CCTV.com - CNTV English - CCTV News

U.S. Treasury Secretary Geithner slams SP downgrade of U.S. rating

08-08-2011 11:27 BJT

Watch Video

Play Video

US Treasury Secretary Timothy Geithner has criticized Standard-Poor's downgrade of the country's credit rating from Triple A to double A.

He said the agency's decision on Friday was a terribly poor judgment. This is the first time that the US' long-term sovereign credit rating has been removed from the agency's top ratings.

The agency's move came after the US' deficit reduction package fell short of four trillion US dollars, a threshold the S and P's cited as a requirement to avoid a downgrade.

File: U.S. Treasury Secretary Timothy Geithner (R) talks next to Chairman of the Federal Reserve Ben Bernanke (L) at a Financial Stability Oversight Council meeting in the Cash Room in the Treasury Department in Washington, July 18, 2011.
Credit: Reuters/Larry Downing

Geithner has also announced that he has informed President Barack Obama that he will remain on his job, amid rumors that he was considering resignation once a deal was made on raising the US debt limit through 2013.

Editor:Li Wanran |Source: CNTV.CN

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