August 5, 2011 11:02 PM

S&P cuts U.S. debt rating, cites 'weakening' of policy making

Credit rating agency Standard & Poor's downgraded the AAA credit rating the United States has enjoyed for 70 years late Friday night in a move that had been expected, but still left the Obama administration angry and combative. S&P said the debt-ceiling deal didn't do enough to trim the deficit and showed that U.S. political institutions were not effective in dealing with the economy and the deficit.

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