Moody’s Lowers U.S. Credit Rating
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Years of rising deficits and budget chaos finally caught up with the U.S. credit rating Friday when Moody’s Investor Service downgraded the government, stripping its last triple-A rating.
Despite Friday's U.S. credit-rating downgrade, fiscal concerns are unlikely to drive markets for very long. Yes, investors are more worried about the federal government’s borrowing than usual. The tra
Changes to the country’s credit rating can have a direct impact on how much interest consumers pay on household debt like mortgages, car loans and credit cards.
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In a separate interview on Fox Business Network’s “Mornings with Maria” on Monday, Hassett called U.S. debt “the safest bet on Earth,” but similarly said that the new rating is “backward looking” and is “penalizing us for all the reckless spending of the Biden administration” — all while predicting an economic “liftoff.”
Moody's stripped the US of its top credit rating, reinforcing Wall Street's concerns over a ballooning budget deficit. The move also sending ripples through corporate America as refinancing costs increase.