Posted on Nov 11, 2023
Moody's sounds alarm over GOP civil war, political polarization
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Credit ratings agency Moody's changed its outlook on the U.S. to negative from stable on Friday, citing concerns over fiscal risks and increased political divisions that it said could "constrain" policymakers from taking actions needed to get the world's largest economy on the right path with budgetary policy.
Moody's is the only ratings agency that has yet to downgrade the U.S. In August, Fitch lowered the country's rating to a notch below its top level, following the deadlock in Washington over raising the debt ceiling, suggesting that such disagreements undermined confidence in fiscal policymaking.
Moody's is the only ratings agency that has yet to downgrade the U.S. In August, Fitch lowered the country's rating to a notch below its top level, following the deadlock in Washington over raising the debt ceiling, suggesting that such disagreements undermined confidence in fiscal policymaking.
Moody's sounds alarm over GOP civil war, political polarization
Posted from newsweek.com
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Posted 6 mo ago
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PO1 William "Chip" Nagel
"... Treasury Secretary Wally Adeyemo said in a statement that President Joe Biden's administration disagreed with Moody's shift in outlook. "The American economy remains strong," he said, according to Reuters.
The government has managed to get $1 trillion in deficit reduction, Adeyemo added, arguing that the White House's budget proposals would cut the deficit by nearly $2.5 trillion over the next 10 years.
One Republican lawmaker placed the blame for Moody's action on Biden's policies.
Texas Senator John Cornyn posted on X (formerly Twitter): "Bidenomics: United States credit-rating outlook was changed to negative from stable by Moody's Investors Service, which said the downside risks to the country's fiscal strength have increased."
"... Treasury Secretary Wally Adeyemo said in a statement that President Joe Biden's administration disagreed with Moody's shift in outlook. "The American economy remains strong," he said, according to Reuters.
The government has managed to get $1 trillion in deficit reduction, Adeyemo added, arguing that the White House's budget proposals would cut the deficit by nearly $2.5 trillion over the next 10 years.
One Republican lawmaker placed the blame for Moody's action on Biden's policies.
Texas Senator John Cornyn posted on X (formerly Twitter): "Bidenomics: United States credit-rating outlook was changed to negative from stable by Moody's Investors Service, which said the downside risks to the country's fiscal strength have increased."
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Ahhhg, MAGAts strike again. Nothing says being pro-US like intentionally hurting the US' financial reputation.
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