Standard & Poor's Downgrades US Credit Rating From AAA to AA+

For the first time ever, the United States lost its perfect credit rating as Standard & Poor's reduced its U.S. long-term debt assessment from AAA to AA+ with a negative outlook. In announcing the move late Friday, the ratings agency said a deal this week to reduce the nation's debt did not go far enough and exposed paralyzing political dysfunction. The downgrade could cost the government and ordinary consumers billions of dollars by jacking up interest rates the U.S. must pay on its $14.4...Full Story
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