Yesterday news broke that the U.S. credit rating was going to be downgraded for the first time in our country’s history. As news sources went into a frenzy along with the rest of the country, it’s important to ask the question, how will this effect me? CNN breaks it down,
A day after Standard & Poor’s rating agency downgraded the U.S. credit rating to AA+ from its top rank of AAA, there were more questions than answers Saturday about what effects the move will have on the economy and American consumers.
The move by S&P, one of the leading credit rating agencies, came just days after Congress approved a deal to deliver $2.1 trillion in savings over the next decade. The deal followed heated debt-ceiling talks in Washington.
“The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics,” S&P said Friday shortly after markets closed.
FOR THE REST OF THIS STORY CLICK HERE
SOURCE: CNN
