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A long closure may hurt US AAA credit rating




The US risks losing AAA credit rating if the government's closure goes long enough, a manager with Fitch Ratings announced today.

"If this closure continues until March 1, and the debt ceiling becomes a problem several months later, we may have to start thinking about the policy framework, the inability to transfer a budget … and whether all of this is in line with triple -A, says James McCormack, Fitch's Global Leader of sovereign ratings, at an event in London.

Sound Known? This happened in 2011. Then, a standoff led to raising Standard & Poor's debt ceiling. Take the Unparalleled Stage to downgrade the US AAA Credit Rating

Flash Up Today The Debt Limit Will Get Into March, but the Treasury Department will be able to buy time by using extraordinary measures for a few months.

Fitch said in a report last Friday that "evidence of major dysfunction" could push the US credit rating, particularly given the growing federal deficit and slowing economic growth.

2:30 PM ET Update : Our colleague Ali son Kosik received this statement from William Foster, VP and senior credit manager at Moody's Investor Service:

"If this closure were to continue for several weeks and come closer to March 1, it would coincide with the debate on lifting the debt ceiling The two will be overlapping. The longer the closure continues, the closer it is to approaching the debt ceiling deadline on March 1. There would be a need to negotiate both of these issues at the same time, without the Congress taking legislative action ahead of time to lift the ceiling. "



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