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Credit rating agency Standard & Poor's on Friday (US time) lowered the US from triple-A to AA+, citing the country's looming deficit burden and weak policy-making process.
It's the first time in history the US' rating has been downgraded.
S&P attached a "negative outlook" to the new rating.
"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 stabilise the government's medium-term debt dynamics," S&P said in a statement," S&P said.
Moody's and Fitch have keep the AAA rating for the US but have given it a negative outlook and put it under review
It doesn't surprise me that S&P decided to downgrade the debt. Even though a deal has been reached this only means that the debt ceiling can be lifted and all the problems are still there.
In regards to the US debt deal I am sorry but the politicians that held the country to ransom are idiots and no-one should vote for them next time. In a crisis the country is supposed to work together rather than have a few egos trying to look cool by stalling. I was happy when John McCain even called them out because they are seriously harming the US. Those tea party people are insane.
It worries me that Republicans and Democrats can't work together. US is in huge debt thanks to some huge spending in previous administrations and they should be brutal in cutting costs. I read an article in TIME a couple of months ago and it mentioned that the US have 80,000 troops in Europe! What war is being fought there? Such a waste of money as is the fact that the US are building their 11th aircraft carrier. No other country has more than one and these days they are pretty much useless due to the range of modern missiles means they have to be too far away from the action. Should be easy to cut the $4 trillion required, they could save half that by streamlining the military.
Europe is screwed as well because they have just talked about the issues with countries like Greece for two years rather than doing something about it.
Ugh, at times like this I am so grateful I live in a country where both sides work together and only disagree on minor issues.
Stock markets have been fun over the past week. I sold everything I owned a couple of weeks back because of the issues here. Bought something wednesday and during friday it dropped 10 percent right away before finishing steady.