danny Lineberry, press secretary for House Speaker Jim Black, D-Mecklenburg, echoed Rand's sentiment.
"Moody's action on the bond rating included a couple guide points to get back the AAA bond rating," he said. "It's up to the legislature whether to follow those and get the rating back or to explain the whys and wherefores to the people back home."
Rand said the legislature has several options for restoring the budget's stability and replenishing reserves -- including approving the much-debated lottery referendum -- but that partisan politics have thwarted legislators' efforts.
"The Republicans have voted against everything we've tried to do to get out of this budget situation," he said. "If you read Moody's, they specifically mention the lottery as a way to garner revenue to get the (AAA) rating back."
