U.S. Debt Loses A A A Rating from Standard and Poors

(CNN) -- A day after Standard & Poor's rating agency downgraded the U.S. credit rating to AA+ from its top rank of AAA, there were more questions than answers Saturday about what effects the move will have on the economy and American consumers. The move by S&P, one of the leading credit rating agencies, came just days after Congress approved a deal to deliver $2.1 trillion in savings over the next decade. The deal followed heated debt-ceiling talks in Washington. "The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics," S&P said Friday shortly after markets closed. While was unclear what the short-term impact of the credit rating downgrade would be, some initial answers were expected Monday when the stock market reopened. Read full story here: News New Mexico


Anonymous said...

What a legacy.

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