4Photo© hindustantimes.comTrump faces blow as Moody’s cuts US credit rating over fiscal woes
, 7 news, a view
Moody’s Investors Service cut the United States' credit rating on Friday, citing concerns over rising debt and political deadlock, dealing a blow to Donald Trump's narrative of prosperity and economic strength.
The downgrade marks a significant step, as Moody’s was the last of the three major credit agencies to maintain a top-tier rating for the US.
The agency lowered the US sovereign credit rating by one notch from “Aaa” to “Aa1,” pointing to the government’s failure to manage its ballooning $36 trillion debt and rising interest costs. The move lowers America by one level on Moody’s 21-point rating scale.
“ Moody’s downgrade of the United States’ credit rating should be a wake-up call to Trump and Congressional Republicans to end their reckless pursuit of their deficit-busting tax giveaway,
Chuck Schumer,
Why Moody’s downgraded the US credit rating. Details