For the first time in history, the U.S.'s credit rating was lowered by Standard & Poor's from AAA to AA+. S&P’s action is the most tangible vote of disapproval so far by Wall Street on the deal between President Obama and Congress to cut the deficit by at least $2.1 trillion over 10 years. S&P has said that it wanted at least $4 trillion of deficit reduction. S&P noted the recent debt ceiling hike did not adequately deal with the underlining deficit issues. The federal budget is at a point where Congress and the administration must deal with the growth in the budget's long term annual deficits.
The content of this site is for informational purposes only. The information and content should not be construed as a recommendation to invest or trade in any type of security. Neither the information, nor any opinion expressed, constitutes a solicitation to the purchase or the sale of any security or investment of any kind. The Blog of HORAN Capital Advisors and HORAN Capital Advisors (HCA) disclaim responsibility for updating information on this site. In addition, The Blog of HORAN Capital Advisors and HCA disclaim any responsibility for third-party content, including information accessed through hyperlinks. All individuals are advised to conduct their own independent research before making any investment decision.