U.S. loses AAA credit rating, unemployment stays flat

The U.S. government lost its AAA credit rating for the first time in history late Friday, when ratings agency Standard & Poors said the way of doing business in Washington has become so dysfunctional that its analysts have lost confidence in national leaders' ability to craft fiscal policy.

"The political brinkmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective and less predictable than what we previously believed," Standard & Poors said Friday.

Standard & Poors' move reduced the nation's credit rating to AA-plus. It and two other ratings agencies, Moody's Investor Service and Fitch, warned during the recent budget fight between President Barack Obama and Congress that the government faced the downgrade if Washington did not cut spending far enough.

Read Full Article from Contra Costa Times

- Posted: 2011-08-05 22:49:35

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