Posted By: airforce
Standard & Poor's Downgrades U.S. Debt - 08/05/2011 06:36 PM
There have been rumors all afternoon, and now it's happened. Standard & Poor\'s has downgraded U.S. debt from AAA to AA+.
Onward and upward,
airforce
Quote
Credit rating agency Standard & Poor's on Friday downgraded the United States' credit rating for the first time in the history of the ratings.
The credit rating agency said that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.
A source familiar with the discussions said that the Obama administration feels the S&P's analysis contained "deep and fundamental flaws." (...)
The credit rating agency said that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.
A source familiar with the discussions said that the Obama administration feels the S&P's analysis contained "deep and fundamental flaws." (...)
airforce