On Friday, Moody’s downgraded the U.S, credit worthiness and warned about rising levels of government debt and a widening budget deficit, cutting its U.S, credit rating by one notch to AA1. Moody’s was the last of the Big Three agencies to downgrade the U.S. from a triple-A rating.  Moody’s said it expected the US budget deficit to keep rising, and criticized U.S. politicians for not taking action to improve the country’s fiscal position, stating:  Successive U.S. administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs. We do not believe that material multi-year reductions in mandatory spending and deficits will result fro...

TAGS – North America, Macroeconomics