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Moody’s ratings agency has stripped the US of its last perfect credit rating.
United States debt has long been considered the safest of all safe havens.
But, Washington has just lost its pristine reputation as a borrower.
Moody’s has downgraded the nation from its top-notch AAA rating, becoming the last of the big three agencies to do so.
The ratings agency has cited the United States’s growing debt – now at $36 trillion, almost 120 percent of gross domestic product – and rising debt service costs.
Against this backdrop, President Donald Trump is pushing what he calls the “one big, beautiful bill”.
Critics warn his tax cut package could add trillions more to the already ballooning deficit.
