Earlier this morning, credit ratings agency Moody’s moved one step closer to downgrading the United States’ Aaa rating when it announced the country’s credit rating is under review. The move ramps up pressure on the White House and Congress to reach a deal on raising the nation’s $14.3 trillion debt limit before August 2. Mark Zandi, chief economist for Moody’s Analytics, explains what will happen if the U.S. loses its Aaa credit rating. He says that lawmakers need to reach a deal and increase the debt threshold in order to avoid worldwide financial calamity.
The article you just read is free because dedicated readers and listeners like you chose to support our nonprofit newsroom. Our team works tirelessly to ensure you hear the latest in international, human-centered reporting every weekday. But our work would not be possible without you. We need your help.
Make a gift today to help us reach our $25,000 goal and keep The World going strong. Every gift will get us one step closer.