RussiaToday on Aug 7, 2011
Higher borrowing costs, weakening business and consumer confidence as well as slimmer chances of recovery - it's the potential ripple effect for the United States, after its top-tier AAA credit rating was cut by one notch. Standard & Poor's took the unprecedented move of dropping America's ranking to AA+ in its outlook. White House officials are on the defensive - saying there's a two-trillion-dollar mistake. S&P admitted that, but is sticking with its decision, which it says is objective. It's despite the last-minute debt deal which narrowly rescued the country from default. But the damage was already done, as the political haggling undermined investors trust. Economist Max Fraad Wolff says brace yourself for a stock market rollercoaster on Monday.
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