US Credit rating downgraded

The United States credit rating has been downgraded by the leading credit rating agency Standard & Poor's.

The US has always had a AAA credit rating ever since credit rating have been applied to econimic countries. This is the first time the US has been downgraded from the top spot, it now sits at AA+ one notch below, due to negative outlook on the US economy and citing concerns over budget deficits.

Standard & Poor's indicated that the downgrade was due to the deficit reduction plan not gooing far enough.

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