WASHINGTON (AP) -- Credit rating agency Standard & Poor's on Friday downgraded the United States' credit rating first time in the history of the ratings.
The credit rating agency said that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.
Comment: It is more than funny. What comes as a "shock" for some, indeed, is only the belated recognition of an indisputable fact.