The New York Times
Friday, August 5, 2011 -- 8:41 PM EDT
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U.S. Long-Term Debt Downgraded by Standard & Poor's
Standard & Poor's removed the United States government from its list of risk-free borrowers on Friday night, citing concern about the rising burden of long-term federal debt.
The ratings agency had threatened the downgrade if the government did not act to reduce the federal debt by at least $4 trillion over the next decade. Earlier this week, Congress instead passed a plan to reduce the debt by at least $2.1 trillion.
Two other ratings agencies, Moody's and Fitch, both have said that they have no immediate plan to downgrade the country's credit rating, giving the government more time to make progress on debt reduction. The split verdict limits the impact of the S.&P. downgrade as many consequences would only be triggered by a reduction by at least two agencies.
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