Categorized | In the News

Standard & Poor’s Downgrades U.S. Credit Rating

Posted on 20 August 2011

On the evening of August 5th, credit rating agency Standard & Poor’s announced that it was lowering the United States’ credit rating from AAA to AA+.

“Lowering the nation’s rating to one notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bipartisan agreement reached this week to find at least $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would not be likely to achieve more savings in the future.”

Read the whole story here.