Stock futures are down this morning as global markets react to the first ever downgrading of the United States’ credit rating by Standard and Poor’s. Moody’s repeated its warning that it too could downgrade U.S. credit in the next year if the economy continues to weaken. Richard Hunter, head of U.K. Equities at Hargreaves Lansdown […]
It’s old news that if Congress fails to raise the debt ceiling by August 2, the government’s credit rating will sink. But here’s a lesser-known fact: the downgrade would have a trickle-down effect, resulting in five states losing their top ratings from Moody’s along with the U.S. The states are” Maryland, South Carolina, New Mexico, […]
The Takeaway’s Washington correspondent, Todd Zwillich, called it correctly on yesterday’s show, saying that the Gang of Six – a bipartisan group of senators who have been trying to formulate a deficit-reduction plan for months – would make a comeback. President Obama praised praised the group’s proposal yesterday, calling it a “very significant step” toward a budget negotiation. […]