S&P downgrades US credit rating, should we panic now?

Published On August 6, 2011 | By Matt Gratz | Politics

The Standard & Poor’s credit rating agency has downgraded the US’s credit rating by one notch from the top AAA rating to AA-plus, the first time the US’s rating has been downgraded in the history of the ratings.

The S&P credit agency said late on Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country’s debt situation, the Associated Press reported.

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Matt Gratz
Matt Gratz founded Political Fail Blog in December of 2010. As a human rights activist, Matt has spent years in the bay area fighting for social justice in the streets. Follow PFB to keep up to date with his photos, videos & blogs! Follow me on twitter!

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