Moody’s downgraded the United States' credit rating on Friday, lowering it from the highest rating of AAA to Aa1. The rating agency cited rising national debt and increasing interest payments on that debt as the primary reasons for the downgrade.
According to Moody’s, successive U.S. administrations and Congress have failed for years to implement effective measures to curb the "trend of large annual budget deficits and rising interest costs." The agency further noted that the current budget plans offer no indication that government spending or deficits in the world’s largest economy will decrease.
The U.S. government has yet to issue a response to the downgrade.
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