US credit rating downgraded to AA+
By singhisvivek
@singhisvivek (1)
India
August 6, 2011 2:21am CST
America's credit rating was downgraded by Standard and Poor's on Friday, taking the American credit rating from AAA, the highest level, down a notch to AA+.
S&P said the debt and deficit reduction deal brokered by Congress and President Barack Obama this week failed to adequately address federal spending issues.
S&P hinted that eliminating the Bush tax cut for the wealthy and serious spending cuts could help the US regain it's AAA rating. It's first time in the US history the nation's credit rating dropped below AAA.
Where it will take to the US country and current US government?
2 responses
@BalthasarTheRat (656)
• United States
6 Aug 11
I don't like the idea that a private entity is dictating policy to Congress: essentially holding our credit rating hostage.
This just feels wrong. If it works, and Congress starts taking some responsibility for its crazy spending combined with tax cuts, then people will cheer S&P as heroes, but the precedent is dangerous.
-The Worried Rat
@francesca5 (1344)
•
6 Aug 11
i think it is going to force the people of the US to take a good long hard look at their politicians and ask how they have managed to mess this up so badly.
