Uploaded by FinancialNewsOnline on Nov 22, 2011
Fox Business is reporting that the failure of the Congressional "super committee" to reach an agreement on debt reduction will not prompt an immediate U.S. downgrade. The article states that ratings agencies Standard & Poor's and Moody's will not downgrade their credit ratings on the United States. Third-leading ratings agency Fitch, which currently has the most positive U.S. credit rating of the three agencies said it could cut the outlook on its "triple-A" rating. U.S. lawmakers announced Monday they had abandoned their effort to reduce the country's debt, the reporting calling this a sign that Washington will probably not be able to resolve the dispute over taxes and spending until after next year's presidential and congressional elections.
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