15 Jul '11, 1am

S&P warns of US debt rating downgrade

WASHINGTON: Standard & Poor's on Thursday placed the United States on credit watch, warning it might lower the country's triple-A rating because of the political standoff over cutting the deficit. "The political debate about the US' fiscal stance and the related issue of the US government debt ceiling has, in our view, only become more entangled. "Consequently, we believe there is an increasing risk of a substantial policy stalemate enduring beyond any near-term agreement to raise the debt ceiling," the powerful ratings agency said. The downgrade came as the White House and Republican opponents remained at odds over a long term plan to slash the huge US deficit, with Republicans holding the country's official borrowing power hostage to obtain an agreement to their liking. If the country does not raise the $14.3 trillion debt ceiling by August 2, the government has warned, ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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