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US averts default but faces negative credit ratings

08-04-2011 07:44 BJT

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The US has avoided a debt default, after lawmakers passed a measure raising the government's capacity to borrow. The US Treasury was just hours away from running out of money to pay the government's bills. After the Senate passed the debt deal by 74 to 26, US President Barack Obama quickly signed it into law.

The compromise bill combines an increase in the debt ceiling with promises of more than two trillion dollars in budget cuts over the next decade.Obama demanded that legislators immediately turn their attention to fixing the US economy and creating jobs.

Signs of a weak recovery were apparent as a Commerce department report showed reduced consumer spending in June for the first time in nearly two years. Meanwhile, both Fitch and Moody's ratings agencies confirmed the US triple A credit rating, but with a negative outlook. Standard & Poor's has signaled that it might downgrade the country's debt to AA.

Moody's ratings agency confirmed the US triple A credit rating, but with a negative outlook.

 

Editor:Zhang Dan |Source: CNTV.CN

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