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Standard & Poor’s Warns Politics Could Delay Budget Deal, Downgrades U.S. Outlook to Negative

Ratings Service Warns Politics Could Delay Budget Deal, Downgrades Outlook

Published April 18, 2011 | FoxNews.com

As the White House and lawmakers call for renewed cooperation to tackle the deficit, a leading rating agency isn’t buying it.

Standard & Poor’s Ratings Service warned Monday that politics may be getting in the way of a budget compromise, and — in an announcement which sent stocks tumbling — said it was lowering the outlook for U.S. sovereign debt to “Negative” from “Stable” due to the risk posed by the growing deficit.

Putting Washington on notice, S&P warned that it might be compelled to lower the country’s rating if Congress can’t reach a budget deal that brings the deficit under control.

The announcement puts added pressure on lawmakers and the White House as they pitch dueling budget plans. Republicans called it a “wake-up call” to get spending under control. But the Obama administration disputed S&P’s finding and said negotiators are, to the contrary, ready to bridge their differences.

 

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Standard & Poor’s Warns Politics Could Delay Budget Deal, Downgrades U.S. Outlook to Negative

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