US loses AAA credit rating

S&P downgraded the AAA credit rating for the US, the first time in history, one level to AA+ while keeping the outlook at “negative” as it becomes less confident Congress will deal with & Bush-era tax cuts or tackle entitlements. The rating may be cut to AA within 2 years if spending reductions are lower than agreed to, interest rates rise or “new fiscal pressures” result in higher gov debt. Asian banks said they will continue to hold Treasuries (not much else they can do). There will be aftereffects & everybody is trying to figure them out.  Stand by for another wild week in the stock markets.

U.S. Loses AAA Rating on Concern About Debt Cuts

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