abcnews
The ratings agency Standard & Poor's has reduced the United States' credit rating from AAA to AA+ with a negative outlook, the company announced late Friday, saying a bipartisan deal to reduce the nation's debt did not go far enough and citing crippling political gridlock.
The first downgrade of U.S. credit in history could cost the government and ordinary consumers billions of dollars by jacking up interest rates the U.S. must pay on its $14.4 trillion debt and a host of rates consumers must pay for items such as mortgages, car loans and credit cards.
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