U.S. Losses AAA Credit Rating


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The United States lost its top-tier AAA credit rating from Standard & Poor’s last Friday¬† in an unprecedented blow to the world’s largest economy in the wake of a political battle that took the country to the brink of default.

“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 in a statement.

The outlook on the new U.S. credit rating is “negative,” S&P said in a statement, indicating another downgrade was possible in the next 12 to 18 months.

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