CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Geithner slams S&P downgrade of U.S. rating

08-08-2011 08:31 BJT

WASHINGTON, Aug. 7 (Xinhua) -- U.S. Treasury Secretary Timothy Geithner late Sunday criticized Standard & Poor's downgrade of the country's credit rating from AAA to AA+ as a "terribly poor judgement."

S&P Friday removed for the first time the AAA long-term sovereign credit rating for the United States and lowered it by one notch to AA-plus.

Geithner said the agency's decision showed a "stunning lack of knowledge" about the basic math used to develop the federal budget.

In recent days, several senior U.S. officials have complained S&P's analysis is poorly and hastily done.

"We have a very resilient economy. We're a very strong country and I have enormous confidence in the basic regenerative capacity of the American economy and the American people," he said in an interview with NBC News.

"By moving so quickly, they made the wrong decision without the right information," a senior Treasury official told Xinhua Saturday on condition of anonymity.

Geithner Sunday announced in a statement he has informed President Barack Obama that he will remain on his job, amid rumors that he was considering resignation once a deal on raising the U.S. debt ceiling was inked.

Obama Tuesday signed a bill lifting the nation's debt limit through 2013 and cutting the deficit by more than 2 trillion U.S. dollars, but the deficit reduction package fell far short of a threshold of 4 trillion U.S.dollars cited by S&P to avoid a downgrade.

Editor:Wang Xiaomei |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program