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U.S. Treasury Secretary Geithner says SP downgrade shows "terrible judgment"

08-08-2011 16:19 BJT

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US Treasury Secretary, Timothy Geithner, has slammed Standard and Poor's credit rating downgrade. He criticized the agency's decision for showing a "lack of knowledge" about the strategies used to develop the federal budget.

Analysts are confident in the regenerative capacity of the American economy and say the credit rating agency made a rushed decision without the right information. On Sunday, Geithner dismissed rumors that he was considering resigning once a deal on raising the US debt ceiling was inked.

US Treasury Secretary, Timothy Geithner, has slammed Standard and Poor's credit rating downgrade.

Geithner said, "I think S&P has shown really terrible judgment and they've handled themselves very poorly. And they've shown a stunning lack of knowledge about basic U.S. fiscal budget math. And I think they drew exactly the wrong conclusion."

He said, "Our country is much stronger than Washington. 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."

Standard & Poor's decision to downgrade the U.S. credit rating has increased concerns about the country's economy.

 

US Treasury Secretary, Timothy Geithner, has slammed Standard and Poor's credit rating downgrade.

 

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Editor:Li Wanran |Source: CNTV.CN

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