Standard & Poor’s downgrades US credit rating, is it beginning of the end?
The long-term rating for the US compared to its AAA peers has been downgraded to negative by Standard & Poor’s based on concerns that US policymakers do not have an adequate plan to meet long term budget deficits. Maybe now is the time to rethink those tax cuts for billionaires. EURUSD has surged on and US stocks sink in wake of the news. The “S&P assigned a one-in-three chance it will lower the U.S. rating in the next two years, saying the credit crisis and recession that began in 2008 worsened a deterioration in public finances”.
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